From May 10th, retail milk prices continued to decrease across the board.
Only 25 Mead Johnson infant formula products for children under 24 months old have had their retail prices reduced since April 20th. For the remaining products, the new retail prices, based on the declared prices of the businesses, will officially take effect no later than May 10th.
The Ministry of Finance announced that, as of now, all five dairy companies that previously declared prices to the Ministry of Finance have re-declared the prices of 50 infant formula products for children under 24 months old, in accordance with Decree 100/2014/ND-CP. The new prices are reduced by approximately 0.4-4% compared to the previously declared prices and are effective from April 20th.
Of the five businesses that declared prices mentioned above, only Tien Tien Co., Ltd. - the distributor of Mead Johnson Nutrition Vietnam Co., Ltd. - engages in retail sales. The company has since reduced its retail prices since April 20th.
The remaining businesses only handle wholesale, not retail, therefore, the declared prices effective from April 20th are the wholesale prices.
According to the Ministry of Finance, based on reports from local price management agencies, two businesses registered to declare prices at the Ho Chi Minh City Department of Finance, namely Vietnam Dairy Products Company (Vinamilk) and Danone Vietnam Co., Ltd., have declared price reductions for 17 dairy products, effective from April 20th.
After businesses re-declared the wholesale prices of the aforementioned dairy products, the Ministry of Finance reviewed and publicly posted the prices on its website for the information of regulatory agencies and consumers.
"However, there is a delay in implementation at the retail level due to companies making announcements and adjusting their systems. According to Decision No. 1079/QD-BTC dated April 20, 2014, of the Ministry of Finance on applying price stabilization measures to milk products for children under 6 years old, the retail price takes effect no later than 20 days after the wholesale price takes effect," added Mr. Nguyen Anh Tuan, Director of the Price Management Department, Ministry of Finance.
Currently, based on information and reports from localities, the Ministry of Finance has stated that the retail prices of some milk products for children under 24 months old have decreased compared to previous prices. The new retail prices, as declared by businesses, will officially take effect no later than May 10th.
According to Chinhphu.vn
