City to provide $23 mil loan to stabilize food prices during Tet

The Ho Chi Minh City People’s Committee has approved a plan to provide interest-free loans worth VND422 billion (US$23.4 million) to 13 food suppliers to secure adequate supply and stabilize prices of certain goods during Lunar New Year (Tet) next February.

An outlet of Co.op Mart supermarket, which is among 13 suppliers that have signed on to get interest-free loans from the city to sell foodstuffs at below market prices during Tet next February (Photo: SGGP)

The eight essential food items authorities have in mind are rice, sugar, cooking oil, poultry and meat, eggs, processed foods, fruits, and vegetables.
The supply of certain items like fruits, vegetables, processed foods, and meat will be increased, with poultry supply raised by half to 3,000 tons.
The supply of duck meat will remain unchanged at 500 tons but that of eggs will increase to 25 million, up from 15 million last year.
The administration has ordered the13 firms that will take part in the program to ensure quality, hygiene and safety, and that their prices are 10 percent lower than in the market and supply is 20-40 percent higher than normal.
The plan envisages the firms setting up 1,508 retail outlets, a three-fold increase from last year.
City vice chairwoman Nguyen Thi Hong said the program is open to more firms that can assure stable supply and distribution of foods.
This year’s loan amount is higher because there will be more items and suppliers than last year when nine firms shared VND409 billion.
Saigon Co.op will get VND100 billion compared to VND53 billion last year since the supermarket chain has agreed to supply many items.
These beneficiaries have to use the loans for the agreed purpose and repay it in six months, failing which they cannot join the program again.
Tet falls on February 15 next year.

HCMC prices up 0.15 percent in October  

According to the Statistics Department, the city’s consumer price index (CPI) rose by 0.15 percent month on month in October and 5.87 percent since January 1.
Goods and services that rose the highest are transport, post, housing, electricity, water, fuel, and construction materials.
Education remained unchanged since September.

By My Hanh – Translated by Hoang Yen

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