Despite the increase of purchasing power among consumers during the holidays, prices have remained surprisingly stable, an apparently good sign for the coming of the Lunar New Year, also called Tet. According to the Department of Industry and Trade, several companies have joined in the city’s program to stabilize prices of basic goods. As such, data shows that 30-40% of the overall goods stocked up for the Tet belong to such companies. 40-50% of these come from three wholesale markets in the city, while the remainder is from the other companies.
 
Since the third quarter or 2011, some food companies have already started preparing their goods for Tet. They have even given money to farmers in advance to start raising pigs and poultry in time for the holidays. One company, Vissan, has been preparing since August and now has over 40,000 pigs and 6,000 tonnes of processed food. Ba Huan company boasted of producing 1.5 million eggs a day and said could even increase it to two million if the demand calls for it. Deputy Director of the Department of Industry and Trade Le Ngoc Dao stated that such companies included in the price stabilization program of the government and done stocking up their goods for the New Year have reached a cost up to VND5.5 trillion.
 
On an even more positive note, the amount of domestic goods stocked up for Tet has risen significantly compared to imported ones. According to the city’s Food and Foodstuff Association, the overall quantity of goods stocked up by supermarkets and companies for the celebration has risen 10-15% than last year. Of this, over 90% are locally made in Vietnam. General Director of the Nam Duong Import and Export Company Nguyen Thu Phuong noted that domestic companies have successfully set up their product brand name and markets, leaving more expensive imported goods to be left behind in the competition at last.
 
Specific wholesale markets like Binh Dien and Thu Duc have increased their goods input between 80-100% in the last few days including vegetables, fruits, seafood and pork products. Though certain vegetables and fruits dropped in prices due to a supply surplus, the Department of Finance assured the city of price stability because of “ample inventory” of food companies. Moreover, the Price Division of the said city department has established a number of inspections teams with the sole duty of monitoring prices.
 
All in line with the government’s price stabilization program, the Tet is hoped and seen to be a new, better year indeed.