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HCMC to provide $23mil loan to stabilize food prices during Tet

Published: 20/10/2009 05:00

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HCM City has approved a plan to provide interest-free loans worth VND422 billion to 13 cooking suppliers to secure adequate supply and stabilize prices of certain goods during Lunar New Year.

The Ho Chi Minh City People’s Committee has approved a plan to provide interest-free loans worth VND422 billion (US$23.4 million) to 13 food suppliers to secure adequate supply and stabilize prices of certain goods during Lunar New Year (Tet) next February.

The eight essential food items authorities have in mind are rice, sugar, cooking oil, poultry and meat, eggs, processed foods, fruits, and vegetables.

The supply of certain items like fruits, vegetables, processed foods, and meat will be increased, with poultry supply raised by half to 3,000 tons.

The supply of duck meat will remain unchanged at 500 tons but that of eggs will increase to 25 million, up from 15 million last year.

The administration has ordered the13 firms that will take part in the program to ensure quality, hygiene and safety, and that their prices are 10 percent lower than in the market and supply is 20-40 percent higher than normal.

The plan envisages the firms setting up 1,508 retail outlets, a three-fold increase from last year.

City vice chairwoman Nguyen Thi Hong said the program is open to more firms that can assure stable supply and distribution of foods.

This year’s loan amount is higher because there will be more items and suppliers than last year when nine firms shared VND409 billion.

Saigon Co.op will get VND100 billion compared to VND53 billion last year since the supermarket chain has agreed to supply many items.

These beneficiaries have to use the loans for the agreed purpose and repay it in six months, failing which they cannot join the program again.

Tet falls on February 15 next year.

VietNamNet/SGGP

Provide by Vietnam Travel

HCMC to provide $23mil loan to stabilize food prices during Tet - Social - News |  vietnam travel company

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