HCMC determined to prevent goods scarcity, price increase

Ho Chi Minh City has prepared food and necessary products with a year on year increase of 30-40 percent in the first quarter of 2020 to ensure supply in case of the novel coronavirus spread, according to a supply and demand balance plan signed by Deputy Director of the Department of Industry and Trade Nguyen Huynh Trang on February 10.

Supermarket chains affirm no shortage of necessary goods (Photo: SGGP)
Supermarket chains affirm no shortage of necessary goods (Photo: SGGP)

The plan aims at preventing goods hoarding for speculation and price rocket, setting residents’ minds at rest to fight the epidemic.

In order to obtain the goal, the department has coordinated with authorized agencies, production and trading businesses in the city to create supply sources, store and supply food and foodstuff to prevent market destabilization. Three main supply sources include businesses under the price stabilization program, accounting for 30-40 percent of the market share. Wholesale markets supply vegetables, fruits, seafood and meat, making up 60-70 percent of the market share and other enterprises account for 10-20 percent.

Of these, the city has assigned major enterprises namely Saigon Union of Trading Cooperatives, Saigon Trading Corporation, Saigon Agriculture Corporation, HCMC Food Joint Stock Company and Vissan Company to prepare a large amount of goods for the market.

Enterprises under the market stabilization have increased goods by 30-50 percent compared to the city’s plan. Specifically, Vinh Phat Wilmar Investment Joint Stock Company has stockpiled rice to ensure supply until the end of this year, Tan Vuong Food Company prepares rice for the market until January next year. Acecook Vietnam plans food and processed food supply until the end of 2020, saying it will provide consumers with free food products in case that the epidemic wide spreads.

Supermarkets, trade centers and convenient stores in the city have also planned goods preparation to combat with the epidemic with the volume of stockpiled goods double or triple normal level.

In short term, the city will continue keeping a close eye on supply and demand of food and necessary products, taking the initiative in building and proposing market stabilization measures, working with the Department of Information and Communications to provide correct information about market changes and goods prices and handle wrong information. Moreover the city will cooperate with authorized agencies and businesses to efficiently implement the market stabilization program.

The city has also encouraged businesses to speed up production and stockpiling of food and necessary products to meet consumers’ demand. Producers have been asked to work with distribution systems to offer 10-15 percent discount on these products this month.

In long term, the city will work with provinces and cities having large supply sources such as Dong Nai, Binh Duong, Lam Dong, Ben Tre, Dong Thap and An Giang to ensure supply sources for the city market. Aside from that it has assisted businesses to access to low interest loans to expand production.

District people’s committees will join hands with the city’s Market Management Agency to intensify inspection and handle those taking advantage of the epidemic to speculate in necessary goods and unreasonably increase price, prevent production and trading of fake goods and goods with low quality and unclear origin.

HCMC determined to prevent goods scarcity, price increase ảnh 1 Supermarket staff wear face masks (Photo: SGGP)