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Uptake to Soar for Lunar New Year

by 5m Editor
8 December 2008, at 7:26a.m.

VIET NAM - Market watchers are predicting demand 20 per cent higher for the country's coming biggest annual festival, with prices up just 5-10 per cent.

Official sources in China are saying that Vietnam's consumption demands for the upcoming Lunar New Year, the country's largest festival of the year, are expected to increase roughly 20 percent over 2007. Prices should not surge sharply, the local newspaper Family and Society reported, quoting Vu Vinh Phu, chairman of the Vietnam Supermarkets Association.

Mr Phu anticipated that prices will rise only 5 to 10 per cent over current levels if the country does not suffer from any serious natural disasters and disease before then.

To ensure supply and stable prices, the Hanoi Department of Industry and Trade has asked relevant bodies to provide US$ 95 million in interest-free loans for local traders so they can stockpile goods at least two months ahead of Lunar New Year to keep domestic prices lower.

Vissan, which is among the country's leading meat and food processors and distributors, planned to stockpile 6,000 tons of meat, 1,500 tons of processed food and 10,000 tons of fruit and vegetables.

Sai Gon Agricultural Food Processing and Animal Breeding Company planned to regularly stockpile 1,000 tons of rice, 1,800 tons of meat, 100 tons of poultry and 50 tonnes of processed food.