Authorities strive to curb price hikes after minimum wage increase

This has directly affected purchasing power, leading consumers to tighten their spending. In response to this situation, departments, sectors, and businesses are collaborating to curb price hikes, stabilize the market, and gradually enhance consumer purchasing power.

On July 5, in Da Nang City, prices for several goods were observed to have risen compared to previous levels. Tran Thi Ngoc, a worker from Hoa Khanh Industrial Zone in Lien Chieu District, Da Nang City, spent nearly half an hour at Thanh Vinh Market checking prices at vegetable stalls. She eventually bought a few tomatoes, some limes, and ten packs of instant noodles. Tomatoes were priced between VND28,000 and VND30,000 per kilogram, an increase of VND8,000 per kilogram. Limes were priced at VND25,000 per kilogram, up VND7,000 per kilogram from the previous month. Instant noodles also saw an increase of VND3,000 per ten packs.

"Everything at the market has gone up by several thousand to tens of thousands of Vietnamese dong per kilogram. Even though salaries have slightly increased, living costs have climbed much faster. Even vegetables are expensive, let alone buying a few grams of meat for my children," Ngoc commented.

Le Thi Trang, 30, from Quang Binh Province, lives with her family in a cramped room of less than 15 square meters in Hoa Khanh Bac Ward, Lien Chieu District, Da Nang City. All household expenses rely on her husband's salary of approximately VND8 million per month.

With such an income level, managing expenses is challenging, especially with two young children. "Every month, our budget is stretched thin covering expenses for food, diapers, milk, electricity, and water—with nothing left over. My husband works hard; there are days when he only eats cold rice mixed with instant noodles," Trang shared.

In the Ho Chi Minh City market, prices have been on the rise for several weeks across various items at retail markets and grocery stores. Phuong Thi Oanh, who works in Tan Tao Industrial Park, Binh Tan district, noted increases: cooking oil up by VND3,000-VND5,000 per liter, chicken eggs by about VND4,000 per ten eggs, and vegetables by VND2,000-VND5,000 per kilogram. Each shopping trip now costs an extra VND20,000-VND40,000 compared to a few months ago.

Mai Van Quynh, who resides along National Highway 1A in Binh Chanh District, noted a significant increase in food prices at local markets. For instance, flying fish now costs VND80,000 per kilogram, up by approximately VND20,000 per kilogram compared to last month. Pork belly is priced at VND160,000 per kilogram, up by VND10,000 per kilogram. Additionally, the wholesale guava price is now at VND190,000 per 10 kilograms, a rise of VND70,000 per 10 kilograms.

"Each item slightly inches up, significantly raising our total monthly expenses, which puts a lot of pressure on workers like us," Quynh expressed.

Mr. Tran Van Vu, Director of the Statistics Office in Da Nang City, has directed various departments to implement price control measures. The primary focus is on regulating prices at the grassroots level. Accordingly, markets, supermarkets, and shops are required to display and strictly adhere to listed prices.

"The Statistics Office of Da Nang City has initiated a deployment plan in July involving 14 managers and 32 investigators who will monitor market prices closely for three consecutive months. Other departments, including the Department of Industry and Trade and the Department of Finance, have collaborated in these efforts. With continuous inspections of this nature, small traders and businesses are deterred from raising prices," Vu stated.

According to information from retail chains like MM Mega Market, Satra, and Saigon Co.op, extensive summer promotional campaigns are underway with attractive pricing. Discounts of up to 50 percent are applied to food, consumer goods, and cosmetics, while some items see reductions of 70 percent to 80 percent. Furthermore, wholesale markets across Ho Chi Minh City, such as Binh Dien, Thu Duc, Hoc Mon, and Binh Tay, have pledged to ensure competitive pricing policies and price stability for consumers.

Discussing recent price fluctuations, representatives from major wholesale markets supplying fruits, vegetables, and food in Ho Chi Minh City acknowledge that while some items may experience delays or weather-related impacts, the majority of products available at these markets maintain stable and competitive prices.

For instance, at Hoc Mon Wholesale Market, prices of chayote, napa cabbage, cabbage, and radish are priced around VND6,000-VND9,000 per kilogram; carrots at VND14,000 per kilogram; beetroot, okra, and bok choy at VND10,000 per kilogram; mandarins at VND25,000-VND30,000 per kilogram; rambutan at VND25,000 per kilogram; cutlet at VND80,000 per kilogram; and boneless pork belly at VND115,000 per kilogram.

Additionally, the management of several traditional markets, such as Hoa Hung (District 10), Ben Thanh (District 1), and An Dong (District 5), reported that vendors are striving to offer the best prices and share profits with consumers. Nguyen Loan, a vendor at Hoa Hung Market (District 10), confirmed that more customers now prefer shopping at supermarkets and shopping centers due to the cool air conditioning and neat, clean shelves.

"Retaining loyal customers who still prefer traditional markets is not easy, so we have to make extra efforts: selling fresh, high-quality goods at reasonable prices. Occasionally, vendors give customers a little extra, like some scallions or a few chilies. This makes customers happy and more likely to return," Loan explained.

Mr. Nguyen Anh Duc, General Director of Ho Chi Minh City Union of Trade Cooperatives (Saigon Co.op) cum Chairman of the Vietnam Retailers Association, believes that the consumer stimulus promotion programs initiated by Ho Chi Minh City help increase purchasing power, stabilize prices, and provide consumers with access to affordable products.