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Loans worth $18.4m set to help firms stockpile goods
The Ha Noi People's Committee has offered short-term interest-free loans worth VND350 billion (US$18.4 million) in total to several companies that will use the funds to stockpile essential goods to ensure stable prices.
It was the first disbursement of a VND500 billion ($26.3 million) package of such loans from the city coffers.
The package breaks down to VND400 billion ($21 million) for the purchase of essential goods and VND100 billion ($5.3 million) for relief aid during potential natural disasters.
The enterprises may use the loans for 10 months, beginning this month, to purchase nine essential goods, including rice, poultry, beef, eggs, processed food, frozen seafood, cooking oil, sugar and vegetables.
Loans would need to be repaid 10 months from the day they were taken out, the committee said.
The city called on the companies to ensure they purchase high quality goods and store them hygienically. In the event of a price increase, they are required to sell the goods at 10 per cent below the market price.
Municipal authorities previously issued a decision to open 500 outlets to sell the essential goods purchased with funds from the city budget to ensure adequate and timely supply for people in the inner city.
City regulations require the businesses to advertise that they are taking part in the price stabilisation scheme.
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