Hanoi’s retail sector is expected to earn 38 trillion VND (1.8 billion USD) during the upcoming Lunar New Year (Tet) festivities, the city’s Industry and Trade Department has forecast.

The Tet holiday, a time of huge national celebration, will take place from the end of January to early February 2014.

The projected sales figure represents a rise of up to 18 percent compared with other months of the year.

The department has calculated that to prepare for the traditional holiday in the capital, 65,000 tonnes of food is required. The demand for meat is about 12,000 tonnes; seafood, 5,000 tonnes; processed food, 4,000 tonnes; vegetables, 90,000 tonnes; and confectionaries 1,500 tonnes.

The Northern Food Corporation has planned to reserve 50,000 tonnes of rice to serve through Tet while the Hanoi Beer, Alcohol and Beverage Joint Stock Company (JSC) is expected to provide 100 million litres of beer and 7 million litres of wine.

In the run up to New Year, the demand for goods will surge, creating chances for enterprises to boost goods production and trading.

To serve the demand of city residents, trade centres like Metro, Big C, Co.op Mart, Fivimart and Intimex have prepared to stock 2.5 trillion VND (117.5 million USD) worth of essential commodities.

The Industry and Trade Department will keep a close watch on goods and service supply and demand to ensure balance in the market.-VNA