In Ha Noi, taxi companies reported fare cuts of two per cent to 10 per cent, and in HCM City, 2.7 per cent to 9 per cent. Da Nang witnessed the highest cuts, from three per cent to 32 per cent. — Photo ndh

HA NOI (Biz Hub) — The Ministry of Finance has confirmed taxi fare cuts of 2 per cent to 32 per cent in three major cities of Viet Nam this November.

The ministry's six-day spot checks were carried out in Ha Noi, Da Nang and HCM City following complaints that the sharp fall in petrol prices in the past five months hardly affected transport fares.

In Ha Noi, taxi companies reported fare cuts of two per cent to 10 per cent, and in HCM City, 2.7 per cent to 9 per cent. Da Nang witnessed the highest cuts, from three per cent to 32 per cent.

Transport fares on fixed routes were likewise reported to have been recently cut in these cities. Passenger transport fares were reduced by 5.8 per cent to 10 per cent, and goods transport fares were cut by 3.4 to 3.9 per cent in Ha Noi. In HCM City, transport fares fell by two per cent to 11.33 per cent.

The ministry revealed that provincial and city governments were also conducting spot checks to ensure that transport fares were adjusted in line with fluctuations in petrol and oil prices.

Previously, consumers complained about transport companies' slow response to the petrol price cuts. The ministry's inspection aimed to check transport fares after petrol prices fell to their lowest level since 2012.

Petrol prices were cut 10 times this year and totalled VND5,390 (2.4 US cents) per litre. The Viet Nam National Petroleum Group's current price for RON 92 was VND20,2500 ($0.96) per litre. — VNS