The cap on prices of 25 formula milk products made by five companies that was announced recently by the Ministry of Finance will take effect on June 21.
Announcing this at a press conference May 27, a ministry official said the companies would have to reduce their prices to the ceiling rates or below and keep them there for at least a year.
Retail prices should not exceed wholesale prices by more than 15 percent.
The ministry has asked local and other relevant authorities to ensure the companies abide by the regulations.
It plans to gradually cap the prices of all formula milk for children below six, the head of the ministry’s Price Management Department Nguyen Anh Tuan earlier told Sai Gon Giai Phong.
Finance ministry to cap prices of all formula milk