Flexible supply adjustment
Slowing purchasing power and increasing input costs, many small traders at traditional markets in Ho Chi Minh City are proactively struggling to retain customers. Instead of importing goods massively as before, they flexibly adjust the source of goods, prioritizing products with affordable prices. Many small traders boldly cut about 30% of the imported goods to limit inventory risks.
Ms. Nguyen Khanh Uyen - a food trader at Tan Dinh market said: "Customers are now buying very carefully, considering each item. We have to choose goods that are affordable, even accepting less profit to keep the relationship. If we import a lot but sell slowly, it is very easy to lose money.
From a consumer perspective, there is also a tendency to be selective in spending. Ms. Le Thi Nham (Hoa Hung ward) said that her family prioritizes essential items. "Prices of many things are starting to increase, so I have to calculate more carefully. If the price is reasonable, then buy more, otherwise reduce it.
According to small traders, although the market has not really recovered, flexible adjustment of business plans is helping them maintain a stable customer base. Many people also take advantage of online sales channels and on-site delivery to expand customer base and adapt to new consumption trends.
Modern retail channels also promote promotional programs, prioritizing domestic supply to reduce costs.
Mr. Nguyen Duc Toan - CEO of MM Mega Market Vietnam (MMVN) - said that the enterprise still strives to maintain a stable price level throughout the system. In order to limit the impact on consumers, the unit strengthens direct supply and develops its own brand, and negotiates with major suppliers to maintain prices.
Increasing market "resistance" from internal strength
In the context of a volatile market, efforts to maintain price stability and maintain purchasing power are becoming a priority for both businesses and management agencies.
According to Ms. Ly Kim Chi - Chairwoman of the Ho Chi Minh City Food and Food Association, in the face of increased cost pressure, many businesses have proactively adapted with flexible solutions. However, Ms. Chi believes that maintaining price stability cannot only be based on the individual efforts of each business or distribution system. To create a stable and sustainable foundation, the market needs more synchronous solutions, especially in controlling input costs.
From that reality, Ms. Ly Kim Chi proposed 5 key groups of solutions, including: Switching from quantity-based exports to quality; long-term credit support for deep processing activities; creating a breakthrough in logistics; building a transparent and predictable business environment; and strengthening the coordinating and connecting role in the value chain. According to Ms. Chi, for Vietnamese food to reach out to the world sustainably, not only growth is needed, but more importantly, raising the value and position of businesses in the global supply chain.
From a management perspective, Mr. Nguyen Hoang Anh - Deputy Head of the General Policy Department, Ho Chi Minh City Department of Finance - said that the domestic market continues to be one of the pillars helping Ho Chi Minh City maintain economic stability. Total retail sales of goods and consumer service revenue in the first quarter are estimated at 476.269 billion VND, an increase of 13.7% over the same period; meanwhile, the tourism industry recovered strongly with total revenue of about 150,000 billion VND, equivalent to 45.4% of the annual plan.
