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City's consumers tighten purse strings
Consumers, fearful of the impact of the increased prices of some essential goods, have tightened their purse strings after Tet (Lunar New Year), making demand for goods and services plunge.
Dinh Thi Kim Cuc, owner a shop in District 11, said she usually reopens on the fourth day of the lunar year and earns VND50-70 million ($2,717-3,804) in the next 10 or so days, but this year has sold goods worth just VND2 million ($108).
Some clothes and shoe shops have even temporarily closed due to lack of custom.
In traditional markets, which account for 80 percent of retail sales in the country, many small traders said that on many days they did not get a single customer.
Economists said this is because people have been worried about the rise in prices of electricity, water, and gas - on March 1 - and cut their spending.
Bui Hanh Thu, Deputy General Director of supermarket chain Saigon Co.op, said business has been modest since the Lunar New Year on February 14 and buying has mainly been of foodstuffs certified for hygiene and safety and goods that are reasonably priced.
The economists said with the economy facing difficulties as it recovers from the slump, businesses need to analyse and forecast demand to orient their production.
Prices rise
After Tet the prices of many items have increased.
Saigon PetroGas and MT Gas have hiked cooking gas prices by VND4,000 for a 12 kilogramme cylinder from March 1. Saigon Gas, Total Gas, and Elf Gas have increased prices by VND4,000-8,000.
HCM City consumers now pay VND275,000 to 279,000 for a cylinder.
The companies said though world gas prices decreased by $12.5 per tonne to $722 in March, prices increased in Viet Nam because of the depreciation in the value of the dong.
Pigs on the hoof cost VND43,000 per kilogramme, a rise of VND2,000-3,000.
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