HCMC launches price subsidization program 2014

The HCMC People’s Committee started implementation of the Price Subsidization Program 2014 on April 1.

School supplies are one out of four groups of subsidized commodities in HCMC (Photo: SGGP)

The program will continue to subsidize commodities including food products, milk products, school supplies and medicines.

Seventy six companies will attend the program this year, an increase of 12 since last year.

Banks have registered to provide VND 8.3 trillion (US$ 394 million) in loans to businesses in the program, an increase of VND 6.34 trillion (US$ 301 million) since last year.

VND 2.8 trillion will be short-term loans at a 5.5-6 percent increase per year and VND 2.15 trillion will be medium and long-term loans at a 7-10 percent interest rate per year.

VND3.35 trillion will go to farm cooperatives with the interest rate of 7-8 percent per year.

Goods in the program will be required to ensure quality and food hygiene. They must meet consumption demand of citizens preventing a scarcity, said Deputy Chairwoman of HCMC People’s Committee Nguyen Thi Hong.

The program will launch a campaign to raise awareness.

Related article:
Subsidized products to have logo in HCMC

By Thuy Hai – Translated by Hai Mien

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