The People’s Committee of Binh Dinh Province has approved a VND31 billion fund to stabilise prices of essential goods during Tet festival 2017.

This was announced by Man Ngoc Ly, director of Binh Dinh Department of Industry and Trade.

The fund is aimed at achieving domestic price stabilisation for the products. It is used to avoid sudden increases in prices of the products and avoiding speculation and price increases, especially in the province, he said.

It will also supply essential goods for people in mountain and remote areas during the Tet festival.

These included rice, sugar, confectionery, cooking oil, fish sauce, in addition to meat, eggs, vegetables and various fruit. Those goods must meet standards on quality, food hygiene and safety, as well as have quarantine certificates from relevant offices.

Further, companies must sell goods at prices 3 to 8 per cent lower than market prices.

This year, the companies that accept loans from the provincial stabilisation fund include Sai Gon Co.op Binh Dinh Co. Ltd – owner of Co.op mart Quy Nhơn and Co.op mart An Nhon, the Anh Nhat Import-Export Manufacture and Trade Limited Company in Quy Nhon, addition to three good suppliers including Van Canh JSC, Vinh Thanh JSC and An Lao JSC.

The three-month price stabilisation programme will start on December 15, 2016 and continue until March 15, 2017. — VNS