Vietnam: HCM City seeks to manage stable prices, supply and demand of food

VIETNAM, August 15 -  

HCM CITY — The HCM City Department of Industry and Trade has implemented measures to manage prices, supply and demand of goods in markets in a bid to keep inflation under control.

The department is calling on supermarkets and convenience stores to forecast market

demand, closely coordinate with key suppliers to develop plans, and store and prepare abundant goods at stable prices.

Markets should implement preferential discounts on key products and other essential commodities while sharing other costs to reduce the pressure of increasing retailing prices to consumers, the department said.

When there are signs of scarcity of goods or lack of supply in the system, it is recommended that supermarkets and convenience stores report to relevant authorities for timely coordination, the department said.

The department is also requiring enterprises participating in the market stabilisation programme to actively prepare their sources of goods, supply goods in the registered quantity and sell them at stable prices.

It is also crucial to strengthen inspection and control of stores, affiliated distribution networks and selling points to stabilise the market. They need to fully comply with the provisions of the programme on business activities, goods display and listed prices.

The Department of Industry and Trade requires traditional distribution channels such as wholesale markets to strengthen inspection and monitoring of the quantity of imported and exported goods, along with the price of goods at the source and at the market.

Earlier, the HCM City Department of Finance also asked businesses participating in the stabilisation programme to review and recalculate the current selling price and carry out necessary adjustments in accordance with the current market price, especially as the price of gasoline has recently been down by VNĐ7,270 per litre and oil down by VNĐ6,110 per litre.

In fact, a number of large distribution enterprises have also requested that suppliers recalculate costs and share difficulties with consumers.

Businesses also expect gasoline prices to continue to decrease on August 11 and this should reduce input material prices in many fields, and therefore lower output prices. — VNS