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Holiday could be costly

Update: January, 14/2017 - 09:00
 
Viet Nam News

Soon, it will once again be time for Tết.

As the holiday draws closer, there are fears that prices will rise.

This is because the price of petrol has gone up.

Almost everything needs to be transported to where it is sold, so if the price of petrol goes up, a rise in the price of other things usually follows.

HÀ NỘI — The year’s biggest petrol price hike of nearly VNĐ1,000 (4.5 cents) early last week, coupled with unfavourable weather conditions, have triggered worries of price hikes of transportation and goods ahead of the Lunar New Year celebration (Tết).

The traditional holiday will fall on the last week-end of January and shopping demand is already on the rise by around 10 per cent compared to other months.

Preparations have been made to meet the rising demand for goods and services, stabilise prices and prevent price increases. Still, experts forecast that prices, especially of essential goods, will rise starting next week.

According to Vũ Vinh Phú, President of the Hà Nội Supermarket Association, petrol price hikes would definitely affect other prices, but it would normally take around 15 days to see the impact.

Phú forecast that prices of goods and services would be pushed up by around 5-7 per cent. However, just a modest part of the increases was caused by petrol price hikes.

In local markets, products such as meat, fruits and vegetables have already registered price increases of 10 to 50 per cent.

A trader at Bình Điền wholesale market in HCM City said that there was a scarcity of vegetables and fruits due to unfavourable weather conditions in the central region and Đà Lạt.

According to Nguyễn Văn Thanh, president of Việt Nam Automobile Transport Association, although petrol prices were hiked, transport costs are not adjusted immediately as firms need to calculate the impact. “However, the pressure is there,” Thanh added.

The HCM City Market Watch said petrol price hikes would definitely affect the price of many goods and services. However, prices of essential goods will be kept stable.

Major cities such as Hà Nội and HCM City were gearing up for the Tết holiday.

In HCM City, firms prepared a total of VNĐ17 trillion (US$759 million) of goods, 20 per cent higher than the city authority’s plan.

In Hà Nội, VNĐ23.5 trillion of goods were prepared, rising by 10 per cent over the previous year.

The Ministry of Industry and Trade also asked retailers nationwide to ensure adequate goods for the holiday. — VNS


GLOSSARY

The year’s biggest petrol price hike of nearly VNĐ1,000 (4.5 cents) early last week, coupled with unfavourable weather conditions, have triggered worries of price hikes of transportation and goods ahead of the Lunar New Year celebration (Tết).

A hike, in this case, means a rise.

Unfavourable weather conditions means nasty weather.

If nasty weather triggers worries, it means that it very suddenly causes people to worry, in the same way that someone pulling the trigger of a gun causes a shot to suddenly go off.

The traditional holiday will fall on the last end-week of January and shopping demand is already on the rise by around 10 per cent compared to other months.

Things that are traditional have been around for a long time.

Preparations have been made to meet the rising demand for goods and services, stabilise prices and prevent price increases.

When there is a demand for goods and services, people want them.

When prices stabilise they do not go up or down very suddenly. Rather, they stay more or less the same.

Still, experts forecast that prices, especially of essential goods, will rise starting next week.

To forecast means to work out what is likely to happen in the future.

Essential goods are things people need in their everyday lives.

According to Vũ Vinh Phú, President of the Hà Nội Supermarket Association, petrol price hikes would definitely affect other prices, but it would normally take around 15 days to see the impact.

The impact of a petrol price hike is how people feel it affecting them.

However, just a modest part of the increases was caused by petrol price hikes.

Modest, in this case, means small.

A trader at Bình Điền wholesale market in HCM City said that there was a scarcity of vegetables and fruits due to unfavourable weather conditions in the central region and Đà Lạt.

If there is a scarcity of fruit and vegetables there are not many.

According to Nguyễn Văn Thanh, president of Việt Nam Automobile Transport Association, although petrol prices were hiked, transport costs are not adjusted immediately as firms need to calculate the impact.

Adjusted means changed to fit in with new circumstances.

Calculate means work out.

The Ministry of Industry and Trade also asked retailers nationwide to ensure adequate goods for the holiday.

Retailers are shopkeepers who sell things on to people who use them.

Adequate means enough.

WORKSHEET

State whether the following sentences are true, or false:

  1. Nguyễn Văn Thanh is President of the Hà Nội Supermarket Association.
  2. Vũ Vinh Phú is president of Việt Nam Automobile Transport Association.
  3. Hà Nội and HCM City are major cities in Viet Nam.
  4. The Lunar New Year and Tết are the same thing.
  5. Bình Điền wholesale market is in Da Nang.

ANSWERS:

© Duncan Guy/Learn the News/ Viet Nam News 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1. False; 2. False; 3. True; 4. True; 5. False.

 

 

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