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Vietnam refuses to hike other prices in wake of petrol price rise (08/05)

06/08/2010 - 147 Lượt xem

After the government raised retail fuel prices last week, several industries have already sought permission to put up their prices.

Finance minister Nguyen Sinh Hung said the government hoped the industries would instead cut costs considering the country’s integration efforts which would bring in greater competition.

Hung said drastic import tariff reductions were imminent following which domestic industries would lose out in their own backyard if they did not become more efficient.

He also said it would be unfair to pile the burden on consumers.

However, Tran Dinh Thien, deputy chairman of the Vietnam Economics Institute, said the government’s decision went against market rules.

If it persisted with subsidies to hold prices in check that would be a restriction on competition, he warned.

Source: Thanh Nien, Lao Dong