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Ministry predicts relief from inflation
The Ministry of Industry and Trade’s Market Control Department has predicted that prices for many essential goods would remain stable this month despite uncertainty on both global and domestic markets.
If the weather is favourable this month, farmers in the North and in the Mekong (Cuu Long) River Delta will soon complete harvesting the summer-autumn rice crop will start planting the winter-spring crop. This will lead to stable rice prices, according to the department.
However, if rice exporters continue to purse new contracts, prices are likely to rise in some Mekong provinces by the end of the month.
If animal and poultry epidemics can be controlled, other food prices will remain stable following last month’s minimal fluctuations in the prices of beef, seafood, poultry, fruit and vegetables. Tra and basa catfish even decreased to VND13,500-13,800 (US$0.84-0.86) per kilo.
Adequate domestic production and imports from China will help to keep fertilizer prices stable on the local market.
According to the Ministry of Construction, cement prices are also expected to remain stable, due to good supply and declining in demand during the stormy season.
Currently, cement retail prices are around VND1.2-1.45 million per tonne in the south, and VND0.85-1 million per tonne in the north.
Steel retail prices are estimated to stay at the current rate of between VND16,500-17,000 per kilo.
In the meantime, there will be no serious volatility in paper prices, as domestic output can meet rising demand.
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