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Measures to control price rises pay off in HCM City
Marker prices have decreased steadily in Ho Chi Minh City after a series of strong measures were introduced by the municipal People’s Committee and craft associations to reign in the spiralling prices of essential commodities such as rice, meat, cement and steel.
As cattle prices have increased by 30 percent since earlier this year, producers and distributors have lowered their prices to stabilise the market and stimulate sales. Accordingly, the Saigon Co-op - a leading retailer in Vietnam – has reduced the price of its pork and beef by VND2,000/kg at 30 of its Coopmarts in HCM City and nearby provinces.
Similarly, supermarkets have worked with food companies to ensure a stable supply of rice for local consumption. Pham Thi Thanh Tuyen, director of the Saigon Co-op chain, says that eight food companies have agreed to supply large amounts of rice to Coopmarts at reasonable prices. As a result, they are offering 15 kinds of rice at lower prices than the free market. Since May 15, they have also sold high-grade rice imported from Thailand and Japan.
The move has prompted rice prices in the free market to drop by between VND500-1,000/kg. However, prices remain at between VND1,500-3,000/kg higher than they were in late April.
The cement market has also begun level out thanks to additional supplies shipped from the north, with prices falling by between VND5,000-7,000 per a 50-kg bag. Besides Ha Tien cement, many consumers have begun to use other cement products made by the Holcim, Chinfon, Hoang Thanh and Cam Pha cement companies.
Meanwhile, steel prices have dropped by between VND100,000-150,000/tonne, relieving the pressure on the market over the past few days.
The city’s electronics shops have also launched promotions on their products such as TV sets and air conditioners as the start of the European Football Championship (EURO 2008) draws closer.
VOV
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