Vietnam: Price control of key commodities top priority for central government

  • The central government views price controls of key commodities, such as petrol, steel, concrete, transport, livestock feed, food and medical equipment, as a top priority, said deputy Prime Minister Lê Minh Khái in a meeting with ministries and local authorities on 14 Mar 22.
  • Khái ordered them to stay on top of the supply and demand of said commodities and be ready to heavily sanction firms who engaged in price manipulation practices. He urged them to work with the media to ensure people are well-informed, to avoid panic and hoarding.
  • The deputy PM said, for the time being, there was no plan to increase prices for key commodities under the government’s price control scheme and administrative fees. However, ministries should be making preparations for possible future adjustments.
  • Khái acknowledged Vietnam would likely face many difficulties in regulating prices, especially for petrol products, as the global market remains unstable and volatile as the Russia-Ukraine conflict drags on.
  • “Our top priority is to ensure the supply of goods and services remains stable, to prevent price hikes and panic.”

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