HCMC – HCMC is trying to stabilize prices and stimulate demand by applying discounts on the base prices of products given that input costs have risen by 10-15%.

According to the Vietnam News Agency, the HCMC Department of Industry and Trade’s report showed that the city’s total revenue from the retail and service sector reached VND263,981 billion in the first quarter of this year, rising 4.7% compared to the same period of last year. Of which, retail revenue rose 9.1% in the year till now, at VND163,606 billion.

If retail businesses have good control over input materials, transportation, warehouse and labor costs, they can lower product prices to support consumers during this hard time, said the department.

Despite an increase in input costs, enterprises were committed to stabilizing product prices and launching promotional programs on the base prices in the second quarter to boost consumption, especially during the upcoming public holidays and peak season.

HCMC authorities will also work with consumer goods importers and coordinate with localities to purchase vegetables and food to support consumers in buying staple products at low prices.