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Posts Tagged ‘prices’

Zoellick: G20 must act to stabilize food prices

In Uncategorized on January 8, 2011 at 4:12 am

Free markets rather than protectionist polices are the solution to volatile food prices and the G20 should take steps to prioritize the provision of food for the poor, World Bank President Robert Zoellick said.


“The answer to food price volatility is not to prosecute or block markets, but to use them better,” Zoellick wrote in an opinion piece in Thursday’s Financial Times urging G20 leaders to put access to food at the top of its agenda.


“By empowering the poor the G20 can take practical steps toward ensuring the availability of nutritious food,” he wrote.


French President Nicholas Sarkozy will take the presidency of the G20 in 2011. In his column Zoellick set out nine action points to make sure the poorest have access to food. Such steps were needed to ensure global growth and stability, he said.


Food prices hit a record high last month, outstripping levels that prompted riots in 2008 and key grains could climb even further as weather patterns give cause for concern, the UN’s food agency said on Wednesday.


Zoellick said more work was needed to understand the relationship between international prices and local prices in poor countries. In Cambodia the local price of rice has risen by a quarter since mid-2009, while international prices have shed 15 percent.


“Factors such as transport costs, crop types and exchange rates can mean that local prices are delinked from international prices,” he wrote.


“Work could target first those commodities and countries that are most at risk from volatility.”


He also called for an international code of conduct to exempt humanitarian food aid from export bans.


Export restrictions make food price volatility worse. Ideally, countries would not impose any export bans; in 2011 they should at least agree that food for humanitarian purposes be allowed to move more freely,” he wrote.


Other steps include improving supply transparency and long-weather forecasting, creating small humanitarian reserves in disaster-prone regions and providing alternatives to export bans and price fixing.


Risk management products, such as weather insurance or a hedge on energy prices to keep transport and input costs low, should also be considered, he said.

Source: SGGP

Coal prices, electric rates to stay stable, vows ministry

In Uncategorized on December 21, 2010 at 9:30 am




Coal prices, electric rates to stay stable, vows ministry


QĐND – Monday, December 20, 2010, 21:26 (GMT+7)

Coal and power prices would not go up in the first quarter of 2011, said the head of the Ministry of Finance (MoF) Price Management Department, Nguyen Tien Thoa.


The ministry had taken the decision because prices of these two utilities often had a knock-on effect on other goods and services, which could lead to an unwanted general price rise, said Thoa at a press conference on Friday.


“Price fluctuations often occur at the end of the year owing to increased demand. Therefore, from now until early next year, MoF will focus on resolving difficulties in production. We want to balance supply and demand and to avoid any shortages, essentially in underprivileged areas.”


According to the General Statistics Office, the Consumer Price Index (CPI) is likely to hit 11 percent this year. Thoa said weaknesses of the economy had played a part in the increase.


”Growth depends mainly on increased investment but investment remains inefficient and competitiveness is low,” said Thoa at the press conference.


He added that the Ministry of Finance (MoF) had taken numerous steps to help stabilise prices.


“For example, MoF has instructed localities to use local standby budgets to provide non-interest capital for enterprises that trade reserved commodities; this will allow them to sell items at prices 5-10 percent lower than the usual market price,” Thoa said.


Thoa added that MoF had informed localities to delay the purchase of non-essential items to minimise demand-pull inflation.


“These classic solutions are significant if we want price stabilisation.”


MoF’s recent inspections in HCM City and several other southern provinces revealed that these localities had already stockpiled enough essential goods to meet local needs. Localities had also set up sales and distribution networks to better service underprivileged areas.


Thoa added the MoF had provided financial support to help regions facing severe weather to recover short-term vegetable crops and had urged local farmers not to export pigs, which were essential for the New Year holiday.


Forecasts predicted further economic recovery next year, which would lead to the increased demand for production inputs, and have an impact on prices.


“To that end, MoF will continue reforming the market-oriented pricing management mechanism, and respect enterprise and trader’s rights to set their own prices and forms of competition by replacing Pricing Ordinance by Pricing Law,” said Thoa.


“Next year, implementation of the market price scheme should be incorporated into the completion of the goods and service logistics system. We should also strive to reduce production costs and implement policies which ensure underprivileged households have access to basic social services including education, healthcare, and housing.”


Ensuring supplies


Deputy Minister of Industry and Trade Ho Thi Kim Thoa discussed measures aimed at market stability and ensuring adequate supplies of essential goods during Tet in meeting with officials from the HCM City Department of Industry and Trade last Thursday.


Department deputy director, Le Anh Dao, said firms had stockpiled 15,800 tonnes of rice and sticky rice, almost twice the quantity originally planned for. They had also put aside 9,800 tonnes of sugar (233 percent of the plan), 14,500 tonnes of meat, 5,200 tonnes of fruits and vegetables; and 55 million eggs.


At present, the Co.op Mart supermarket chain has stocks valued at 30 percent more than their planned value.


