The commodity market is heating up as Vietnamese people celebrate their Tet holiday in two months’ time. Several days ago, the General Statistics Office (GSO) announced that the consumer price index (CPI) in November increased by nearly 4 percent against November 2008. On average market prices this year were 7.6 percent higher than last year.

It is a common occurrence that market prices shoot up during the Tet festival and it is not easy for management agencies to stand the pressure. This year, high exchange rates of the US dollar against the Vietnamese Dong, plus the rising prices of input materials and transport services, will prompt market prices to rise.   

The continued disbursement of the economic stimulus package in the remaining months of the year and a high purchasing power during the Tet holidays will also fuel the prices to go up.

It’s worth mentioning that consumers’ psychology is another cause for price hikes. Consequently, commodity prices usually soar in the fourth quarter of the year until the Tet holidays and opportunists cash in on this factor.

To rein in market prices, it is essential to implement synchronous measures, including stockpiling goods, stabilising the prices, increasing market inspections and preventing speculations.

Contaminated food is another big worry for consumers. Since early this year some notorious cases have been brought to light by management agencies and the media. Most recently, a business was found to secretly market hundreds of tonnes of contaminated and outdated frozen poultry meat and products.

Although nobody measures how harmful contaminated food is to people’s health, new findings announced at a recent National Assembly session provoke alarm among legislators and people alike. Accordingly, more than 60 Vietnamese people carry worms in their bodies; organic vegetables make up only 8.5 percent of total farming area, as many as 17,900 slaughter houses are out of control, and nearly 94 percent of food stalls fail to meet food safety and hygiene regulations.   

Vietnam has five ministries involved in managing food quality and more than 1,200 law-regulated documents have been issued governing the issue. However, violations of food safety and hygiene regulations are increasing at an alarming rate and out of control.

Curbing price hikes, controlling food safety and hygiene and strictly fining those who fish in troubled waters during the Tet holiday is a primary task of state management agencies. Only when these measures are taken at the same time, can the people feel at ease and enjoy the Tet festival.