Consumption in Vietnam for the traditional Lunar New Year is forecast to increase 10 percent from the same time last year, the Ministry of Industry and Trade said.

Businesses have been stockpiling essential goods to ensure supply during the Lunar New Year season, with the volume of inventory rising 10-25 percent year-on-year, Vietnam News Agency reported Friday.

Deputy Minister of Industry and Trade Phan Thi Thang said localities nationwide issued plans to roll out market stabilization programs during the year-end and New Year holiday.

They assigned tasks to businesses to proactively prepare goods and arrange fixed and mobile sales points to bring New Year products to all people at stable prices, she said.

According to the General Statistics Office, Vietnam's total goods retail sales and consumer service revenues increased 9.6 percent year-on-year in 2023 to approximately 6,231.8 trillion Vietnamese dong (256.7 billion U.S. dollars).