On July 11, at a press conference on socio-economic developments in Ho Chi Minh City, Mr. Nguyen Minh Hung, Deputy Head of the Trade Management Department of the Department of Industry and Trade, said that in the past, every time there was a salary increase or a holiday, there was a tendency for speculation and hoarding, with prices rising irrationally. The main reason for this situation was the thin distribution system and unstable supply of goods.
Authorities will deploy synchronized solutions to prevent prices from rising with wages |
According to Mr. Hung, the salary reform policy took effect on July 1. The increase in wages may create a mindset among retailers to raise prices, which can lead to a chain reaction.
To cope with the risk of irrational price increases, Mr. Hung said that Ho Chi Minh City is implementing a market stabilization program based on ensuring supply and balancing supply and demand.
“The program has a charter, and participating enterprises provide a diverse range of goods with assured quality and stable prices, ready to supplement in case of local shortages. The distribution system has basically covered the entire city, giving consumers more options. Therefore, it is difficult for an individual or enterprise to take advantage of the wage increase to raise prices unreasonably,” said Mr. Hung.
According to Mr. Hung, at the meeting of the domestic market management team at the end of June, information from the Ministry of Agriculture and Rural Development and the Ministry of Industry and Trade showed that, nationwide, the total supply of essential goods such as pork, chicken, and rice is stable, with no abnormalities.
“We are focusing on closely monitoring information, grasping price movements of some essential goods with a significant impact, and organizing inspections of compliance with price laws. From August to the end of 2024, the Department of Industry and Trade will coordinate with relevant units to implement promotion programs and mobile sales for low-income workers,” added Mr. Hung.
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