A report by the Hanoi Market Surveillance Department, retail trade and supplies of basic necessities remain largely stable.
| Hanoi Market Surveillance officials inspect a local supermarket. Photo: VNA |
Due to concerns about flooding and possible power outages, there has been an increased demand for stockpiling goods, the department reported.
On September 12, water levels in Hanoi's Red River and Nhue River were high, causing temporary flooding in several areas of the city's central districts, traffic disruptions, and fears of shortages of basic necessities.
Vegetable and fruit prices rose slightly as rain and flooding damaged crops and made it difficult for farmers to harvest and transport goods. However, supermarkets and market vendors have been actively sourcing goods from the southern provinces to ensure the supply of essential goods.
The department's Deputy Director Duong Manh Hung, said they stepped up market surveillance on September 11 and 12, the days when the rain and flooding were at their worst.
In recent days, Hanoi has been affected by the remnants of Typhoon Yagi so the Hanoi Market Surveillance Department has instructed its teams to step up market inspections and controls for the remaining months of 2024. Measures have been taken to intensify market supervision and punish violations related to price manipulation, hoarding, and illegal and unethical price increases.
Sometimes, there have been reports on public and social media about price hikes in some local markets in Hanoi. Vegetable prices have gone up two to three times compared to normal days.
The price of water spinach has tripled to VND30,000 ($1.22) per bunch and the price of tomatoes has jumped from VND20,000 (81 cents) per kilogram to VND45,000 ($1.83). In addition to vegetables, the price of seafood such as shrimp and fish has also gone up by VND20,000 (81 cents) and more per kilogram.
Supermarkets temporarily ran out of certain items in the late afternoon and evening. In the basic goods aisle, items such as instant noodles, rice, eggs, and milk were particularly in demand, with many shoppers buying in bulk.
Sharing the view on the issues, economist Vu Vinh Phu noted that the product shortages are temporary due to the sudden surge in demand.
Overall consumer demand for food, vegetables, and fruit is increasing, he said, adding that the temporary shortages and price spikes are due to people's concerns about prolonged adverse weather conditions.
The storm and flooding have caused damage to vegetable farms. However, people should not panic and over-buy to stockpile, as this could lead to more shortages and create opportunities for profiteering through inflated prices, he advised.
