With the Tet or Lunar New Year shopping season approaching, the prices of many items have risen in traditional markets in major cities.
At Ho Chi Minh City’s Ben Thanh Market, the prices of processed and dried foods like gio cha (pork pastes), gio thu (pig’s head paste), dried shrimp and cuttlefish, lotus seed, cashew nut, and chestnut have all sky-rocketed.
Dried shrimp, for instance, increased by VND100,000- VND150,000 (US$5.4 - $8) per kilograme from last month to VND350,000 - VND500,000 ($16.2 - $27).
The prices of vegetables and fruits have also shot up, traders at Ba Chieu Market said, warning of further increases in the run-up to the Tet.
Pork and cu kieu (pickled scallion heads) prices rose slightly from last week.
According to the city Market Management Department, confectionery and processed-food prices have risen by at least 10 percent since last month.
In Hanoi, nam huong (thin-top mushroom), moc nhi (cat’s ear), mang kho (dried bamboo shoot), and green peas have all seen their prices skyrocket at major markets.
Thin-top mushrooms, for instance, are now VND300,000 ($16.2) a kilo compared to VND250,000 ($13.5) earlier.
The prices of alcoholic beverage have also risen in Ho Chi Minh City. Retailers in District 8 and Tan Phu reported that beer prices are up by VND10,000 - VND20,000 (54 US cents - $1) for a box of 24 cans.
Shopkeepers in traditional markets and retailers blame the price hikes on a sudden surge in demand and speculation by wholesalers.
But in HCMC’s supermarkets, prices are stable or just marginally higher, thanks to the city’s price stabilisation program.
The supermarkets said they can meet the Tet festival demand since they have stocked enough inventory.
Several have, in fact, also launched promotions to stimulate buying.
Sales are expected to increase by 30 percent over the same period last year.
Supermarkets assure that prices would not suddenly rise before Tet, which falls on February 14 this year, because of commitments by producers and distributors.
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