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Purchasing power remains week despite rising visitors

Purchasing power remains week despite rising visitors

Tuesday, September 04, 2012, 12:30 GMT+7

The opening event of Ho Chi Minh City’s Promotional Month program held at Phu Tho Stadium saw more visitors but weak demand for goods.

Many businesses showcasing their goods at the three-day trade fair said sales dropped sharply from the previous year, though the place was often packed with crowds of visitors.

Even on National Day (September 2), a large number of people flocked to the stadium to visit the fair, filling up main paths inside the area. More spontaneous parking lots sprung up outside the stadium to meet the demands of visitors.

However, many business representatives said their revenues were 20-50 percent lower than the previous year’s event.

Nguyen Tuyet Mai, deputy director Truong Thinh Furniture Co, said the company saw no sales when it offered an initial discount rate of 20 percent. It only sold VND50 million worth of goods on the holiday Day after pushing the rate up to 40-50 percent.

"VND50 million is the total revenue, but with the high discount rate we almost expect no profit," she added.

Meanwhile, a salesperson of Thien Hoa Electronics & Furniture Shopping Center said the company earned VND90 million in the morning of September 2, mainly from selling home appliances, electric cookers, and house wares at discounts of 20-49 percent.

Similarly, Nghia Hao Co, specializing in clothing exports, said it raked in just VND40 million over the course of the three-day fair, far less than last year.

Around 40,000 people attended the fair, equivalent to last year’s figure, said Vu Thi Hau, a representative of the fair organizers.

Meanwhile, at citywide supermarkets, the number of shoppers over the weekend also increased compared with weekdays.

Representative of the Co.op Mart system said preliminary statistics show that purchasing power increased by 65 percent over the holiday compared to weekdays. The figure reached 30 percent at Big C.

Ho Chi Minh City’s Promotion Month was launched by the Department of Trade and Industry and the Department of Culture, Sports and Tourism, and was opened last Thursday at Phu Tho Stadium in District 10.

This is the biggest promotion in the city aiming to bring quality items to consumers at reasonable prices.

In addition, there will also be fairs for workers in the industrial parks, people in remote areas and students with mobile sales trips to bring essential items at affordable prices to end-consumers.

As of August 2012, the stock index (IPP) of the processing industry had increased by 20.8 percent compared to the same period last year, according to the General Statistics Office.                                                                                                                                                                     GSO data breakdowns showed that the highest increase belongs to manufacturing of fertilizers and nitrogen compounds (81.6 percent), manufacturing plastic products (69.2 percent), communications equipment manufacturing (61.9 percent), cement production (50.6 percent) and battery manufacture (40.2 percent).

Tuoi tre

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