Vietnam tightens control of milk prices

Nestlé Vietnam can  increase its prices on certain powdered milk formulas for children less than 6 years of age

The Price Management Department under the Ministry of Finance has asked the departments of finance and other related agencies to closely monitor milk companies so that they enforce a strict price policy, and request them not to increase milk prices on their own.

The Ministry of Finance on February 20 approved a request by Nestlé Vietnam to increase its prices on certain powdered milk formulas for children less than 6 years of age ( for instance Nan HA), as the price of the imported milk product has risen by 25 per cent.

However, prices of two other powdered milk products ( Pre NanB and Nan Al 110) will have to stay the same, since costs of imported ingredients for these products have dropped.

Milk companies have also been asked to explain in detail about the price hike, not only on products but even on fresh milk, as this comes under the price subsidised bracket since the beginning of this year, and send their report to the Department of Price Management no later than March 15.

Any contravention of price policies will be strictly dealt with in accordance with law.

By Ngoc Quang – Translated by Uyen Phuong

Other news

Most view

Deputy Minister of Justice Phan Chi Hieu is presenting his report in the meeting

Software to register civil status launched in 28 provinces & cities

Deputy Minister of Justice Phan Chi Hieu shared that his ministry has already launched the software to register the civil status in 28 provinces and cities nationwide. This software has helped to record births for over 1 million newborn babies and process nearly 2,500 citizenship files.

Banking-finance

VNPT & SeABank cooperate to enhance connections

The Vietnam Posts and Telecommunications Group (VNPT) and SeABank just co-signed cooperation agreement, aiming to develop the two sides’ economic, business and investment potential.


Economy

Vocarimex plans to expand export markets

The Vietnam Vegetable Oil Industry Corporation -Vocarimex (code: VOC) has set its target the 2018 revenue will reach VND 4,8trillion, an increasing of 9 percent compared to 2017 and pre-tax profit target will be VND 300 billlion ($ 13 million), dividend payment ratio at 12 percent.

 

Self - introduction

VNPT targets to be leading digital service provider in Vietnam

The grand opening ceremony of the VNPT-Information Technology Company (VNPT-IT), a new member of the Vietnam Posts and Telecommunications Group (VNPT), was held yesterday in Hanoi. With thousands of IT engineers and the focus on developing state-of-the-art technological products related to Artificial Intelligence (AI), Bigdata, and Blockchain, the new company is considered the main force to help VNPT fulfill the goal of becoming a leading digital service provider in Vietnam and an important Digital Hub of the neighborhood as well as the world.

Stock market

BLF & LUT fined VND 145mln

The State Securities Commission of Vietnam (SSC) has just issued administrative fines worth VND 145 million to Bac Lieu Seafood Corp (BLF) and Luong Tai Investment & Construction Corp (LUT).