Vietnam tightens control of milk prices

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SaiGon GP English - 32 month(s) ago 14 readings

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.

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.

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