The People's Committee of Hanoi has decided to advance 94 billion VND (4.5 million USD) from the city financial reserve fund for the third phase of price stabilisation of essential goods after Tet (lunar new year).

Five enterprises received capital with a zero percent interest rate, including 54 billion VND (2.6 million USD) for the Hanoi Trading Corporation, and 10 billion VND (476,200 USD) for each of Lan Chi Business Ltd Company, Vinh Anh Food Technology Ltd Company and Minh Hien Ltd Company. The enterprises must pay off the capital by April.

The committee asked the enterprises to stock essential goods to stabilise prices on the city market, such as rice, pork, chicken, beef, seafood, cooking oil, and vegetable.

Since June 2011, the city has twice advanced 465.5 billion VND (22.2 million USD) for 15 enterprises to stockpile essential goods and sell them at 665 shops in the city.

After Tet, prices of food and vegetable have been reduced to normal rates, said the Ministry of Industry and Trade.

The ministry said that the domestic market demands in the days after Tet holidays focused on vegetable, fresh food and goods for traditional festivals. Prices of those goods stood at high rates for the first few days after Tet but now, they have fallen due to a higher supply.

In Hanoi , prices of vegetable are back to normal rates, including 6,000 VND per bundle of water dropwort, 10,000 VND per kilo of cabbage and 7,000 VND per kilo of Chinese cabbage.

But the prices of some food still stand high. Prices have increased by 20-30 percent compared to normal, now reaching 120,000-150,000 VND per kilo of pork, 240,000-250,000 VND per kilo of beef, 70,000-100,000 VND per kilo of fish and 400,000 VND for a kilo of shrimp.

The price of vegetables fell after Tet because of the high and stable supply, according to traders at markets in Hanoi . Favourable weather and control of disease have helped farmers promote poultry and cattle development so a shortage of food supply has not happened. /.