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Ministry monitors retail prices
The Ministry of Finance's Price Management Department has announced that it would continue to control the prices of necessary goods this year in a bid to ensure market stability.
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| Customers shop at the Big C Thang Long superrmarket in Ha Noi. The Ministry of Finance said it would issue stronger policies to control the prices of essential goods this year. |
In co-ordination with other ministries, MoF would implement Government measures to rein in inflation and stabilise the prices of necessary commodities including rice, power, oil, coal and various kinds of food.
Minister of Finance Vuong Dinh Hue said that this year, Viet Nam would issue appropriate policies to control the costs of input goods such as electricity and coal in an effort to curb inflation.
According to the department, the price of rice was likely to remain stable this year, but the public should expect a slight hike as demand grows in the lead up to the lunar new year.
The total demand for meat in the local market this year is expected to reach 3.2 million tonnes, a year-on-year increase of 4.5 per cent, with demand for beef estimated at 343,000 tonnes, up 11 per cent.
Poultry prices are likely to fluctuate unexpectedly due to weather and epidemics.
Sugar supplies are forecast to meet the demand in 2012, with plantations having grown by 11 per cent against a year ago.
According to the Ministry of Agriculture and Rural Development and the Viet Nam Sugar Association, the local market is likely to need around 1.57 millions tonnes this year. Local output will account for roughly 1.4 million tonnes, with 70,000 tonnes imported and 100,000 stockpiled.
Animal feed prices will continue to follow the global market. To ensure supply for domestic use, authorities have mapped out plans to raise feed production to 12.5 million tonnes, a year-on-year increase of 8.7 per cent.
Additionally, Viet Nam is estimated to import 8.7 million tonnes of feed and raw materials in 2012, up 6 per cent from last year.
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