Since 2002, HCMC has been the first locality in the country to initiate and continuously implement the market stabilization program. Currently, the program has created spread, bringing practical benefits to businesses and consumers in HCMC. It has been replicated and implemented in most provinces and cities nationwide.
Over the past 20 years, the program, with many practical solutions, has ensured social security and stabilized the supply and prices of essential items to serve consumers. Especially, from the principle of fixed price, the program has now adopted flexible and timely price adjustments, capable of leading the market and ensuring the interests of businesses and consumers. The prices of goods participating in the program are always 5-10 percent lower than the market.
The program has helped prevent speculation, hoarding of goods, and overcharging for illicit profit and limited the situation of arbitrarily raising prices. Thereby, it has contributed to stabilizing commodity prices, controlling inflation, and keeping the city's consumer price index (CPI) lower than the national average.
Mr. Nguyen Anh Duc, General Director of the HCMC Union of Trading Cooperatives (Saigon Co.op), said that during the time participating in stabilizing the market, the total volume of Saigon Co.op's price-stabilized goods reached an average of 10,000 tons per year. Of which, market-stabilized essential goods accounted for 70-80 percent. Compared to the first year of participation in the program, up to now, Saigon Co.op's stabilized product output has increased by eight times, with the proportion of Vietnamese goods surging from 80 percent to over 90 percent in the commodity structure. The number of stabilized points of sale was also expanded to many other provinces and cities, increasing from an initial 17 points of sale to more than 600 nationwide.
Mr. Nguyen Dang Phu, Deputy General Director of Vietnam Livestock Industry Joint Stock Company (VISSAN), said the program has proven to be one of the effective tools to regulate the market through balancing supply and demand, increasing the efficiency of goods circulation, and building a healthy competitive environment, helping to curb inflation not only for HCMC but also for the whole country. Most enterprises participating in the program have a large scale and account for a high market share. They are reputable brands and are trusted and chosen by consumers.
“The program has helped create a bridge between manufacturers and distributors and consumers. This association helps consumers have the opportunity to access high-quality goods at reasonable prices and creates conditions for stable production and consumption, ensuring benefits for producers, thereby creating a stable and sustainable supply for the market. Moreover, by participating in the market stabilization program, businesses are given priority to introduce to supply market-stabilized goods into the program's existing network of points of sale and connect to supply goods to places, such as traditional markets, hospitals, schools, and collective kitchens. From there, consumers have timely access to the source of goods at reasonable prices," Mr. Nguyen Dang Phu added.