Government views price control of key commodities as top priority
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Update time : 2022-03-16 20:18:41
The government has viewed price control of key commodities, such as petrol, steel, concrete, transport, livestock feed, food and medical equipment, as a top priority, said deputy Prime Minister Le Minh Khai in a meeting with ministries and local authorities on March 14.
Khai 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.
He said firms and individuals found to have violated pricing regulations would face severe penalties, especially hoarders.
Answering a question on the recent proposal by the Government to slash environmental tax for petrol products by 50 percent, Khai said the cut would likely put petrol prices in the domestic market lower than that of neighbouring countries. As this may lead to increased petrol smuggling across the borders, he asked local authorities and border guard forces to double their effort in combating smugglers.
He 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.
