Wednesday, December 7 2016

VietNamNews

Markets receiving goods despite floods

Update: August, 04/2015 - 09:15
BigC, a foreign invested retailer in Viet Nam, also backed sale of goods to people in the flood affected regions and thus partly contributed to keeping prices stabilised. — Photo halongcity

HA NOI (VNS) — Local authorities have ensured adequate supplies of essential commodities to guard against any undue price rise in the local markets on account of floods, an official of the Ministry of Industry and Trade (MOIT) said yesterday in Ha Noi at the ministry's online meeting.

Vo Van Quyen, head of the MOIT's Domestic Market Department, said since early this year, the ministry's Steering Committee for Flood and Storm Prevention and Control had made it obligatory upon the local authorities to keep goods in stock as part of the preparations to meet any disaster outfall.

By the end of July, 43 out of 64 cities and provinces had reported having adequate quantities of essential commodities in stock, including rice, meat and building material.

Quyen said the ministry also organised price stabilisation programmes, ensuring that many enterprises sell their products at stable prices so that the supply of essential goods remains stable.

Additionally, market management forces in cities and provinces closely followed the pattern of consumption of goods as well as prices in the local market, he said.

Therefore, with floods raging in Quang Ninh Province, timely supply of essential commodities ensured there was not any significant change in prices, he said.

BigC, a foreign invested retailer in Viet Nam, also backed sale of goods to people in the flood affected regions and thus partly contributed to keeping prices stabilised.

"Northern provinces have had plans to keep essential commodities for rainy seasons and storms. Basically, the provinces ensured they had goods in stock and, therefore, the market did not see speculation about goods and price rise," Quyen said.

Nguyen Van Tuong, director of the Dien Bien Industry and Trade Department, said the province spent VND13 billion ($596,330) to keep essential goods in stock during the rainy season for people in the remote areas, including iodized salt, instant noodles, fuel and other goods.

The volume of goods was sufficient to meet the demand of the people in the remote areas and regions of ethnic minorities during the period of rains and floods, he said.

Earlier, Nguyen Anh Tuan, director of Price Management Department under the Ministry of Finance, said this month will witness continuing rains and floods. Therefore, natural disasters would continue to affect life and production and also supply lines, leading to increase in prices in some places, reported online Nguoi dong hanh newspaper.

The department expected the global export prices of some fuel products, including petrol, liquefied petroleum gas (LPG) and rice to come down or stay below usual. That could give an advantage to those managing prices in the domestic market, Tuan said.

At home, supply of goods continues as authorities prepare for the new school year 2015-16 as demand will rise for clothes, shoes, books and office stationery.

The stability in prices was due to efficient price stabilisation programmes to prepare for new school year in some cities and provinces and stability in exchange rate between Vietnamese dong and US dollar at commercial banks, he said.

The State authorities continue to exercise control on the market and prices and ensuring that the macro economy stays stable, thus curbing the consumption price index at a low rate this month. — VNS

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