According to the branch of the State Bank of Vietnam in Ho Chi Minh City, commercial banks citywide said that short-term interest rate of loans for businesses participating in the market stabilization program in 2022-2023 will be 5.9 percent -6.4 percent a year while businesses asking for medium and long term loan will enjoy the interest rate of 6.5 percent-10 percent a year.
The Department of Finance of Ho Chi Minh City announced the selling prices of essential items participating in the market stabilization program in 2022 and the 2023 Lunar New Year, officially applied from April 2. Besides some products, including poultry eggs and poultry meat, that have raised their selling prices, rice, pork, and sugar keep the same selling prices compared to the market stabilization program in 2021.
The prices of many items, such as fruits, vegetables, cooking oil, and fresh milk, at retail points of sale and markets on March 21 increased by 15-40 percent compared to before the 2022 Lunar New Year. Delivery service also added a surcharge of VND5,000-VND15,000 per order. Meanwhile, at supermarkets and wholesale markets, prices of commodities remained stable.
Production and business enterprises participating in the market stabilization program will be prioritized to connect with banks as well as access to preferential credit packages to borrow capital for investment, production, and technology innovation.
Although the purchasing power is not expected to hike suddenly during this Lunar New Year, Ho Chi Minh City has been ready to supply tens of thousands of tons of food and foodstuff products every day to ensure consumer demand before, during, and after the Tet holiday.
According to the Ho Chi Minh City Department of Industry and Trade, six banks and credit institutions are registered in the market stabilization program for the period 2021-2022 with a total of VND11,346 billion (US$491 million) to support businesses to prepare goods for the program.
Mr. Le Huynh Minh Tu, Deputy Director of the Department of Industry and Trade of Ho Chi Minh City, said that the supply of pork, poultry meat, and eggs for the city market would certainly not be insufficient after his first working day with key suppliers on January 20.
Chairman of the Ho Chi Minh City People’s Committee Nguyen Thanh Phong believed that the country’s leading retailer Saigon Union of Trading Cooperatives, known as Saigon Co.op, will enter the world top 100 cooperatives.
Evaluating the banking activities in February this year, the People’s Committee of Ho Chi Minh City said that the city’s banking industry continued to operate stably and maintain a positive growth rate, contributing to meeting the capital demand for the production and trade activities and to the economic growth of the city.