Vietnam News Network

Vietnam News: Local, National, Business, Sport, Entertainment and Technology

Trade ETHUSD, Bitcoin and Cryptocurrencies

BUY & SELL ETHUSD | View ETHUSD News & Updates

Buy Sell ETHUSD, Bitcoin and Cryptocurrencies

Electronics purchasing power unexpectedly rising before Tet   2009-01-20 - VnMedia

Consumers prove to run out of patience having decided not to wait for further price decreases any more, rushing to trade centres to purchase products in the days just before Tet. Enterprises’ large stocks have been cleared so quickly that no retailer could have imagined.


No retailer thought that they could clear the large stocks just within such a short time and that the prices would bounce back. However, this has happened. At 2:00pm of January 15, LCD TV prices moved up by 30-40% in comparison with the morning’s price which was 10% higher than the January 13’s price.


Toan, who lives in district 1, HCM City, related that at 1:00pm of January 15, he sought to buy a 37-inch LCD TV Toshiba 37AV500 and saw the price quoted at VND 11.9 million. He was wavering between purchasing and not purchasing the product as he found the price was higher by VND 1 million over the previous week’s price.


Toan said that when he returned to buy the TV at 2:30 pm, the price was raised to VND 15.9 million. Toan said that even the salesman here was also surprised with the unexpected price increase.


Meanwhile, Toshiba 37AV500 model which was sold at VND 9.9 million previously has climbed to VND 12.9 million. With the same sum of money, one would be able to buy 37LG30 model now which was previously priced at VND 10.7 million. The Samsung 32A450, which was previously sold at VND 7.9 million, is now selling at VND 9.9 million.


At Ideas Supermart, though clients still could see LCD TVs on display, there were the words which said the TVs were sold out. The Cho Lon’s 20 supermart chain now have some 1,000 TVs left only, mostly 37, 40 and 42-inch products. Only a few 32-inch TVs have not been sold. Other home appliance centres have also seen LCD TVs run out, mostly 26 and 32-inch TVs.


Importers have confirmed that LCD TVs are running out with no more imports to be sold. Explaining the product shortage and price increases, the importers said that they did not think that they needed to import more commodities.


“At the end of December 2008, no one could think that TVs would be selling well when consumers tried to tighten their belt in the high inflation period, and no one thought of importing more products,” one of the importers said. Meanwhile, consumers have decided to purchase products as they don’t see suppliers cut down prices any more.


However, sources said that a big volume of LCD TVs will pour into home appliance centres in just several days, especially in HCM City. However, importers have declined to predict if the prices will go up or down over the next few days.


Analysts said that the prices may go down a little, but will not very likely to decrease to the levels supermarts offered in December 2008.


While electronics prices have been rising, the prices of CRT TVs, phones, digital cameras and consumer engineering products have not seen any increase in comparison with December 2008.


The purchasing power in January 2009, the Tet month has just increased by 5-10% compared to December 2008, the prices of all mobile phone products remain unchanged, while low cost products (less than VND 2 million) are accounting for 70% of the products on mobile phone supermarts.


The business director of a home appliance centre said that the centre has not made any plan to import new products, while it is still trying to sell the products imported in mid-2008 at the same prices

Other news

Commercial banks wrongfully taxed for imported dollars   2009-01-20

BUSINESS IN BRIEF 20/1   2009-01-20

More pressure on bank interest rates   2009-01-20

Higher fees aim to reduce car traffic   2009-01-20

Difficult time lies ahead for local exporters   2009-01-19

Profiles of 500 top Vietnamese businesses published   2009-01-19

Jobs, income down in industrial zones   2009-01-19

New plant enters steel market   2009-01-19

Dong A Bank’s ATMs enter record book   2009-01-19

Stocks languish ahead of Tet   2009-01-19

BUSINESS IN BRIEF 19/1   2009-01-19

Selling state’s capital to have new mechanism   2009-01-19

Market mixed, but volume higher   2009-01-18

Vietnam, Laos agree on preferential tariff   2009-01-18