Thanks to state efforts to combat inflation as well as sharp drops in demand, prices for many important commodities in HCM City’s markets did not budge, or even reduce a little.

 

Fresh food prices stabilised in the middle of last week after a continuous increase. On Monday, some food products seemed to get cheaper.

In the Pham Van Hai wholesale pork market, Tan Binh District, costs declined from VND55,000 to 45,000 per kg in one day. While blue-ear disease has devalued the going rate of pork, its retail price is still remarkably high.

Chicken prices recorded a reduction of VND2,000-4,000 per kg.

Seafood, vegetable and rice costs have slightly reduced by VND1,000-2,000 per kg.

According to Saigon Co.op Mart’s estimates, the number of goods now set to see a price hike is much lower as compared to the middle of last month.

However, current prices remain beyond the living standard of many locals. Therefore, saving is the best, if not only, option for many families.

“Market demands have significantly reduced and forced producers and delivers to readjust selling prices. Government action to control inflation has shown initial results,” Nguyen Ngoc Hoa, general director of Saigon Co.op Mart, said.

Although the number of Co.op Mart customers has not changed since the price increase, a 13% loss of turnover has been recorded since March; Moreover, Big C supermarket has resigned itself to smaller profits to encourage selling and reduced a the prices of over 1,000 domestic dried food products by 5-10%.

It has also dropped profits by 1.5-2% in other commodities. Other supermarkets have cut other expenditures, especially marketing and advertising, as much as possible to lower prices.

(Source: Viet Nam News)

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