Many companies in HCM City have committed to keep prices of essential goods unchanged and to ensure adequate supply for Tet (lunar new year), the biggest consumption season in Vietnam.

The companies, which are participating in the city’s goods stabilisation programme, reiterated their commitment during a meeting with the city’s Department of Industry and Trade and the HCM City Food and Foodstuff Association on Dec. 6.

Price hikes normally occur ahead of Tet in the consumer goods market, which is also flooded with counterfeit products during this time.

This year’s price stabilisation programme for essential goods was set in place in June with 22 businesses participating in it, eight more than last year.

Reserves of Tet goods under the programme are estimated at 30-40 percent of the market’s demand, roughly 20 percent higher than the amount kept for last year’s holiday season, according to the department’s deputy director, Le Ngoc Dao.

Most of the participating businesses have already stocked their reserves for the Tet season, according to the department.

The total investment in this year’s price-stabilisation programme is 412 billion VND (19.6 million USD), 89 percent of which has been spent on stocking goods for Tet.

Participating companies have increased production and maintained their prices.

The Sai Gon Beverage Corporation (SABECO), for instance, has increased its productivity by 17 percent in the last three months of the year compared to the corresponding period last year, its representative Le Thi Hoa said at the meeting.

SABECO has committed to provide 1.2 billion litres of beer for the Tet season at unchanged prices.

The Tan Quang Minh BIDRICO, which provides soft-drinks and other beverages, has also committed to keep their products’ prices unchanged and ensure supplies of more than 50 million litres.

Meanwhile, city authorities have beefed up surveillance of the consumer goods market ahead of Tet to make violations, including price fluctuations, are kept to a minimum.

There are nearly 3,000 retail outlets selling goods under the price stabilisation programme in HCM City./.