Strictly handle price gouging and stabilize consumer sentiment after storms and floods

Mr. Pham Van Binh

Could you tell us about the market price situation after being affected by storm No. 3?

According to market surveys by the Department of Price Management), the prices of rice and meat are relatively stable compared to the time before the storm. The prices of vegetables and fruits fluctuate depending on the locality, with some areas increasing locally due to the impact of supply, but in many places, prices have gradually resumed to normal. At supermarkets in Hanoi, the basic price level is stable.

The shortage of food and foodstuffs due to storms and floods in the North is increasingly imported by businesses from the South, many supermarkets are still keeping stable prices of fresh food items (meat, fish, vegetables), and essential products such as rice and instant noodles.

To promptly overcome the loss caused by storms and floods, stabilize people's lives, and follow the Prime Minister's Official Dispatch No. 90/CD-TTg, the Ministry of Finance has directed support 200 tons of rice for localities affected by storm No. 3.

The recent storm No. 3 has caused huge consequences, especially the post-storm circulation has seriously affected agricultural production, aquaculture and transportation, leading to disruptions in the supply of goods, food and foodstuffs, and localized price gouging. The prices of some essential goods, especially vegetables, have increased compared to normal.

The Prime Minister issued Official Dispatch No. 95/CD-TTg dated September 13, 2024 on strengthening the supply of essential goods to serve people in localities affected by storm No. 3. The Ministry of Finance, as the standing agency of the Price Management Steering Committee, also issued Official Dispatch No. 03/CD-BTC to ministries, ministerial-level agencies; People's Committees of provinces and cities; heads of units and organizations under the Ministry of Finance on promoting and strengthening price management and control measures after the storm.

Earlier, the Ministry of Finance submitted to the Government for promulgation Decree 87/2024/ND-CP dated July 12, 2024, which stipulates fines ranging from VND 50 to VND 80 million for taking advantage of emergency situations, incidents, natural disasters, and epidemics to increase the prices of goods and services for profit.

Currently, the Ministry of Finance coordinates with ministries, branches, and localities to closely monitor market price developments of essential goods to report to the Prime Minister, Deputy Prime Minister - Head of the Steering Committee for Price Management on appropriate management measures...

What measures has the Ministry of Finance implemented to stable market price?

Following the telegram of the Prime Minister and the Government, the Ministry of Finance has directed units to continue to promote the implementation of the Prime Minister's Telegram No. 61/CD-TTg dated June 22, 2024 on strengthening price management and administration measures to ensure the goal of controlling inflation, stabilizing the macro economy and supporting economic growth; seriously and resolutely implement the direction of the Deputy Prime Minister - Head of the Steering Committee for Price Management in the directive documents.

The Ministry has also directed units, ministries, branches and localities to flexibly and effectively use price control tools and measures in accordance with the provisions of the Law on prices to control and stabilize the market. Strengthen the effective implementation and supervision of price declaration and price listing measures; publicize price; inspect compliance with the law on prices, and strictly handle violations of the Law on prices.

In management and administration, the communication is indispensable, so it is necessary to promote information dissemination, ensure timely and transparent information on prices, especially price developments of important materials, essential goods related to production and people's lives so that people can grasp information in price management, limit  expected inflation, and stabilize consumer sentiment after storms and floods.

The Ministry of Finance also requested the General Department of State Reserves to direct regional state reserve departments to arrange officers to work 24-hour day; promptly supply rice, means, and rescue supplies... from national reserves to provinces and cities at the request of competent authorities, and in accordance with regulations.

In your opinion, what solutions should ministries, branches and localities implement to stabilize the price market?

The Minister of Finance also proposed ministries, branches and localities to strengthen coordination with the Ministry of Finance as well as to be proactive in grasping the market price of goods under their management to promptly advise the Government, Prime Minister and Deputy Prime Minister on solutions to handle situations related to price management activities.

Localities need to closely monitor market price developments, supply and demand of goods in the area, especially essential food items for people, monitor the market of goods at wholesale markets, shopping centers, supermarkets to prevent shortages, price speculation, and strictly handle acts of taking advantage of emergencies, incidents, natural disasters, and epidemics to unreasonably increase prices of goods and services for profit.

Additionally, ministries, branches, and localities need to strengthen facilitation to the circulation of goods, ensure the supply of goods and services to remote areas affected by storms and floods. Implement production activities to supply products to contribute to stabilizing the market, especially essential goods. Units also need to prepare and carefully calculate plans for price management of State-priced goods and public services according to the market roadmap to avoid resonance effects on the consumer price index (CPI) when the market price is affected by storms and floods.

Thank Sir!