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HCM City plans price controls
The HCM City People's Committee on Thursday approved a plan to stabilise the prices of essential goods from now through the next Lunar New Year.
The plan seeks to ensure steady supply of the goods even during times of abnormal volatility to stabilise people's lives, Nguyen Thi Hong, Deputy Chairwoman of the committee, said.
It will focus on eight items – rice, sugar, cooking oil, red meat, poultry, fruits and vegetables, eggs, and processed foods – maintaining stocks of at least 20 per cent of demand to avoid shortages and price fluctuations.
The city administration will provide interest-free loans worth VND380.6 billion (US$20 million) to food companies that take part in the programme, and in return they have to price their goods at 10 per cent below the market rates.
The companies will register their prices which will be assessed and approved by relevant departments and agencies.
If the prices of any of the goods rise, the companies are not allowed to raise their prices, but if prices fall by more than 5 per cent, they have to maintain the 10 per cent differential, Hong said.
Authorities would keep a close eye on the firms'prices, she warned.
Unlike in previous years, when the programme was carried out only at supermarkets and certain outlets, this time traditional markets canl also take part.
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