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Price hike looms over market in 2008
Market experts forecast price surges in a number of key consumer goods such as oil, coal and electricity in 2008 due to numerous objective causes.
Members from the Market Handling Team explained that the nation’s integration into the global economy on a larger scale will make the domestic market stronger but easily influenced by the constantly increasing world market prices.
Abnormal weather, plant and animal diseases and the increasing influxes of foreign official development assistance (ODA) and remittances from the overseas Vietnamese community will pose other pressures on the domestic market, experts said.
Experts also said that an increase in basic salaries for public employees, including military and police from January 2008 will possibly increase the purchase power, thus pushing the prices higher.
Their analyses were based on the recent development of the market, which witnessed a surge in the prices of steel, fertilizers and cement in subsequence of world price hikes, despite the stability in food prices.
Despite all these difficulties, the retails and services sector managed to increase their revenues by 5.3 percent over November to almost 71 billion VND in December.
As a result, the yearly revenues in retails and services surpassed the 726 trillion VND mark, representing an increase of 23.3 percent over 2006.
VNA
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