Prevent commodity prices from 'following the flow' when wages increase

Speculation and hoarding, causing unreasonable price increases, often occur during salary increases or holidays.

On July 11, at a press conference on the socio-economic situation in Ho Chi Minh City, Mr. Nguyen Minh Hung, Deputy Head of the Trade Management Department, Department of Industry and Trade, said that in the past, every time there was a salary increase or a holiday, speculation and hoarding, leading to unreasonable price increases, were very likely to occur. The main reason for this situation was that the distribution system was still thin and the source of goods was unstable.

Authorities will synchronously deploy many solutions to prevent commodity prices from increasing according to wages.

According to Mr. Hung, the wage reform policy has been in effect since July 1. The increase in wages will create a psychology of raising prices for retailers, which can easily lead to a chain reaction.

To cope with the risk of unreasonable price increases, Mr. Hung said, Ho Chi Minh City is implementing a program. market stabilization according to the principle of ensuring supply and ensuring balance between supply and demand.

“Currently, the program has regulations, participating businesses have abundant goods, quality, stable prices, ready to supplement when there is a local shortage of goods. The basic distribution system has covered the entire city, helping consumers have many choices. Therefore, it is very difficult for an individual or business to take advantage of the salary increase "to "follow suit" with unreasonable price increases" - Mr. Hung said.

According to Mr. Hung, at the meeting of the domestic market management team at the end of June, through information from the Ministry of Agriculture and the Ministry of Industry and Trade, it was shown that nationwide, the total supply of essential goods such as pork, chicken, rice, etc. is stable, with no unusual phenomena.

“We are focusing on closely monitoring information, grasping price developments of some essential commodities with great impact and organizing inspections of compliance with price laws, strictly handling violations of price laws according to regulations. From August to the end of 2024, Department of Industry and Trade "We will coordinate with relevant units to implement promotional programs and mobile sales for workers and low-income laborers," Mr. Hung added.

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