Many shops and agencies have slashed retail milk product prices by 10% to 21% in anticipation of new regulations taking effect from June 1.
Many shops and agencies have slashed retail milk product prices by 10% to 21%
According to the Ministry of Finance’s regulation, the decrease in the wholesale milk prices will be applied from June 1, while the retail price cut will be no later than June 20.
Some anonymous retailers on Hang Buom Street, in Hanoi, admitted they are trying to take advantage of the price disparity between now and June 20.
Nguyen Trong Nghia, Director of the Ministry of Finance’s Department of Legal Affairs, said in the case milk product companies, they are currently complaining of potential losses from the new regulation, and the ministry will reconsider and properly adjust if the situation if this turns out to be true.
The owner of a milk shop in Hanoi said the new price ceiling was expected to attract more customers, which would bring more commissions.
There are 25 milk products which will be affected by the new regulations. In order to prevent loopholes or deceptive pricing methods by retailer or wholesalers, the ministry has requested that companies register their prices.
Five days after the submission of new regulations, the ministry will announce the new price ceiling.