According to the assessment of the Price Management Department, Ministry of Finance, the market price situation and domestic inflation are being well controlled according to the target, showing that the Government has been managing and operating prices in the right direction based on experience in controlling inflation over the years.
At the same time, the efforts of both the Government, businesses and people in economic recovery, ensuring the supply of many essential goods help stabilize prices, and at the same time minimize negative impacts in the context of increasing the basic salary from July 1, adjusting social subsidies, etc.
However, management agencies and businesses cannot be subjective and need to have proactive solutions in price stabilization.
Regarding the domestic market, according to the report of the Ministry of Industry and Trade, in June 2024, the commodity market did not have major fluctuations, with increased demand for cooling goods and services.
The supply of goods always meets consumer demand well, prices are relatively stable, some goods have large export and import volumes to foreign markets, prices fluctuate according to world prices.
This is also the peak of the summer tourist season, so commercial activities are bustling. Total retail sales of goods and consumer service revenue at current prices in June are estimated at VND522.5 trillion, up 9.1% over the same period last year due to increased revenue from food, foodstuffs and accommodation and catering services.
Since the second quarter, the market has focused on supplying goods for production and people's daily life. The supply of essential goods has always been guaranteed, prices have been relatively stable, except for pork, due to the impact of the epidemic, the supply has decreased in some periods, so prices have fluctuated upward.
However, due to the availability of many alternative food products, pork prices do not increase dramatically, while energy fuel prices fluctuate according to world prices.
In the second quarter of 2024, total retail sales of goods and consumer service revenue at current prices is estimated at VND 1,558.4 trillion, up 1.2% over the previous quarter and up 8.8% over the same period last year.
In the first 6 months of 2024, the total retail sales of goods and consumer service revenue at current prices is estimated at VND 3,098.7 trillion, an increase of 8.6% over the same period last year (the same period in 2023 increased by 11.3%), if excluding the price factor, it increased by 5.7% (the same period in 2023 increased by 8.8%); in which, the retail sales of goods in the first 6 months of 2024 compared to the same period last year in some localities increased highly such as Quang Ninh increased by 9.5%; Hai Phong increased by 9.0%; Da Nang increased by 7.8%; Can Tho increased by 7.6%; Hanoi increased by 6.6%; Ho Chi Minh City increased by 6.3%.
Regarding the supply of goods in the market, VNA reporters also recorded the opinions of a number of businesses and retailers on price developments in the market and solutions to stabilize commodity prices, as well as shared with consumers.
Specifically, Mr. Phan Van Dung, Deputy General Director of VISSAN Vietnam Livestock Joint Stock Company, said that although there are many forecasts showing that the consumer market is on the path of positive recovery, on the part of manufacturing enterprises, there are still many challenges in stimulating consumption for the fast-moving consumer goods (FMCG) industry from now until the end of the year.
In Ho Chi Minh City, not only the items participating in the Program to Stabilize the Market of Essential Pharmaceuticals in Ho Chi Minh City in 2024-2025, but also many other essential consumer goods have been stabilized by production and business enterprises since the beginning of 2024 until now.
In the context of input material prices being continuously adjusted to increase, especially imported materials, while purchasing power in the market remains low, it requires businesses in general and VISSAN in particular to solve the problem of price stabilization.
Typically, to be ready to diversify scenarios to adapt to the basic salary increase from July 1, 2024, VISSAN has worked with most input suppliers to jointly come up with solutions to stabilize prices and share profits to ensure market stability.
In addition, official business units are allowed to continue to apply the policy of reducing value-added tax (VAT) to 8% according to Decree 72/2024/ND-CP issued by the Government under Resolution 142/2024/QH15 dated June 29, 2024 of the National Assembly, which is also one of the solutions to support businesses in stabilizing prices and bringing good prices to consumers.
At the same time, VISSAN continuously cooperates with distributors, retailers... to implement rotating consumer stimulus programs and apply a variety of product types. At the same time, VISSAN maintains its commitment to providing the market with safe, quality products... to contribute to stabilizing food market prices and ensuring food safety and hygiene for the community.
Because in the past, prices often increased when wages increased, even when there was a policy to increase wages, but in recent years this has not been affected much thanks to the government's strict control policies.
However, from the perspective of distributors and retailers, it is still necessary to simultaneously increase the supply of goods to ensure the supply chain to promptly adapt to market developments and stabilize prices of goods at retail points.
In fact, up to now, the prices of essential consumer goods at the Co.opmart and Co.opXtra systems remain stable, with no significant fluctuations compared to before July 1, 2024.
In particular, as a large distributor and retailer, Saigon Co.op always has a long-term plan for goods sources, signs contracts with business partners... thereby ensuring stable prices for goods in the long term.
Saigon Co.op also strengthens the implementation of market stabilization work to ensure the best prices with quality goods for consumers to have more choices when shopping. Saigon Co.op always proactively coordinates with suppliers to continuously implement promotional programs at 800 points of sale nationwide.
Specifically, at the retail system, including Co.opmart, Co.opxtra, Co.op Food, Co.op Smile, Finelife... and on the online shopping website Co.op Online, there are often deep discounts of up to 50% applied mainly to 5 product categories, including fresh food, technological food, chemicals, utensils and clothing.
However, according to the Department of Price Management, Ministry of Finance, the domestic market in the last months of the year has also seen clear factors that put pressure on the price level, such as the implementation of the market price roadmap, the correct calculation of costs in the prices of goods and services priced by the State continues to be an issue that needs to be considered for implementation in 2024 after initially being implemented in 2023, but at a low level, with a "restraint" nature; the price of energy products fluctuates unpredictably; domestic rice prices will increase following export rice prices when businesses increase purchases to fulfill export contracts; the price of sea freight services and surcharges for containerized goods at seaports are increasing sharply, putting pressure on business costs.
At the same time, the wage reform policy from July 1, 2024; the high exchange rate between the Vietnamese Dong and the US Dollar increases the cost of importing raw materials and fuel, putting pressure on the price level of domestic goods; stimulus packages, lowering lending interest rates, expanding credit, and promoting public investment help to remove difficulties for the economy but can also put pressure on the price level if the money supply is not properly controlled; risks of natural disasters and adverse weather can locally increase the prices of some essential goods in affected localities.
To stabilize market prices from now until the end of the year, the Ministry of Finance, as the standing agency of the Price Management Steering Committee, will continue to coordinate with ministries and branches to advise the Prime Minister, Deputy Prime Minister - Head of the Prime Minister's Price Management Steering Committee on solutions and measures to proactively respond to challenges in price management in the coming time to ensure inflation control according to the target, price stabilization along with macroeconomic stability...
The Ministry of Industry and Trade will continue to accelerate the review, revision, development and completion of a number of legal documents serving state management in the domestic market sector to ensure that they are consistent with the practical situation, effectively serving the management of the macro economy and the purchase and sale of goods by people and businesses.
The Ministry of Industry and Trade continues to coordinate with local ministries and branches to closely monitor market developments, ensure adequate supply of essential goods to meet people's needs, especially during peak holidays and Tet, and prevent shortages and price hikes; at the same time, coordinate with ministries and branches in advising on price management of state-managed goods, including petroleum products, to ensure petroleum supply in the market, contributing to controlling general inflation according to the Government's target.
In particular, the Ministry of Industry and Trade focuses on providing full information to people about the supply situation of goods... to create a stable mentality, and at the same time promptly handle false information that causes psychological instability for consumers.
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