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Cash injection urged to steady prices
A cash injection of VND476 billion (US$22.7 million) into price stabil-isation this year has been suggested by the Ha Noi Industry and Trade Department to the municipal People's Committee, a year-on-year increase of 19 per cent.
According to the department, last year's figure of VND400 billion ($19 million) was not enough to prevent the prices of products such as rice, vegetables and other foodstuffs from escalating.
The department also said that this year's programme would differ from last year.
The price stabilisation programme should start one month earlier than last year on the first day of June, and run for the whole year, the department added.
"In a meeting with the department, we were informed that instead of lasting for nine months like last year, this year's stabilisation programme will be carried out for the whole year due to escalating prices," said deputy director of retail chain Fivimart Vu Thi Hau.
In addition, this year student notebooks will be added to the existing nine commodities that enjoyed the benefits of the price stabilisation programme.
To take part in the programme, companies and supermarkets will have to submit applications to the Department of Industry and Trade and the Department of Finance, every time prices increase continuously for 15 days with a total jump of 15 per cent.
New prices will be applied if the two departments approve.
To stimulate consumer spending, many supermarkets are currently running promotional programmes.
From last Wednesday until April 3, retail chain BigC has cut prices of 500 made-in-Viet Nam commodities from 5-50 per cent.
Lotte Mart has also announced discounts of between 10 and 40 per cent on selected products and the cost of many garments, electrical products and fresh food at Co-op Mart have also been reduced by up to 50 per cent.
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