Stabilizing commodity prices after wage increase
Our survey at a number of markets, supermarkets, and stores in the province shows that the prices of most essential goods have not increased. Along with that, retailers are focusing on shifting promotional activities to essential consumer goods and implementing targeted incentive programs. Specifically, at the largest supermarket in the province, Go Thai Nguyen Trade Center - Supermarket, at present, the prices of household goods and food have basically not increased compared to before; many products are running promotions and discount programs such as cooking oil, laundry detergent, etc.
Mr. Duong The Hung, Director of Aloha Thai Nguyen Company Limited, informed: To support consumers, for products that manufacturers increase prices, businesses import in large quantities to receive many incentives. From these incentives, the Supermarket calculates to offer reasonable prices to consumers, ensuring long-term price stability. According to representatives of some retailers in the province, with purchasing power remaining at a low level in the past, increasing prices according to wages will cause difficulties for both businesses and consumers. Therefore, most retailers have been working with suppliers and manufacturers to "loosen" the price adjustment margin, if in case input materials tend to increase.
In order that salary increases but price does not increase, the Department of Industry and Trade has implemented its functions and tasks, has stepped up its urging, inspection, and supervision of key units to develop plans to prepare supplies of essential goods with high demand to avoid shortages and disruptions in supply, causing sudden price increases. The Department has coordinated with districts, cities, agencies, units, and enterprises to implement many activities to connect supply and demand, promote trade, promote market development, and stabilize commodity prices. According to the report of the General Statistics Office of the province in July 2024, the market for consumer goods and services did not have major fluctuations. The supply of goods was guaranteed, and many promotional and discount programs were launched by retailers to stimulate consumer demand. Moreover, this is also the peak time of the summer tourist season, so trade and service activities in the province were quite vibrant. Total retail sales of goods and consumer service revenue in July 2024 is estimated at 6,876.5 billion VND, up 1.7% over the previous month and up 26.2% over the same period last year.