Hanoi has stocked up goods to prevent commodity price hikes during the upcoming Tet (Lunar New Year) holiday, said Tran Thi Phuong Lan, deputy director of the Hanoi Department of Industry and Trade.

The Department of Industry and Trade had issued a plan to ensure goods supply in co-ordination with relevant departments, Ms. Lan said, adding that Hanoi began a market stabilization program in May last year that will run until June 2021, including a plan for the coming Tet.

Ms. Tran Thi Phuong Lan, deputy director of the Hanoi Department of Industry and Trade.

The official stressed that her department has asked local enterprises to stock up essential goods worth VND39.4 trillion (US$1.7 billion), an increase of 5% compared to the plan for the 2020 Tet.

Besides, local businesses are requested to stick to their plans of ensuring essential products as well as responding to any eventuality of the Covid-19 pandemic. By the end of November, 25 businesses of Hanoi and other provinces and two credit institutions pledged to work on ensuring supply of commodities for Hanoi during the holiday.

To date, businesses from 30 districts and towns of Hanoi had stocked up 13 groups of essential goods worth a total of VND39.4 trillion (US$1.71 billion).

The volume of essential goods for Tet will increase from 7% to 22% year-on-year. “The supply of goods is abundant, basically meets consumers’ demand,” Ms. Lan added.

However, attracting businesses to participate in the price stabilization program had been a struggle, as many businesses are unwilling to keep prices unchanged in case the market demands vary, said Lan.

A report from the Hanoi Department of Industry and Trade says that the essential goods for this Tet include 292,500 tons of rice, 56,700 tons of pork, 18,900 tons of chicken, 18,459 tons of beef, 396 million eggs, 315,000 tons of vegetables, 11,114 tons of processed food, 15,740 tons of aquatic products and 156,000 tons of fruit.

Accessing the current capacity to supply essential goods in the locality, Ms. Lan said rice could meet 57.7%, pork 92% of the demand while the supply of chicken meat is basically guaranteed.

The Hanoi Department of Industry and Trade must also control the import, making sure that goods have clear origin, ensuring food safety and hygiene, Ms. Lan noted.