The Ministry of Finance has issued a decree regulating retail and wholesale prices of formula milk for children below six.
|The Ministry of Finance issues a decree regulating retail and wholesale prices of formula milk for children below six (Photo: SGGP)|
To take effect on June 1, it places prices under of government agencies and allows retail prices to be 15 percent higher than wholesale prices.
It also caps the prices of 25 products made by brands like Dielac, Enfagrow, Abbott, and Similac.
Other brands have to benchmark their prices against these 25 and report them to the management agencies.
New products entering the market should also be benchmarked against the prices set by the ministry and get approval before launch.
City and provincial people’s committees are required to monitor the prices and instruct market management agencies to inspect prices at shops.