An anti-panic commodities trading floor has been launched in Vietnam amid the COVID-19 pandemic to boost e-commerce and help people buy necessities at a stable price.
As human grow more nervous about the implications of the global pandemic, and as the governments put extraordinary limitations on public life, customers across the globe have been clearing supermarkets of essential items. F&B and toilet paper is out. Paper towels are out. Hand sanitizer has been out for weeks. Shoppers are snapping up nonperishable items like canned goods and cereal and emptying shelves of fresh staples like milk, meat and bread. But, not for Vietnam.
The trading floor vnshop.vn was launched on Saturday by CIB, a Vietnamese company to help local authorities, manufacturing companies, logistic companies and consumers suffer less from false demand and supply fluctuations.
“During the pandemic, people have rushed to buy necessities, causing a higher demand for necessities than the real requirement,” said Albert Ma, CEO and founder of CIB.
“The false supply and demand will impact the whole economy in even the short or long term. That’s the reason why we launched a trading floor managed by the Vietnam’s Government via the Ministry of Industry and Trade.”
If there is any demand for necessities, consumers can pre-order online in a limited quantity. Those orders will be guaranteed by manufacturing enterprises to supply in a timely manner, with orders made under a specific passport or ID card.
“By keeping those demands transparent, society will avoid psychological panic during the COVID-19 outbreak. It can regulate real supply-demand to avoid social waste and the loss of medical workers and patients without medical equipment. Without the burden of false demand, enterprises can prevent themselves from over-investment after the end of natural disasters and epidemics.”
“It’s not unusual for grocery stores to see a run on items during times of crisis. People stock up ahead of hurricanes, tornadoes and other natural disasters. So, the anti-panic commodities trading floors like vnshop.vn will ba a good solution”. Sophie Dao, Partner of GBS, a global business services company in Vietnam said.