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VietNamNews

Ha Noi funds price stabilisation effort

Update: February, 10/2012 - 10:21

HA NOI — The People's Committee of Ha Noi on Tuesday decided to advance VND94 billion (US$4.5 million) from the city financial reserve fund for the third phase of price stabilisation of essential goods after Tet (lunar new year).

Five enterprises are permitted capital with a zero per cent interest rate, including VND54 billion ($2.6 million) for the Ha Noi Trading Corporation, and VND10 billion ($476,200) for each of Lan Chi Business Ltd Company, Vinh Anh Food Technology Ltd Company and Minh Hien Ltd Company. The enterprises must pay off the capital by April.

The committee asked the enterprises to stock essential goods to stabilise prices on the city market, such as rice, pork, chicken, beef, seafood, cooking oil, and vegetable.

Since June 2011, the city has twice advanced VND465.5 billion ($22.2 million) for 15 enterprises to stockpile essential goods and sell stabilised-price goods at 665 shops in the city.

After Tet, prices of food and vegetable have been reduced to normal rates, said the Ministry of Industry and Trade.

The ministry said that the domestic market demands in the days after Tet holidays focused on vegetable, fresh food and goods for traditional festivals. Prices of those goods stood at high rates for the first few days after Tet and now, they have fallen due to a higher supply of those goods.

In Ha Noi, prices of vegetable are back to normal rates, including VND6,000 per bundle of water dropwort, VND10,000 per kilo of cabbage and VND7,000 per kilo of Chinese cabbage.

But the prices of food still stand high. Prices have increased by 20-30 per cent compared to normal, now reaching VND120,000-150,000 per kilo of pork, VND240,000-250,000 per kilo of beef, VND70,000-100,000 per kilo of fish and VND400,000 per shrimp.

The price of vegetables fell after Tet because of the high and stable supply, according to traders at markets in Ha Noi. Advantages in weather and control of disease have helped farmers promote poultry and cattle development so a shortage of food supply has not happened. — VNS

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