According to the Ministry of Industry and Trade, demand in the run up to this year’s Tet is forecast to go up by 8-10% compared to the previous year.

Due to higher input costs, a number of goods are expected to see slight price increases, but retailers have pledged to launch many promotional programmes to boost consumption.

Confectioner Bibica said it is ramping up production to provide 2,000 tonnes of confectionery to the market this year, up nearly 50% from 2022.

For its part, food maker Vissan is preparing to supply 2,000 tonnes of fresh food and 4,200 tonnes of processed food, up 30% and 10% against the previous year respectively.

The company pledged to keep the prices of its products unchanged and offered discounts of up to 10% during the final three days of the lunar year.

To date, major market chains such as Big C, Co.opmart, Winmart and Intimex have completed their preparations for Tet, with Vietnamese goods accounting for 90% of the total goods on sale.

According to Acting Director of the Hanoi Department of Industry and Trade Tran Thi Phuong Lan, the total value of Tet goods to serve the capital city is estimated at 39.5 trillion VND (1.68 billion USD), up 15% from last year.

Meanwhile in Ho Chi Minh City, enterprises have also stocked up on goods worth 22 trillion VND (936 million USD) for the Lunar New Year.