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HCMC launches US$20 mil plan to stabilize market   2010-06-13 - Sai Gon Giai Phong

VietNamNet Bridge - HCM City People’s Committee deputy chairwoman Nguyen Thi Hong approved a major plan June 9 that will stabilize prices for essential goods within the year. The plan aims to prevent both a shortage of goods as well as fluctuations in price.


After seven years of implementing market stabilization programs during Tets (lunar New Year Festivals), the city has decided to apply an intensive program that is able to keep markets and prices stable for a longer period – the whole year.

Eight kinds of goods to be reserved

This ambitious program costs about VND380.6 billion (about $20 million), including VND114.9 billion for stabilization of goods during the next Tet.

Businesses that take part in the program will be granted as zero-rate loans to keep their prices constant and their supplies stocked.

Money received must be spent on reserving eight kinds of essential consumer goods: rice, sugar, cooking oil, cattle meat, poultry meat, eggs, processed food, and vegetables, from June 1 to December 31, 2010.  

The program will help keep a balance in supply of essential food and foodstuff items, ensure consumers’ demands, and contribute towards achieving the city’s social and economic targets this year, Ms. Hong said.

The program will create a volume of staple goods that can meet the daily needs of local residents, especially in cases of unexpected fluctuations within the market, she said.

One new point of the program is that lower-priced staple goods will be not only provided via modern distribution channels, but small traders at traditional markets will also supply them.

Recently, egg provider Ba Huan and food manufacturer Vissan have applied this new method successfully.

Market prices decreased by 10 percent

Commodities supplied through this program will be lower than market prices by a margin of at least 10 percent. Businesses taking part in the program must register soft prices with the city Finance Department.

Market prices refer to those announced by the city Statistics Department at the time when goods suppliers register for their participation in the program.  

Businesses that wish take part in the program are required to have abundant supplies, a wide distribution network, and arrange their goods in a manner convenient to consumers.

They must ensure the quality of their products included in the program and must not increase prices for such products.

They are also required to register all retail outlets for soft-price goods with the city Department of Industry and Trade.

In the event that consumers find any supplier fails to meet requirements under the program, they can seek help via the hot lines numbers: 38297550 and 38296282, or via Fax: 38273908.

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