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Ministry probes rising prices of basic commodities
The Ministry of Finance is conducting a price inspection of several basic commodities, especially in big cities, in a move to prevent unreasonable price rises.
Goods under the inspection include cement, animal feed, steel, gas, fertiliser and sugar.
Deputy Director of the ministry's General Department of Taxation Nguyen Van Nam said that the inspection would target large producers and traders which play an import role in deciding prices and the supply of the goods in markets including Ha Noi and HCM City.
Producers and traders under first inspection would be those whose prices have already increased or have made an announcement imminent of price rises.
Nam said that it would be relatively easy for inspection teams to uncover violations as most input costs of the goods inspected were already in the public domain.
Deputy Finance Minister Tran Van Hieu said that strict fines and punishments including the withdrawal of business licences and the confiscation of goods and money would be imposed on violators.
Besides the inspection, the ministry also requires traders to publicly list their prices to avoid unreasonable price increases.
Hieu said that the inspections would continue for a long period in order to avoid a domino effect on prices in the wake of a recent price surge in electricity and petrol.
Ha Noi authorities have also announced that it will set up inter-ministry delegations to inspect producers and traders in the capital city from March 20 to May 29.
After a price rise in electricity and petrol earlier this year, prices of many goods including dairy products, confectionery, imported food, plastic products and steel have increased 5-10 per cent in the past month. Despite the increase, director of Maximark supermarket Nguyen Phuong Thao said that her supermarket had so far received notifications from nearly 100 suppliers informing them of 5-10 per cent price rises in the next month.
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