Commodity prices in Vietnam escalate

Published Nov 4, 2021

Tridge summary

The article highlights the significant increase in living costs for Vietnamese citizens in Ho Chi Minh City due to rising prices of essential goods and fuels. The price hike includes important items like milk, rice, meat, fish, vegetables, cooking oil, and gasoline, with some increases reaching up to 30%. These price surges are primarily attributed to global supply shortages, increased demand, and business cost escalations. In response, local businesses are strategizing to mitigate these impacts by exploring domestic sources, shifting sales channels, and leveraging digital technologies for e-commerce. Meanwhile, businesses are seeking government support to address the challenges of escalating input costs and production difficulties. The Vietnamese government is taking proactive steps to monitor the market closely, stabilize prices, and ensure the availability of essential commodities, particularly ahead of the Lunar New Year.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Loan, a worker at a garment company in Binh Tan district (HCMC), said that in October, her family's spending increased by 20% compared to before the epidemic and increased by 10% compared to the time of the outbreak. "If before the epidemic, a 12 kg gas tank was only 340,000 VND, now it has increased to 500,000 VND. Gasoline costs increase by 100,000 VND a month. The prices of items such as milk, rice and food also increase, making the cost of going to the market every day. week increased by nearly 500,000 VND....", Ms. Loan calculated and said that with this situation, her family did not have a surplus this year. Ms. Hang in Go Vap district is also quite worried when baby formula is increasing compared to before. Most types of imported milk increase by 10,000-15,000 VND per box. Her children drink 3 boxes every month, the cost increases by 45,000 VND. "Meat, fish, vegetables also increased very strongly 10-20% compared to before," she said. Ms. Huyen, who specializes in selling ...

Source: VNExpress