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Commodity prices increase sharply, supermarkets try to ‘brake’

Commodities are getting more and more expensive

Since the Lunar New Year, domestic gasoline prices have continuously increased. Most recently, on March 11, after 7 consecutive increases, the price of gasoline nearly touched 30,000 VND/liter. Following that, from vegetables, food to items consumption also in turn increased.

According to a survey by VTC News on the morning of March 15, at markets in Hanoi such as Lang Ha, Vinh Ho, and Nga Tu So, the prices of vegetables are at a high level, a marked increase compared to before Tet. For example, cabbage costs 26,000 VND/kg, twice as high; cauliflower price from 15,000 VND/plant to 20,000 VND/plant; cabbage from 10,000 VND/kg to 14,000 VND/kg; Cabbage from 5,000 VND/lot to 8,000 VND/lot…

Similarly, meat and seafood items are also more expensive. At the market, lean meat from 130,000 VND/kg to 150,000 VND/kg; pork belly from 100,000 VND/kg to 110,000 VND/kg; tilapia increased by 5,000 VND/kg from 35,000 to 45,000 VND/kg (depending on size); shrimp from 250,000 to 300,000 VND/kg depending on type (increasing by 30,000 VND/kg). The price of beef is also at a high level from 240,000 to 350,000 VND/kg…

The price of dry goods also keeps increasing, making many housewives surprised. The owner of a grocery store in Lang Ha ward, Dong Da, Hanoi said: “Instant noodles, cooking oil are the biggest increase in price. After many increases, the noodles were more expensive than before by 1,000 – 2,000 VND/pack. Simply cooking oil has also gone through many increases and from about 44,000 – 45,000 VND has now increased to 60,000 VND / 1 liter bottle.“.

In addition, many other essential products such as milk, rice, beverages, canned foods, household appliances… also increased their selling prices.

Sales manager of supermarket chain Tmart also informed that cooking oil, instant noodles and milk are currently the items that have increased in price the most. “Since the beginning of the year, along with the increase in petrol prices, suppliers have continuously adjusted the selling prices of items such as cooking oil, fish sauce, and instant noodles with an increase of about 15-20%. Vinamilk, TH Truemilk… also started to increase in price from this March and April“.

Commodity prices increase sharply, supermarkets try to

Many types of goods are increasingly expensive, supermarkets must find ways to limit the upward momentum. (Artwork: Phunuonline)

Supermarkets try to keep prices down

Talking about the impact of gasoline on the prices of all kinds of goods, Mr. Le Van Liem, Northern Regional Director of Saigon Co.op (Co.opmart operating unit) shared: “Composition of gasoline price in goods only accounts for about 7-8%, not much, so the increase in petrol price does not affect fresh products too much. However, for industrially processed products, which consume a lot of raw materials and fuel such as instant noodles, cooking oil, and milk, it is extremely affected. Suppliers of these items have sent us a proposal to increase prices since gasoline prices started to adjust.“.

However, according to Mr. Liem, the supermarket will carefully consider each group of goods before deciding to increase the selling price of products. For the proposed items that are unreasonable, the supermarket will reject and not accept the price increase proposed by the suppliers.

At the same time, supermarkets will apply a delay in price increase with a period of 1-2 weeks. “For example, for items that we think are reasonable to increase in price and accept that increase, we do not apply the increase immediately, but there must be a delay”Mr. Liem said.

In addition, Co.op also tried to control transportation costs by coordinating Saigon Co.op’s existing facilities with suppliers to form a more scientific transportation scheme, resulting in combined with digital control to reduce transportation costs.

A representative of Tmart said that although suppliers have increased prices, they are keeping the old selling prices for consumers by continuing to sell imported goods at the old prices. However, this solution is only temporary because old goods will quickly sell out, and they are forced to increase prices when new goods hit the shelves.

Meanwhile, BigC supermarket, with its strong sales capacity, has used its business efficiency to sign offtake contracts with suppliers with an extended term of every year. The cost factor has also been clearly agreed in the contract, so the supermarket’s selling price is temporarily unaffected.

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