Committing to the US Trade Representative that he will consider removing the price ceiling on milk for children under 6 years old, Finance Minister Dinh Tien Dung still affirmed that he will ensure the interests of all parties.

The above statement was made by Minister Dinh Tien Dung during a working session with Ambassador Michael Froman - US Trade Representative earlier this week. Accordingly, the head of Vietnam's finance sector said that he would consider removing the price ceiling policy on milk for children under 6 years old from the beginning of July. At the same time, Mr. Dung also said that removing the price ceiling on milk must still ensure competition, balancing the interests of businesses, the State and consumers. Businesses must also ensure transparency and businesses need to prove that.

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Mr. Michael Froman also expressed his interest in a number of other issues such as the impact of the implementation of Decree 108 on Special Consumption Tax on WTO accession commitments as well as the control of dairy products.

Milk for children under 6 years old has been subject to price ceilings since June 1, 2014, after other price management measures such as price registration and price declaration have failed to be effective. Accordingly, the authorities announced wholesale price ceilings for more than 600 powdered milk products, with retail prices being regulated to not be more than 15% higher than the wholesale price.

However, while consumers still believe that milk prices are still high, businesses report that sales and profits have seriously decreased due to price ceilings.

According to VnExpress