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The Million-Dollar Pho: Deputy Prime Minister Calls for Transparent Pricing

8 February, 2025

Immediate implementation of the Price Law to maintain a healthy competitive environment and prevent price manipulation, hoarding, and price gouging – Image: VGP/Tran Manh

The issue is not about expensive or cheap prices but about transparency in pricing so that customers can make informed choices.

On the afternoon of February 6, Deputy Prime Minister Ho Duc Phoc, head of the Steering Committee for Price Management, chaired a meeting to evaluate the price management and administration in 2024 and set directions for 2025.

Speaking at the meeting, Deputy Prime Minister Ho Duc Phoc pointed out that, in addition to natural disasters and epidemics, 2025 is expected to witness many changes that will impact supply and demand, as well as production, business, and consumption activities, and market prices in the country…

According to the Deputy Prime Minister, the target GDP growth rate for 2025 must reach at least 8%, and the amount of money injected into the economy will be much higher than in 2024. As growth drivers are unleashed, this will affect price indices, especially consumer prices.

Among the three inflation scenarios for 2025 presented by the Ministry of Finance (with projected CPI increases of approximately 3.83%, 4.15%, and 4.5%, respectively), the Deputy Prime Minister suggested choosing the middle scenario, with CPI projected to increase by about 4.15%, and requested aggressive implementation of this scenario, with any decrease being preferable.

To achieve the above scenario, the Deputy Prime Minister requested that ministries and sectors, based on their assigned functions and tasks, develop price management scenarios for the commodities under their management on a quarterly basis and submit them to the Ministry of Finance and the General Statistics Office for synthesis and advising the Government on the most feasible measures.

At the same time, the Deputy Prime Minister requested that the Ministry of Finance advise the Prime Minister to issue a directive mandating the immediate and strict enforcement of the Price Law to maintain a healthy competitive environment and prevent price manipulation, hoarding, and price gouging.

“There must be price listing and selling according to the listed price,” emphasized the Deputy Prime Minister, citing the story of a bowl of pho costing up to VND 1 million and cases of business licenses being revoked due to violations in selling goods, with a requirement to enforce the law strictly. The issue is not about expensive or cheap prices but about transparency in pricing so that customers can make informed choices and there is healthy competition. We must not allow sellers to take advantage of buyers and charge excessive prices.

According to the Deputy Prime Minister, listing prices and selling according to listed prices are measures to protect consumers and determine the seller’s selling behavior transparently and objectively.

Proactive development of price management measures according to the market roadmap

At the meeting, the Government leader also requested close monitoring of market developments in the country and abroad, especially the supply and demand dynamics of strategic and essential commodities for production, business, and people’s lives, to build scenarios and solutions flexibly and be ready to respond to changes. Based on this, it is necessary to manage tightly, proactively, and diversely ensure supply sources, avoiding disruptions in the supply chain, especially for gasoline, oil, and electricity.

For commodities managed by the State, ministries and sectors should proactively develop price management measures according to the market roadmap, with appropriate levels and timing. The spirit is to manage tightly and operate according to the scenario.

Khang Di

– 21:56 02/06/2025