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Children's formula prices stablized

Released at: 06:00, 21/01/2017

Children's formula prices stablized

Photo: Duc Anh

MoIT issues plan to stabilize prices on products for children under six years old to the end of March.

by Nghi Do

The Ministry of Industry and Trade (MoIT) has issued a plan to stabilize prices for formula products for children less than six years old applied to the end of March.

The implementation of price stabilization is complied with measures including managing maximum price and registering price stipulated in the Law on Price for formula products until the end of March.

The method determining the maximum price of the whole sale and retail sale is implemented under provisions of Article 2 of Decision 1079  approved by Ministry of Finance on the application of measures to stabilize prices for the products and guided in the Document No.6230 on price stabilization for the products, and Document No.6544 of MOF on guiding the implementation of determining the maximum price and registering prices for the children less than six years old.

In the Decision, organizations, individuals producing and trading formula products must determine maximum prices in the whole sale and retail sale, and summit to the management authority to make a foundation implementing the price registration. Based on the maximum price, the management authority approves then the registration of the selling price is stipulated in Decree 177 and Decree 149. The organizations and individuals must publish prices in their headquarters, selling and distribution points as requested.

The management authority is responsible for receiving proposals on the maximum price and price registration dossier to implement cost review forming the maximum price and control price registration as regulated. The authority also publish the maximum price of formula products of organizations and individuals as the subject to register price as the MoIT’s requirement.

The authority needs to organize the implementation and cooperation with relevant agencies of ministries, industries and localities to inspect the implementation of the maximum price and price registration for the formula products.

Earlier, the MoF delivered documents to the MoIT regarding the management of 877 formula milk products for children less than six years old. The Domestic Market Department under the MoIT will be responsible for managing the prices of these products.

According to Decree 149 dated November 11, 2016, enacted by the Government to supplement and revise some articles of Decree No 177, the management of milk prices for children less than six years old will be the responsibility of the MoIT in 2017. 

The country has 877 registered formula products for children less than six years old. Their registered and maximum prices are publicized on the portals of the MoF and local financial departments. Since June 2014, baby formulas have been placed on the list of subsidized products, with a cap on ceiling prices of 600 products, as a range of solutions, including price registration and announcements, had not been effective. The difference between retail and wholesale prices has not exceeded 15 per cent.

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