To cope with the price fluctuations on the market in recent times, consumers should respond to the situation wisely and calmly. For example, many consumers flocked to buy gold on April 20-21 following fears of price increases. However, two days later, the gold price decreased sharply and the consumers had to suffer huge losses due to their rash decision. Therefore, it is very important to look at the Government’s policies for the market. When the gold price increased, the State Bank of Vietnam quickly directed commercial banks and State jewelry companies to continuously sell gold to stabilise the market. In addition, many companies updated the situation constantly and imported gold. Therefore, the local gold supply cannot be undermined. Regarding prices, gold on the domestic market will experience ups and downs along with the global gold price. Due to political unstability in some countries in the world, oil and gold prices have experienced fluctuations, causing impacts on the domestic market.

However, the local market will only be subject to limited impacts as the Party and the State aim to develop Vietnam into a socialist-oriented market economy. The State will conduct timely interventions to cope with fluctuations in prices.

During recent days, oil prices on the global market have been experiencing fluctuations, causing impacts on the domestic oil price. The public has expressed concerns about possible oil price increases. Vietnam has to import the entire oil volume for domestic consumption, therefore the country’s oil price follows changes in global oil prices.

It’s worth noting that in line with the development of a socialist-oriented market and the Prime Minister’s recent decision on oil price management, any increase to the domestic oil price will be decided following instructions from the Finance Ministry (plus a price margin of 5 percent and 10 percent for oil and petrol, respectively). However, the State will continue to grant oil subsidies in far-flung areas and areas where ethnic minority people are residing.

In addition, two weeks ago, the imported oil tax was adjusted to zero percent, thus helping to stabilise import activities and the business operations of enterprises involved in supplying oil for the national economy.

In fact, oil prices may rise or fall depending on the movement of the international market and therefore the State, enterprises and consumers will have to share the burden.