Firms promise supplies for Tet

Leaders of State-run groups and corporations have pledged to ensure sufficient commodity supply to help stabilise the domestic market as Tet (lunar new year) approaches.

Speaking at an online meeting early this week, Minister of Industry and Trade Vu Huy Hoang called on groups and corporations to increase production, maintain a balance of supply and demand of goods and boost price controls to stop price fever and speculation.

Hoang attributed recent low production to increasing input prices, exchange rate volatility, foreign currency supply and demand imbalance, and the floods in Viet Nam’s central region.

According to a representative of the Viet Nam National Petroleum Corporation (Petrolimex), the global petrol price has impacted domestic consumption. The Ministry of Finance has used the price stabilisation fund when necessary to compensate for the disparity in retail prices and import prices.

To ensure a supply and demand balance of domestic petrol, Petrolimex signed contracts with Dung Quat Oil Refinery and foreign partners.

Deputy General Director of PetroVietnam Vu Quang Nam said in December alone, Dung Quat Oil Refinery would produce 630,000 cubic metres of various petrol products. Next year, the refinery is expected to sell 5,187 million tonnes of petrol products.

A representative of the Viet Nam Southern Food Corporation (VinaFood 2) said the country’s total food exports already surpassed its plan for the year. In particular, rice exports were higher than last year. VinaFood 2 has expanded its market to diversify its product base.

Le Ngoc Dao, deputy director of HCM City, said some 14 businesses participating in the State’s price stabilisation programme had spent VND800 billion (US$40 million) on goods, accounting for 35 and 40 per cent of the market share in HCM City.

Also at the meeting, Minister Hoang required MarketWatch and related agencies to work with local authorities to ensure the supply of goods and monitor suspicious actions and trade fraud. — VNS

Tags: Vietnam Tet 2011, Vietnam Tet holiday