Consumers are tightening their spending.

Consumers are interested in spending wisely.

Amidst high commodity prices, many consumers say they are trying to tighten their spending, even resorting to "austerity measures."

The issue of consumer goods prices is always a hot topic, as incomes often fail to keep pace with rising prices, with prices remaining higher than incomes… Nguyen Thanh Hoa, a worker at the Hoa Phu Industrial Park (from Thanh Quoi commune, Long Ho district), and her husband said: “Our combined salary (after 6 years of work) is 11 million VND per month. Due to various expenses, we always run out of money each month, and some months we even have a deficit.”

Ms. Hoa calculated the monthly expenses for her family of five: gas, electricity, water, and wifi cost around 900,000 VND; rice and spices around 700,000 VND; groceries around 150,000 VND/day, totaling 4,500,000 VND/month; and milk and diapers for her child cost over 2 million VND/month… According to Ms. Hoa, compared to 1-2 years ago, the prices of many goods have increased, adding up to several hundred thousand to 1 million VND per month, so she has to try to reduce expenses.

Also a worker in the industrial zone, Ms. Truong Tuyet Ngan (from Phu Thinh commune, Tam Binh district) shared that for couples with young children, the biggest expenses are milk, diapers, and childcare costs.

In addition, a separate fund must be set aside for when the child is unwell and needs medical attention. Not to mention other expenses such as parties, car repairs, oil changes, etc., so "managing expenses is a real headache, and we have to save as much as possible."

Mr. Luu Cong Van (from Song Phu commune, Tam Binh district) shared: "Receiving the 13th-month salary at the end of the year is the most generous thing I've received, but expenses during Tet (Lunar New Year) also increase compared to normal days." Therefore, in addition to working regularly, he hopes to work overtime and get a raise.

Ms. Pham Thuy Lien (from Tan Hanh commune, Long Ho district) - a bank employee, said: "The food expenses for a family of 5 were about 500,000 VND/week at the end of last year (even if we ate breakfast at home), but now it has increased to 800,000-1,000,000 VND/week, so we have to tighten our spending on affordable fruits and vegetables from our own gardens, only buying truly essential goods."

After ordering a 25kg bag of fragrant Jesmine rice for 370,000 VND, Ms. Bich Ngoc (from Ward 4, Vinh Long City) questioned the seller, "Has the price of rice just increased again? It was 350,000 VND before."

The owner of Khai Hoan rice shop (Ward 8, Vinh Long City) said that more than a year ago, the price of this type of rice was 300,000 VND/bag, then increased to 350,000 and 360,000 VND. About a week ago, it increased by another 10,000 VND/kg, and currently, the price of all types of rice increases by 200 VND/kg every other day, and it hasn't stopped yet.

Ms. Ngoc confided: "Rice prices are rising, while the prices of many essential goods are currently high, so on one hand I'm trying to work hard to increase my income, and on the other hand I'm planning to cut back on expenses." According to Ms. Ngoc, the authorities need to stabilize the prices of goods, especially essential items, to reduce the financial burden on the people.

To contribute to stabilizing the consumer price index, the Chairman of the Provincial People's Committee, Lu Quang Ngoi, requested that departments, agencies, and localities continue to effectively implement tasks and solutions under the Program for Economic and Social Recovery and Development; and the three national target programs in July 2023 and the remaining months of 2023.

Effective price management contributes to stabilizing the consumer price index. In addition, strengthening market management, closely monitoring market developments, and proactively implementing measures to prevent shortages and price spikes of essential goods, raw materials, and fuels for production and business are crucial.

It is necessary to closely monitor supply and demand developments and implement solutions to stabilize the market.

According to Government Decree 24/2023/ND-CP, from July 1, 2023, the basic salary of civil servants and public employees increased from VND 1.49 million to VND 1.8 million per month. In addition, the value-added tax (VAT) on goods and services currently subject to a 10% VAT rate will be reduced by 2% (to 8%), effective from July 1 until the end of 2023.

Many experts believe that the General Department of Market Management (Ministry of Industry and Trade) and the Price Management Department ( Ministry of Finance) need to coordinate with localities to closely manage market prices, forcing sales outlets to display prices that reflect actual prices.

Only then can policies such as wage increases, tax reductions, fee reductions, and interest rate cuts be effective in the economic recovery and growth process. In addition, it is necessary to closely monitor supply and demand, market conditions, and prices to implement appropriate market stabilization measures, especially for essential goods experiencing fluctuations, in order to ensure social welfare.

Text and photos: NAM ANH

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