And it isn’t just firms that have signed up for a city price stabilisation programme that are stocking up; other companies are preparing for the year’s biggest festival which falls in early February this time.


German supermarket chain Metro has food stocks worth 1.1 trillion VND (56.4 million USD).


French supermarket Big C also has large stocks and has promised to keep prices and supply relatively stable for the next two months.


The MoIT has instructed the Department to continue working closely with firms to keep prices of goods like petrol, cement, and food stable during Tet.


Besides the eight essential goods targeted under the programme, authorities should also ensure adequate supply of cakes, candies, and jams for the Lunar New Year, Thoa said.


He said cities needed to ensure that all markets sell goods covered by the price stabilisation programme.


The Department of Transport should also give rush hour priority to vehicles delivering to supermarkets and shopping malls.


Source: VNA


Source: QDND

Bank sector joins in to stabilize prices

In Uncategorized on December 16, 2010 at 10:04 am

The State Bank of Vietnam’s Governor Nguyen Van Giau, on Wednesday ordered that all the bank’s branches follow Prime Minister Nguyen Tan Dung’s instructions. That is to stabilize prices during the upcoming Tet holidays.

(Photo: VnExpress)

The governor asked them to ensure safe ratios in their operation, as sanction in two circulars issued in May and September this year.


Branches of the State Bank should effectively carry out currency and credit measures, that the bank instructed in November, to stabilize prices and the macro economy.


They should monitor interest rates and lending activities and make certain they are legal and in accordance with policies of the government, and the Vietnam Banking Association.


Additionally, the credit organizations’ loans should have priority for agricultural production, rural development, natural disaster recovery, exports and commodity stockpiling during the Tet holidays.


Moreover, they should sell foreign currencies to businesses, for the import of necessary goods, and implement other measures to stabilize the foreign exchange markets. They have also been asked to monitor and forecast changes in the international gold price and domestic supply to rationally import the metal.


The State Bank’s branches should monitor credit organizations to ensue their mobilization and the lending of gold, matches the criteria set out in the governor’s circular in October. Any violation from the guidelines will be monitored.

Source: SGGP

Two foreign drug makers promise to reduce medicine prices

In Uncategorized on December 16, 2010 at 10:02 am

Two pharmaceutical enterprises promised to decrease some medications under the proposal of the Vietnam Drug Administration (VDA).

Cardiovascular drug Vasterel will be decreased 10 percent as  Les Laboratoires Servier  promises to reduce its price

In response to VDA’s appeal to foreign pharmaceutical enterprises in Vietnam for reducing prices of drugs, Ebewe Pharma GmbH Nfg. KG of Austria and Les Laboratoires Servier of France sent a notification to VDA to say they will reduce prices of specific drugs for treatment of cancer, heart diseases, diabetes and antibiotics.


Austria’s pharmaceutical companies said it will decrease 16 medications over 31 for treatment cancer diseases. Its products will have an average decrase from 5 percent to 12 percent.


Meanwhile France said it decreased by 7 percent for drugs for treatment diabetes (Diamicron 80mg) and 10 percent for cardiovascular disease medicines (Vastaren).


In addition, GlaxoSmithKline (GSK) is considering reducing prices of some drugs with huge turnover and quantity, including antibiotic for adults and kids.


Especially, these companies pledged to keep stable supply of specific drugs in hospital pharmacies.

Source: SGGP

Prices of overseas tours soar up during Christmas holidays

In Uncategorized on December 16, 2010 at 9:40 am




Prices of overseas tours soar up during Christmas holidays


QĐND – Saturday, December 04, 2010, 20:25 (GMT+7)

The demand for traveling during Christmas and Western New Year’s holiday are high because they fall on weekends, according to several travel agencies.


At present, short-day tours to Central Vietnam, Southeast Asian countries, and China have attracted a lot of visitors, though the price for such a tour has increased by $20 to $80 US.


According to Nguyen Thi Huyen, Deputy Director of Vietran Tour, most of the travelers have booked for Southeast Asian countries such as Singapore, Hong Kong (China), and Thailand. The increased service charge and the shortage of accommodations during the end of the year made the fare for such a tour increase by $20 to $60 US compared to other times of the year.


At Vietran Tour, a four-day tour to Hong Kong charges $698 US; a five-day tour to Thailand costs $379 US, depending on the departure day. Tours to Singapore and Myanmar for four days costs $609 and $549 US, respectively.


A representative from Vietran Tour said that it might run out of tours during Christmas and Western New Year while airfares and hotel rooms are limited.


Meanwhile, Hanoi Redtour has increased its price for outbound tours by 3 to 5 percent, compared to normal days. Visitors have chosen Hong Kong, Guangzhou, Singapore, and Malaysia mostly due to big promotion programs there.


Hanoi Redtour is expected to take around 1,000 visitors to tour foreign countries and 500 visitors to tour around Vietnam. Its seven-day tour to Singapore and Malaysia charges $669 US. A four-day tour to Singapore and Hong Kong-Disneyland costs $599 and $679 US, respectively.


