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Posts Tagged ‘price’

Floor price for Tra fish comes into effect

In Uncategorized on December 17, 2010 at 2:26 pm

Floor price for Tra fish comes into effect

QĐND – Friday, December 17, 2010, 20:56 (GMT+7)

The floor prices for exports of Tra fish will be enforced by the first quarter of next year, said Duong Ngoc Minh, Deputy Head of the Vietnam Association of Seafood Exporters and Producers (VASEP).

This is the result of a meeting between 20 largest Tra fish exporters of VASEP at the end of last week.

Floor prices are now US$3/kg for white meat Tra fish and US$2.05/kg for the red meat. The prices for Tra fish bought from farmers must be more than US$1/kg.

These prices will not be applied in the US market due to the difference in payment methods relating to anti-dumping taxes.

Minh also said that the demand for Tra fish in the EU market is still rising despite being listed on the World Wildlife Fund (WWF) red list. EU customers want more Tra fish for fear of short in supply from Vietnam in the future.

Source: VOV

Source: QDND

State Bank attributes gold price hike speculation

In Uncategorized on November 10, 2010 at 1:57 pm

Hanoi intensifies price stabilization in remaining months

In Uncategorized on November 6, 2010 at 1:50 pm

Pharmaceutical price hikes rear their ugly head

In Uncategorized on July 27, 2010 at 11:17 am

Domestic and foreign drug manufacturers began to increase prices after a several month hiatus as responsible agencies mulled ways to control the market.

Drugstore assistants on Hai Ba Trung Street in district 1 said that domestic and foreign pharmaceutical companies raised the price of some medications, including antibiotics, antipyretic and varieties of vitamins in the beginning of July. For instance, vitamin B1 injections have increased 10 percent (from VND44, 000 to VND47, 000).

Vitamin B1 injections  is one of drugs  that have hiked recently.  It has  increased 10 percent (from VND44, 000 to VND47, 000)

Shop owners of wholesale markets on To Hien Thanh Street in district 10 complained their retailers did not agree to pay more because they have pledged not to increase prices for special items.  They said their proposal of delaying price hikes or implementing attractive promotions to calm retailers has not provoked a response from pharmaceutical firms.

Meanwhile, drug distributors blamed fluctuating prices of materials, recent changes in exchange rates and increased transport expenditures.

According to a recent survey conducted by the Vietnam Pharmaceutical Companies Association (VNPCA), of 70 domestic pharmaceutical enterprises, 17 have announced price adjustments of several drugs.

In Hanoi, the average rate of increase is 4.8 percent, while it is 5 percent in Ho Chi Minh City. The price of seven foreign-made medicines has gone up at a rate of 4.9 percent.

Although the price for various medications has soared, pharmaceutical items are listed as essential commodities and the Drug Administration of Vietnam has insisted on stable prices for medication.

The drug administration said it is implementing measures to fight price increases, including a pilot project to control retail profit surpluses of drugs used in hospitals, which are fully financed by the public budget.

Source: SGGP

Kuwait minister says current oil price acceptable

In Uncategorized on June 8, 2010 at 10:33 am

KUWAIT CITY, June 8, 2010 (AFP) – The current oil price is “acceptable” and there is no need for OPEC to hold an extraordinary conference, Kuwait’s Oil Minister Sheikh Ahmad Abdullah al-Sabah said on Tuesday.

“The price (of oil) is acceptable,” said Sheikh Ahmad when asked about the current crude prices, adding he expects the price to continue to fluctuate but to remain within the current range until the end of the year.

The Kuwaiti minister also said he favours an oil price at between “75 and 85” dollars a barrel, adding there was no need for an extraordinary meeting of the Organisation of Petroleum Exporting Countries (OPEC) at this stage.

Oil edged up in Asian trade Tuesday as the European single currency recovered, spurring investor demand for crude futures.

New York’s main futures contract, light sweet crude for delivery in July, gained 47 cents to 71.91 dollars a barrel while Brent North Sea crude for July delivery was up 13 cents to 72.25 dollars.

Source: SGGP

Petrol price still high, despite global fall

In Uncategorized on May 27, 2010 at 5:16 pm

Price control for pharmaceuticals discussed at meeting

In Uncategorized on May 26, 2010 at 9:23 am

S.Korea says North ‘will pay price’ for ship attack

In Uncategorized on May 25, 2010 at 5:21 am

Vietnam stumps on how to curb drug price hikes

In Uncategorized on April 21, 2010 at 10:40 am

Government leaders, regulators and drug companies met in Hanoi April 20 to discuss public discontent with skyrocketing pharmaceutical prices, but the talks were inconclusive as the government technically cannot control medicine prices.

