Hanoi has recently released a plan to implement a price stabilization program for essential goods in the capital in 2024.

The program, which will run from now until the end of May 2025, aims to balance the supply and demand of goods, stabilize the market, and meet the need for essential goods during the storm season, holidays, and the last month of 2024. Items included in the plan must be of high quality, food-safe, traceable, and in high demand by consumers.

Consumers shop for basic necessities at the Hapro Thanh Cong supermarket in Hanoi's Dong Da district. Photo: Hoai Nam/The Hanoi Times

The essential commodities under the price stabilization program include staple foods (rice, noodles, dry noodles), beef, poultry, seafood, poultry eggs, processed foods, fresh vegetables and fruits, sugar, cooking oil, spices (fish sauce, soup powder), milk, confectionery, wine, beer, soft drinks, and others whose prices are regulated in case of natural disasters and epidemics.

As part of the plan, the Hanoi government is encouraging businesses to increase investment and diversify distribution networks to ensure that goods under the program reach consumers smoothly.

In addition, the city will support production, and businesses participating in the program will be entitled to preferential loans for stockpiling goods.

Manufacturing and trading companies participating in the program will receive support in the form of facilities, preferential capital, and priority in selling goods to schools, hospitals, and shops in the city.

Hanoi also urges traders to promote online sales and diversify stocked goods to stabilize the market and effectively promote the "Vietnamese people use Vietnamese goods" campaign, thereby curbing price increases, controlling inflation, and boosting production and trade.

Moreover, Hanoi will strengthen cooperation with other provinces and cities in investing and trading to ensure supplies for the capital.

The Hanoi People's Committee and relevant departments will make monthly forecasts on the market and prices of agricultural products or food crops. 

According to the Hanoi Department of Industry and Trade, the supply of goods and services for the local market in the first half of 2024 was ample, with a slight increase observed for a number of commodities.

“Demand for goods and services has been steadily on the rise, particularly in the travel and hospitality market,” said the department.