A trader selling pork at a market in HCM City with price listing. Traders at traditional markets in HCM City list prices in an effort to stabilise prices. — Photo from thoibaotaichinhvietnam.vn

This comes at a time when traders at traditional markets face numerous challenges due to changing consumer habits, with more spending shifting towards e-commerce and modern retail.

Addressing this issue, the HCM City Department of Industry and Trade has issued a directive to enhance measures for managing prices and the supply of essential food products and goods.

One significant change is the introduction of price listing at traditional markets, as prices were previously not fixed, requiring consumers to bargain for better deals on each purchase.

Experts believe that price listing is an effective strategy to help small traders regain market share gradually and promote fair competition.

It also plays a crucial role in market stabilisation in preparation for an upcoming period of wage increases, they add.

Currently, nearly all traditional markets in HCM City have responded to this requirement.

For instance, at Nguyễn Tri Phương Market in District 10, 100 per cent of small traders have adopted transparent pricing.

A fruit seller at Bến Thành Market told Việt Nam News that his store and others at the market had started to list prices in order to attract more customers.

This transparency has reassured many customers who purchase essential goods at the market, as they can now buy items at fair prices, from fruits and vegetables to various food products.

Each stall prominently displays clear and transparent price lists, facilitating informed purchases by customers of all income levels.

One local resident, Đặng Tố Như, a woman from District 10, shared her opinion on thoibaotaichinhvietnam.vn that listing prices would help control inflation and lead to a more stable life for residents. By keeping prices under control, the risk of price hikes following wage increases could be minimised.

Experts also point out that, in challenging economic circumstances, price listing can assist governmental agencies in effectively managing prices, safeguarding consumers' rights to purchase goods at fair prices.

It helps balance daily expenses, stimulate consumer demand, and contributes to market stability and social welfare by preventing price gouging by individuals and organisations, they say.

Deputy Director of the HCM City Department of Industry and Trade, Nguyễn Nguyên Phương, said that in 2024, the market stabilisation programme would be aligned with various initiatives to support production and business development in the city.

These initiatives include stimulating consumer demand, facilitating credit connections, co-ordinating supply and demand, implementing targeted promotions, encouraging tourism, and fostering collaborations with localities, according to the department.

This integrated approach aims to boost the production capacity and competitiveness of businesses in the city, particularly those involved in market stabilisation efforts.

The department has called upon districts and Thủ Đức City to conduct the market stabilisation programmes effectively. It urges these districts and Thủ Đức City to provide active support, overcome challenges, and address issues that may arise during the programme's implementation.

Authorities are advised to closely monitor market trends, particularly regarding the pricing and availability of essential food items in their jurisdictions. Regular and ad-hoc reports should be submitted to the Department of Industry and Trade and the Department of Finance to ensure timely action in case of potential goods shortages.

In addition to price listing, HCM City has introduced various programmes to assist traders at traditional markets, such as organising livestream events featuring Key Opinion Leaders (KOLs) and Key Online Consumers (KOCs) to promote products.

The city has also developed specific plans to train small traders in online sales and pilot an online sales model at one traditional market before expanding it to the rest.

With 233 traditional markets supplying essential ingredients for millions of daily meals in the city, efforts to support these traders are crucial for ensuring market stability and consumer satisfaction.

According to the city’s Department of Industry and Trade, there has been a decline in the number of shoppers at traditional markets, with a decrease of 30-50 per cent compared to 2019. Decreases have been observed in the purchase of various goods, ranging from food ingredients to household appliances.

Amidst these challenges, the implementation of price listing and other support programmes aims to sustain market operations and uplift traders in traditional markets across the city. — VNS