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Stabilisation efforts trigger more price cuts for staple goods
Some of the14 enterprises taking part in the HCM City price stabilisation programme will cut the prices of staple goods even further on the days near Tet (Lunar New Year) Festival, according to a recent report in Tuoi tre (Youth) newspaper.
On Wednesday, the Chairman of HCM City People's Committee, Le Hoang Quan, led an inspection of goods storage for Tet at three key companies taking part in the price stabilisation programme.
Nguyen Thi Hanh, General Director of Saigon Co.op, which is assigned to stabilise the price of seven of the total of eight staple goods, said her company had given around VND200 billion (US$10 million) to suppliers in advance as seed capital.
Of that amount, the company advanced VND22 billion to farmers and co-operatives that produce vegetables and fruit that fluctuate wildly in price.
Saigon Co.op had stored 150,000 tonnes of goods, accounting for VND1.2 trillion in value, Hanh said.
The company would also reduce the price of staple goods, including pork, chicken, egg, vegetables and fruit, on the days near Tet at a rate lower than originally registered, she added.
Pham Thi Huan, General Director of Ba Huan Company Ltd, one of the leading fresh egg suppliers in Viet Nam, said the company was providing 1 million eggs a day to the market, and expected to increase the number from 1.5 million to 2 million per day during peak days.
The company has an advantage to purchase eggs because it can exchange foodstuff for eggs from farmers.
The company offers breeding poultry and foodstuff to farmers at a price that is 10 per cent lower than the market price, then purchases eggs at a price higher than the market price by VND200 – 300.
Van Duc Muoi, General Manager of Vissan, the city's major food processing company, said the company had stored 58,000 pigs to satisfy the demand of pork before and during Tet.
The company planned to slaughter 30,000 pigs and 1,200 cows to offer meat to the market during the month before Tet.
The slaughter would be increased for five days near Tet to meet market demand and keep the price stable, Muoi said.
Besides preparing enough goods to control the market, enterprises had also developed and expanded the distribution network, the inspector team noted.
Eggs of Ba Huan have appeared at 30 markets, 40 authorised dealers and 400 retail outlets and itinerant shops in the city's outlying districts of Can Gio, Cu Chi and Binh Chanh.
Muoi said his company had increased the number of sales staff, expanded service times, and opened several outlets of Vissan in suburban areas and industrial parks.
"We have plans to transport goods to every distribution channel. In emergency cases, we will appoint motorcycles with frozen casks to bring goods to areas blocked by traffic congestion," Muoi said.
Hanh of the Saigon Co.op said her company had in the last few months sold an amount of goods that was double or triple the volume of commissioned stabilised-price goods.
The chain sold an average of 635 tonnes of sugar per month in comparison with the commissioned 200 tonnes. Similarly, it sold 621 tonnes of cooking oil although the commissioned amount was 450 tonnes.
Because more purchases were expected in coming days, the company planned to extend the service time to 7am – 11pm during a 10-day period before Tet.
It would also re-open supermarkets from the morning of the second day of the Lunar New Year.
Saigon Co.op has more than 150 food stores, including 50 supermarkets and 16 Co.op food stores.
HCM City People's Committee Chairman Le Hoang Quan said the volume of stored goods for Tet had increased by 30 – 40 per cent over last year.
Quan has told enterprises to ensure hygiene and safety for price-stabilised goods, and offer prices 5-10 per cent lower than market price.
He also asked authorities to impose severe sanctions on commercial speculation.
Beginning January 12, the city will have market inspections on price, hygiene and piracy.
According to Quan, the price stabilisation programme for staple goods, which included financial support at no interest to companies, has had very positive results.
It has helped the city's Gross Domestic Product (GDP) expand 11.8 per cent year-on-year and kept the Consumer Price Index (CPI) at 9.58 per cent, much lower than the national CPI of 11.75 per cent.
The programme has also helped enterprises take advantage of opportunities for further growth.
This year, the city plans to expand the price stabilisation programme to ensure that the city's GDP will grow at a 12- per- cent rate and that social stability will continue.
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