Of course, their prices are not as high as before Tet but are still much higher than usual. People are wondering whether they will eventually return to normal or if a new level of prices will be established.

Surveys by VOV reporters in Hanoi indicate that the prices of many types of meat, fish, shrimp, vegetables and bulbs doubled or tripled for several days after Tet. But in recent days, the fever has cooled on a number of commodities.

In Hoe Nhai market, water dropwort sells at VND7,000 per bundle, a decrease of VND8,000 from the fifth day of the Lunar New Year; kohlrabi, VND4,000 per bulb, down by VND15,000 from the fourth day of Tet; and scallion, VND15,000 per tael, a decrease of VND5,000 per tael.

Nguyen Thu Lan, a local grocer, said the scarcity of vegetables came from the fact that farmers will only grow vegetables again after the 15^th day of the Lunar New Year.

Pork ribs were priced at VND150,000 per kg on the seventh day of Tet at Chau Long market but are now offered at just VND85,000 per kg. However, beef remains at VND180,000 per kg.

At Bao Linh market, prices seem softer. A kilogram of ribs sells for just VND70,000; the prices of pork loin range between VND75,000-80,000 per kg.

Nguyen Van Hai from Dai Kim urban area said retirees are still concerned about shops or traders who will ‘exploit’ Tet to raise prices arbitrarily and ‘without limit’.

Stable supermarket prices

While prices in markets are raising eyebrows, prices in supermarkets are fairly stable. Several supermarkets such as Citimart, Fivimart and Hapro Mart opened right after Tet with abundant stocks. In particular, Big C supermarket is offering many discounts with some items discounted as much as 30 percent. 

Most goods are selling at normal prices, so goods in supermarkets since Tet have the same price as during the holiday, according to Ngo Van Hai, deputy director of Citimart supermarkets.

Prices at Fivimart supermarkets are also unchanged in the last month due to adequate inventories, according Doan Chien Thang, head of the marketing department of Nhat Nam Co. Ltd. 

Market prices to be closely controlled

In general, pre-and post-Tet prices of goods have shown greater stability this year, according to the Ministry of Finance (MoF). However, there are still problems in the market place: counterfeits, bad-quality or unclear-origin goods, unmarked food and drink prices and sellers increasing their prices spontaneously and arbitrarily.

Markets around the country are not well-managed. Consequently, goods are often not sold at their listed prices.

The MoF says the prices of goods in supermarkets and shopping centres are stable because many of those businesses have received zero-interest loans, making their goods 5-10 percent cheaper than in other markets and helping to attract more buyers.

In the face of changing prices, Prime Minister Nguyen Tan Dung has asked for measures to be taken to control post-Tet prices and ensure the country’s planned socio-economic development.