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City bent on thwarting seasonal price hikes
The municipal administration has pledged it will ensure sufficient supplies of essential commodities and no "pricing fever" during the year-end festive season.
The commitment was made by the HCM City People's Committee at its monthly meeting held late last week.
The administration and related agencies would strictly penalise speculative actions, and implement other measures to stabilise prices, officials said at the meeting.
There are now 2,200 sales points participating in the price stabilisation programme launched on June 21 that are located all over the city, including rural areas.
The Department of Industry and Trade proposed at the meeting that the People's Committee add fisheries products to the eight essential commodities listed in the programme and ensure their sales at all participating outlets.
Officials of the city's Finance Department said there were some obstacles that could reduce the effectiveness of the price stabilisation programme.
Many shops participating in the programme did not have enough commodities to sell, while there were signs some of them were hoarding goods and waiting for an opportunity to increase prices, they said.
The department said it would strengthen inspections of participating establishments and impose severe punishments for any violation found.
Deputy Chairman of the People's Committee Le Minh Tri asked departments and branches, as well as inter-sector inspection teams in urban and rural districts not to stop the price stabilisation programme after Tet (Lunar New Year). They should continue the programme even after the holiday season, Tri said, adding that usually there was a scarcity of commodities around that time.
In December and during the Tan Mao Tet festival, relevant agencies should strengthen its monitoring tasks, particularly at open markets and retail outlets, to make sure that there would be no shortages of commodities and no price fluctuations during these times, Tri said.
Speaking at the meeting, Ho Huu Hanh, director of the State Bank of Viet Nam's HCM City branch , said sharp increase in deposit interest rates had seen lending rates go up to as high as 21 per cent in some places.
Enterprises in the city dared not borrow at such rates because of concerns their profits would be insufficient to cover borrowing costs.
A representative of central enterprises in the city suggested the Government tell city-based banks to offer support policies for enterprises.
This would be an indirect measure to support local consumers, the representative said.
vietnamnews
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