City tries to keep goods prices unchanged in coming Tet - City tries to keep goods prices unchanged in coming Tet - Website Ho Chi Minh City
Ho Chi Minh City will keep the prices of subsidized products unchanged in two months before and after Tet holidays, from January 10 to March 10, city’s trade officials said in a meeting on price stabilization program for the lunar New Year Festival.
Deputy Director of the Industry and Trade Department Le Ngoc Dao said that the subsidization program covers nine necessary items. HCMC will focus on the supply of pork, poultry, chicken and vegetables to ensure their prices will not change as goods demand surges during Tet holidays.
The total value of goods that businesses have prepared for two months before and after the Tet holidays is VND15,849 billion (US$741 million), an increase of 109 percent over the same period last year. Of these, VND8,304 billion has been spent on subsidized goods’ stockpiling, up 69.4 percent over last year.
Authorized agencies forecast that purchasing power in the coming Tet holidays will increase from 10-20 percent against the same period last year. HCMC and provinces have signed an agreement to connect goods supply and demand to stabilize the market in the holidays and 2015 also.
At the meeting most businesses said goods preparation advantageous thanks to fine weather conditions and the down-trend of input material prices.