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HCMC co-opts businesses in inflation fight
Ho Chi Minh City will provide interest-free loans to businesses in return for their commitment to keep prices of certain essential goods reasonable.
“The move aims to stabilize prices and control inflation,” a draft prepared by the city’s Industry and Trade Department said.
Consumer prices rose 0.18 percent in the month of September but 27.9 percent year-on-year.
The draft said the city seeks to keep the prices of eight items – rice, sugar, cooking oil, livestock, fowl meat, processed foodstuff, eggs and drugs – under check.
To do so, it would coordinate with both state-owned and private businesses involved in trading and distribution, the draft added.
A department official said the loan plan would ensure sufficient stocks of goods to prevent shortages.
Participating businesses will get interest-free loans for a six-month period but the draft did not specify the maximum loan amount.
In return, they have to sell their goods at at least 10 percent below market prices during times of shortage, the draft said.
The city has used the strategy in recent years before Tet (the Lunar New Year) when consumption reaches a peak.
It had lent VND400 billion (US$24 million) this year.
Thanhnien
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