Maintaining market stability after wage increases.

Nearly a month has passed since the base salary increased from 1.8 million VND to 2.34 million VND, pensions increased by 15%, and the regional minimum wage also increased from 200,000 to 280,000 VND. Following the salary increases, the market has not seen significant fluctuations, and prices remain relatively stable. Currently, the Quang Ninh Department of Industry and Trade is continuing to implement various measures to ensure market control and stability.

Market prices are generally stable. (Photo taken at Ha Long Market I, Ha Long City)

Nearly a month has passed since the wage increase, and market prices have remained largely stable. Items like vegetables, rice, oil, and milk show no signs of price hikes as many had predicted. The only item with a clearly recorded price increase is pork. However, this is due to the spread of African swine fever across the country, causing a reduction in supply, and not simply a result of the wage increase.

Ms. Nguyen Thi Lan, a small trader at Ha Long I Market (Ha Long City), said: "Currently, we are buying live pigs at 70,000 VND/kg, pork loin and shoulder at 100,000 VND/kg, and pork belly at 140,000 VND/kg… These price fluctuations are not due to the salary increase but have been occurring since the end of June due to the African swine fever outbreak, which caused many pigs to die. Many households are worried and therefore haven't restocked, resulting in less supply and higher prices. Based on our trading experience, pork prices will decrease once the disease is controlled."

Pork prices have increased, but this is mainly due to reduced supply caused by African swine fever.

Not only essential goods, but according to preliminary assessments, the province currently has a rich and diverse range of products, with many items having multiple manufacturers and distributors, both domestic and international. Locally produced goods, especially agricultural products and OCOP (One Commune One Product) items, are also available on many major distribution channels. E-commerce continues to grow positively and has become a priority for many people. At large supermarkets and shopping malls, many promotional programs and consumer stimulus campaigns are still being implemented. For example, Go! Ha Long supermarket is currently running several programs simultaneously, such as "2000 products always cheaper," "5% discount for customers with membership cards," etc. This also contributes to regulating market prices, giving consumers more choices of products within their budget.

Ms. Nguyen Thi Hung, from Hong Gai ward, Ha Long city, shared: "I retired in 2014 and am currently receiving a pension of 6 million VND. With this pension increase, I will receive an additional 900,000 VND. Although it's not a large amount, this difference, in the context of stable prices and not being inflated by the current pension, helps my family's living expenses to be more manageable and sufficient."

Many large retailers are still running numerous promotional programs and deep discounts to stimulate the market. (Photo taken at Go! supermarket in Ha Long)

According to data from the Quang Ninh Provincial Statistics Department, the total retail sales of goods and consumer service revenue in the first six months of 2024 are estimated to have increased by 13.1% compared to the same period in 2023. Of this, retail sales of goods in the first six months increased by 13.9% compared to the same period in 2023 and accounted for 58.7% of the total retail sales of goods and consumer service revenue. Several product groups showed high growth: Food and beverages increased by 12.4%; household goods and equipment increased by 14.3%; cultural and educational items increased by 36.9%; and wood and construction materials increased by 21.1%. Gasoline and various types of oil increased by 13.5%... These figures stem from the province's favorable economic situation, with production and business activities developing well. Most businesses providing goods and services in the province recorded high growth in the number of customers visiting and shopping.

According to many economic experts, this wage increase was implemented after the government carefully considered the possibility of controlling inflation. The government aims for this increase to improve the lives of workers. This also means the government is closely monitoring the market to take timely corrective measures.

Authorities will focus on implementing various solutions to stabilize the market during the year-end period.

Ms. Nguyen Thi Hien, Director of the Department of Industry and Trade, said: "As soon as we received information about the salary increase, we worked with many key suppliers, major supermarkets, and shopping centers in the area, recommending an increase in supply to ensure price stability; promoting the introduction of domestically produced goods from Quang Ninh to the market, participating in major distribution channels to increase accessibility to consumers… Thanks to this, market prices have remained basically stable to date."

Currently, the Ministry of Industry and Trade is closely monitoring the market, preventing imbalances in supply and demand, and ensuring smooth operation of the supply, circulation, and distribution of goods. At the same time, it will strengthen inspection and supervision, and strictly handle acts such as speculation, hoarding, price gouging, etc., especially during holidays and Tet (Lunar New Year) from now until the end of the year.

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