While the public cries for high drug prices, relevant agencies still stump on how to curb price hike ( Photo: SGGP)

Nguyen Van Tien, Vice-Chairman of the Committee on Social Affairs at the National Assembly Office, said the government issued a law on drug prices five years ago. He said that although pharmaceuticals are recognized as “special goods” whose prices are only to be controlled by “free-market mechanisms,” the government should curb the price hikes because medicines were an essential item.

Public outrage has been voiced recently against the soaring prices of drugs. Observers say that poor patients can no longer afford essential medicines and that the government must find a way to reduce their prices.

But Truong Quoc Cuong, director of the Drug Administration of Vietnam, said drug prices were stable. He compared pharmaceutical costs to other items in the consumer price index to make an example.

Mr. Cuong said the Ministry of Health would work to ensure a supply and demand balance because he said the government policy was to not control drug prices.

Dr. Nguyen Chi Hung, director of Binh Dan Hospital in Ho Chi Minh City, asked the administration to report on drug production prices and retail prices in regional countries so that the government may use those prices as a reference point when controlling local retail and wholesale prices.

Nguyen Van Tien, Vice-Chairman of the Committee on Social Affairs at the National Assembly Office, said the government should control some 500 essential drugs, compared to the 22,000 kinds currently used in Vietnam, to satisfy the public.

Le Thanh Liem, head of the Department of Health in the Mekong Delta province of Long An, complained that there were problems with the tender process at hospitals.

According to Liem, a list of standardized drug prices is needed to facilitate bidding at hospitals in Vietnam because each drug is manufactured by different local and foreign companies and the prices vary too much.

For example, he said a locally-made low blood pressure drug is sold for VND400 but a similar French-made medicine fetches VND8, 000.

Ngo Tung Chau, head of Department of Health in the southern province of Binh Duong, said there were no standards available to determine drug quality and appropriate prices.

Ms. Pham Khanh Phong Lan proposed that more made-in-Vietnam drugs be used in the country as 22 drug manufacturers in Ho Chi Minh City have certified Good Manufacturing Practices and can produce medicines that area as high in quality as imports.

But Mr. Cuong from the administration said Vietnam should not give preferential treatment to domestically-made drugs for fear that other countries would cry discrimination.

Source: SGGP

Deposit rates fixed; lending rates, USD price down

In Uncategorized on April 17, 2010 at 9:33 am

Most commercial banks have officially issued new interest rates on VND deposits and lowered lending rates to 15 percent, while the selling price of USD has declined to around VND19,000.

As of April 16, with the exception of a few banks applying deposit rates of 11.99 percent per year, the highest so far, the majority of banks fixed their rates at 11-11.5 percent.

Previously, most banks applied rates of 10.5 percent. But on top of this, they also added promotional rates to encourage depositors, meaning most account holders earned rates higher than 12 percent. Now, however, banks have put an end to such promotional programs.

As such, the newly announced deposit rates reflect  the exact interest that depositors will earn, said Duong Thu Huong, general secretary of the Vietnam Bankers’ Association.

Meanwhile, following a recent SBV circular on negotiable interest policy, many large commercial banks have agreed to lower lending interest rates to 15 percent per year on average.

Deals at a branch of Eximbank. Many banks lower lending rates to 15 percent on average, while the selling price of USD declines to around VND19,000  (Photo: SGGP)  

The Bank of Investment and Development of Vietnam (BIDV) fixed its maximum rate on short-term loans at 14 percent, while offering 13 percent to small- and medium-sized enterprises and businesses engaged in agricultural production and export. For medium- and long-term loans, the rate is 14.5 percent for borrowers engaged in production and trade.  

An Binh Commercial JS Bank (ABBank) is applying rates of 14-16 percent depending on the type of loan and client; and at Sacombank, the highest rate is set at 15 percent.

Financial experts forecast that lending rates could continue reducing in the future provided that inflation is under control.

Dr. Nguyen Tri Hieu, an independent member of the Management Board of ABBank, said, “The lending rate might be pushed down to less than 10 percent per year if the inflation rate is kept at 5 percent. In such conditions, the deposit rate could be 7 percent.”

In the past few days, the price of USD against VND has continuously declined at banks and on the open market as well. On April 16, one US dollar was selling for around VND19,000 at leading commercial banks, down VND20 from the day before.

On April 17, one US dollar sold for VND18,990-19,010 and was bought for VND18,920-18,950 at several banks.

Notably, at some points in recent days, the selling price of USD on the open market was lower than at commercial banks for the first time in the past three years.

The USD supply on the monetary market is currently quite abundant, the central bank has said, adding that some banks now have a USD reserve of $400-500 million.

The central bank attributed the positive situation to the ease of speculation of the hard currency by companies and individuals, considering it a result of the improved correlation between the foreign exchange market and bank interest rates.

Source: SGGP