80 percent of producers and suppliers have raised prices

The Hanoitimes – Goods market are witnessing a new wave of price increases with 80 percent of producers and suppliers announcing cost increases. The information was released by deputy director of the Hanoi Industrial and Commercial Department Nguyen Thi Nhu Mai o­n December 23. Mai said the biggest price increases have been seen in food prices. Heavy floods and epidemics have resulted in smaller animal herds. Meanwhile, food imports have decreased due to high tariffs and dollar price increases. Continued fuel price increases have also had clear impacts o­n transport fees and prices of other goods and services. According to Vu Thi Hau, the owner of the Fivimart chain, food and foodstuff prices increased by 10-15 percent o­n average in early December. The prices of goods, Hau said, have increased by a minimum of 3-5 percent and a maximum of 20 percent. Some 100 product items have seen a sharp price increase of 20 percent. The Government has been applying drastic measures to curb price increases, but it has made little difference. Hau said price increases are unavoidable, when the raw material prices have all increased. Hau said that in early December, Fivimart received the notices o­n price increases from a lot of distributors. Fivimart did not agree to the price increase plan and asked the distributors not to raise prices at this “sensitive moment”. Some distributors immediately stopped providing goods. Finally, both distributors and the retailer have had to make compromise. “We had to discuss the pricing. We told…