Total petrol import and production during the first four months of the year reached 7,88 million tonnes, or 9,93 million cubic metres with import accounting for 43.73 per cent.
MM Mega Market Vietnam (MM Mega Market) officially launched two price stabilisation programmes as part of its largest promotion campaign in 2023 at all MM centres nationwide on April 3.
The Government proposed the operation of the petrol price stabilisation fund should be maintained because it remained an effective tool to regulate petrol prices.
Viet Nam is considering amending the Law on Price, which mentions several commodities under the Government’s price stabilisation scheme including petrol and oil.
Retail petroleum businesses have asked to stop contributing to the petrol price stabilisation fund, increasing the commission to reduce losses and permanently withdrawing the license of unprofitable retailers.
Prime Minister Pham Minh Chinh has sent a dispatch to ministers, heads of ministry-level agencies and chairmen of the People’s Committees of centrally-run provinces and cities, asking for strengthened efforts in the management of prices of essential goods and services.
Petrol price is expected to go down substantially from April after the National Assembly on March 23 passed the resolution on reduction of environmental protection tax rates on petroleum products.
Viet Nam will need to cut taxes and fees, in addition to using the petroleum price stabilisation fund petrol prices keep rising, said a leader from the Ministry of Industry and Trade.
Businesses in HCM City are preparing a wide range of essential goods commonly consumed during the upcoming Tết (Lunar New Year) holiday to ensure sufficient supply and stable prices.
The HCM City Department of Industry and Trade has begun a programme called ‘Mobile price-stabilisation sales points’ at export processing zones and industrial parks to ensure workers there can buy safe foods at fair prices.
The HCM City Department of Industry and Trade has set up 3,001 price-stabilisation points in supermarkets, convenience stores and 388 mobile sales points in districts and Thu Duc City.
Ministry of Industry and Trade has denied rumours that it proposed the establishment of a State stabilisation fund to cope with the sudden increase in steel prices that has impacted many businesses.
HCM City will continue with its annual price stabilisation programme for dairy products well past the Lunar New Year early next year, according to its Department of Industry and Trade.