HCMC grants free loans to local businesses for Tet

Nine food producers and retailers in Ho Chi Minh City will be granted VND409 billion (US$24.1 million) in zero-interest loans from the municipal government to help keep food prices stable during next Lunar New Year.

The companies have agreed to allow no more than a 10 percent increase in prices during the nation’s most important holiday, which will fall in mid-January of 2009.

Price have soared by up to 50 percent during previous Tet holidays.

The companies granted the loans include Saigon Co.op, Vissan, Huynh Gia Huynh De, Phu An Sinh, and Saigon Agriculture Incorporation.

Vinh Son

thanhnien

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