Under a government programme, 68 retailers have committed to stabilise prices between January 20 and March 19, reducing prices between 5 and 49 per cent.

Officials in HCM City say there will not be a shortage of goods or price hike during Tet, as the supply of commodities is much larger than last year.

The total value of commodities prepared for sale during Tet is VND15.8 trillion, 109 per cent more than last year, according to the HCM City Department of Industry and Trade. Half of the total will be sold by enterprises participating in the programme, a 70 per cent increase.

Sai Gon Co.opMart has prepared a huge supply of goods for Tet, with VND4.6 trillion (US$215 million) in commodities including about VND2 trillion ($93 million) worth of goods for the stabilised market programme.

Customers shop for food at Satra Sai Gon Supermarket. — VNA/VNS Photo Thanh Vu

Sai Gon Trading Group prepared VND1 trillion ($46.5 million) in commodities, including VND742 billion ($34 million) worth of stabilised price goods. The total supply is 63 per cent more than the city government's plan and 80 per cent more than last year.

The city government told enterprises not to increase prices during Tet and will conduct inspections in the coming days.

After efforts to control prices, the city government recently celebrated success in curbing inflation in 2014. Consumer price index (CPI) grew by 1.65 per cent, compared with 5.2 per cent in 2013, according to Thai Van Re, director of the HCM City Department of Planning and Investment.

Le Hoang Quan, chairman of the HCM City's People's Committee, said stabilised market programmes were a key tool in controlling inflation.

"There is some opinions that this is a signal of deflation, but it is a fact that this is an achievement after the whole political system tried to curb inflation," Quan said.

He also requested transport enterprises to reduce fees, as fuel prices were reduced 13 times this year./.

Complied by VNF