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As food prices fall, sales follow suit

In Uncategorized on August 19, 2008 at 5:10 pm

HCM CITY — The price of essential foods, input materials and petrol has dropped but sales have fallen by 20-30 per cent, according to city trade officials.

Trade officials forecast that prices of other products will continue to drop in coming months, benefiting from a price drop in materials and transportation.

To increase sales, several supermarkets and companies have launched sales promotions offering 20-30 per cent discount on 300 kinds of goods, including fresh food, consumer goods and household appliances.

Big supermarkets such as Sai Gon Co-op, Maximark, Citimart and Vinatex are outlining plans to organise annual sales promotion in September. They are offering 10 per cent discounts, lucky draws and gifts with purchases.

Animal products processing company Vissan and other food processors have agreed to drop the price of canned food and processed food by 10 per cent to increase sales turnover next month.

Last week, the price of poultry meat dropped sharply by 15-20 per cent to VND35,000 a kilo. Pork, fish, and shrimp also saw a 10 per cent fall in price. A kilo of lean pork was sold at VND 55,000 a kilo.

Vegetables and fruit are also falling in price, with some dropping as much as 25-30 per cent.

Truong Van Viet, deputy director of the city’s Industry and Trade Department attributed the result to the city’s efforts to stabilise commodities’ prices in line with the Goverment’s decision to control inflation in the last months of the year.

He said the department had proposed that the city provide VND409 billion (US$25 million) to trading companies so they could stockpile food, particularly rice, sugar, meat, poultry eggs, cooking oil and processed foods.

The city has strengthened inspection of markets and supermarkets to prevent speculation and price hikes and will improve wholesale and retail sales and distribution networks so goods are offered at official prices. A litre of petrol fell by VND1,000 to VND18,000 on Thursday following a record increase of 31 per cent on July 21. Prices of input materials such as steel, fertilizers and cement dropped as well. —