Also, on this occasion, Vietravel has launched 9-day tours around Europe and America combining it with a get-together with a family living abroad.


Meanwhile, prices for inbound tours seem not to have increased. According to Hanoi Redtour, a tour to DaNang-Hoi An, Lang Co for four days charges 4.6 million VND; Nha Trang-Dalat for five days costs 5.8 million VND; DaLat for four days costs 5.2 million VND.


During Christmas and Western New Year’s holidays, Fiditour offers a discount program for tours to Con Dao and Phu Quoc with a price of 2.2 million VND for 50 inbound tours each day.


Source: Vnexpress


Translated by Mai Huong


Source: QDND

Tour prices to jump ahead of lunar new year

In Uncategorized on December 16, 2010 at 9:37 am




Tour prices to jump ahead of lunar new year


QĐND – Wednesday, December 15, 2010, 21:6 (GMT+7)

 The price of Tet or Lunar New Year tours are set to jump by up to 10 percent, forecast tour operators.

The operators attribute the prospective increases to growing demand and likely higher transport and accommodation costs.

The length of the break – seven days – and the arrival of overseas Vietnamese and international visitors are the major reasons for higher price, explained Vietravel Communication Department director Nguyen Minh Man.

“Customers for the 2011 Lunar New Year – from February 1 – will increase by 30 percent,” Man said.

“High demand will see accommodation and transport costs soar, so tour prices will jump by 7-10 percent”, he added.

A representative of the Lua Viet Tours Company agreed that tour prices will increase by Tet holiday because of higher air travel costs.

The company says the prices for air tickets out of Vietnam have increased between 50 USD and 150 USD.

Despite higher costs, tour operators are trying to keep prices down.

“More expensive air tickets are beyond our control. However, we’ve still managed to keep our tour prices low to avoid sudden changes in price,” said Man.

Outbound tours to Hong Kong (China), mainland China, the Republic of Korea and Japan remain favourite destinations.

Tours to neighbouring countries remain popular due to their price of just 10 million VND (476 USD). Moreover, these tours have not been affected by the dong’s devaluation, said Director of Lua Viet Travel Company Nguyen Van My.

The Vietnam Railway Corporation is set to increase its prices by 20-25 percent on peak days over the Lunar New Year Festival.

Source: VNA/ Photo: Vneconomy


Source: QDND

PM wants stable prices and supply of goods during Tet

In Uncategorized on December 16, 2010 at 9:34 am

Prime Minister Nguyen Tan Dung on November 30 called on ministries, sectors and local agencies to continue to boost production of goods and supply, and ensure a stable market during Tet (Lunar New Year) next February and the first quarter of 2011.

Shoppers at a supermarket in Ho Chi Minh City during Tet last year.

The PM said though the Government has adopted many measures to step up production and ensure price stabilization and the balance of supply and demand for goods and services since the beginning of this year, the consumer price index (CPI) rose to 9.58 percent in November, impacting production and people’s lives.


The CPI of November increased by 1.86 percent over the previous month. This figure was an increase of 11.09 percent over the same period last year.


The national average CPI in 11 months exceeded the annual forecast with a year-on-year increase of 8.96 percent.


At the beginning of this year, the Government targeted a nationwide CPI of eight percent.

PM Dung said the cause of the problem was a few organizations and individuals that did not take price management seriously.


Speculation and groundless rumors about goods shortage and financial situation haven’t been controlled and prevented promptly, affecting implementation of the Government’s measures against inflation and for ensuring social welfare.


He instructed ministers and local authorities to focus on removing legal barriers and create favorable conditions for enterprises to expand production and business to ensure smooth provision of essential commodities like rice, poultry, meat, vegetables, milk, construction materials, medicines and travel services.


He wanted producers to forecast demand to ensure adequate supply nationwide before, during and after the festival.


The Ministry of Finance was assigned to co-ordinate with other relevant ministries and localities to maintain the prices of coal, electricity and petrol.


He wanted the ministry to reschedule adjustment of prices of goods and services that are subject to the State’s pricing control. 


He told the State Bank of Vietnam to take strong measures to stabilize the prices of gold and foreign currencies as well as interest rates.


The bank was asked to keep watch on the market and give severe punishments to those who speculate or corner gold and foreign currencies on the market.


The Ministry of Industry and Trade was ordered to adopt solutions to ensure sufficient supply of goods, and encourage enterprises to attend the price stabilization program and expand their distribution systems to rural and remote areas.


He also instructed market agencies to keep a close eye on things to prevent speculation, smuggling, and trade fraud, and apply criminal prosecution if necessary.

Source: SGGP

Weak pharmacy, unreasonable bidding procedures cause skyrocketing medication prices

In Uncategorized on November 22, 2010 at 10:14 am

Strong measures taken to stabilize prices

In Uncategorized on November 14, 2010 at 2:29 pm

Gold prices below VND36 million/tael

In Uncategorized on November 12, 2010 at 1:59 pm