Retailers anticipate business to pick up in year-end shopping season

Retailers in Vietnam are increasing inventory and have launched promotions in anticipation of opportunities in the year-end shopping season, as there are just over two months left until the Lunar New Year (Tet) - the biggest festival in a year of Vietnamese people. Experts predict that from now until the end of this year, retail sales of goods and services may increase again as the domestic economy is gradually recovering and disbursement of public investment continues to be promoted. It is forecast that consumer demand for essential goods will surge during the Lunar New Year, so many businesses have implemented plans to stock up on goods and negotiate with suppliers to ensure supplies. Keeping pace with the market, major retailers such as Saigon Co.op, Aeon, Lotte Mart, Winmart, MM Mega Market have been continuously conducting major promotions in all commodity groups. On November 24-25, Ha Noi Midnight Sale, a large-scale promotion event, attracted about 2.4 million shoppers who enjoyed more than 3,000 promotion programmes worth over 25 trillion VND (1.03 billion USD), up 20% over last year's edition. This year, it drew about 200 businesses, trade centres and producers, and fashion brands. There were over 10 million visits to the online shopping website. A highlight of the event is a flash sale display area at Big C Thang Long supermarket with the participation of nearly 20 brands offering discount of up to 70%. A representative from Big C stated that the supermarket experienced a significant spike in visits, almost 230% higher than on other days of the week. The Winmart chain also reported a 140% increase in sales and visits compared to other days of the week. Japan's AEON reported that sales and foot traffic at AEON Mall Ha Dong and AEON Mall Long Bien malls increased by nearly 200% during the three-day event. The website and mobile app traffic for shopping also nearly tripled compared to regular weekdays. Vu Thanh Son, General Director of the Hanoi Trading Corporation (Hapro), said that to meet inc reasing consumer demand during the Lunar New Year 2024, Hapro's affiliated units and member company have made plans to reserve goods worth up to 1 trillion VND (41.2 million USD). The Big C supermarket chain shared that since September, the unit signed agreements with partners to supply goods for Tet with a 20% increase in volume compared to the previous Tet. At the Co.op Mart supermarket system, the amount of goods to serve Tet will rise by about 30% over the same period last year and 50% compared to normal days. According to Le Viet Nga, Deputy Director of the Domestic Market Department under the Ministry of Industry and Trade, the ministry will continue to coordinate to closely monitor market developments, ensure sufficient supply of essential goods, especially during holidays and Tet, to prevent product shortages or price wars./. Source: Vietnam News Agency

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