Hanoi to spend VND 500 bil. on stabilizing market prices in 2010

Hanoi will use VND 500 billion (US $26 million) from the local budget to stabilize prices of prime commodities and rein in inflation.

The Hanoi Municipal People’s Committee recently agreed to provide local enterprises with VND 500 billion for goods reserve.

The city’s Department of Industry and Trade, in collaboration with the Department of Finance, was assigned to set up options for the disbursement.

Local competent agencies were urged to strengthen market investigation and control, manage market prices and punish those who violate price regulations. 

Earlier, the Ho Chi Minh Municipal People’s Committee announced a plan to spend VND 900 billion (US $47 million) to stabilize prices of eight essential commodities.

So far, the two biggest economic hubs have launched price stabilization programs in line with the Government’s policy on inflation curbing.