Commerce ministry vows to bring prices under control

The Ministry of Industry and Commerce has assured the public that steps are being taken to prevent the overpricing of goods on sale in markets and to closely monitor currency exchange rates on a daily basis.
Deputy Minister of Industry and Commerce, Mrs Chansouk Sengphachanh, last week responded to questions raised by members of the National Assembly about the continuing surge in the price of consumer goods.
One Assembly member called on the ministry to monitor the continuing increase in prices, saying this creates hardship for the general public at a time when the kip has fallen in value against the US dollar and Thai baht.

Mrs Chansouk Sengphachanh.

“We would like the commerce ministry to inspect the price of certain consumer products, as well as fish and meat, at some markets. It seems that prices are being raised arbitrarily by vendors, who give various reasons for the price hikes,” the Assembly member said.
She called on the ministry to crack down on vendors who are taking advantage of fluctuations in currency exchange rates to raise the price of goods, especially by saying they bought items at a high price using foreign currencies.
“This is a real problem for people on low incomes who have a limited budget to support their family during these times of economic hardship,” she said.
She asked the government to provide urgent solutions and crack down on opportunists by bringing the law to bear in the interests of consumer protection.
Another NA member called on the government to address the issue of the price charged for fuel at some petrol stations, to ensure that motorists were charged the price approved the government.
“We must ensure motorists are fairly treated. They shouldn’t be cheated because prices are not openly advertised,” he said.
In response to these comments, Mrs Chansouk said one of the roles of her ministry was to protect consumers and inspect the price of goods on sale in markets, as well as informing vendors about the “ceiling prices” for all types of goods.
“To be frank, Laos is a 100 percent importer, especially for all types of fuel. Many consumer products are imported from neighbouring countries and their price is based on the kip exchange rate, which changes from day to day,” she said.
Mrs Chansouk gave a firm commitment that the ministry, working in collaboration with other government bodies and the private sector, would address issues that impact the lives of consumers, in line with the duties assigned to it by the government.
The value of the kip against the US dollar, Thai baht and other foreign currencies has increased in recent days but the price of basic goods at minimarkets, fresh markets and supermarkets remains high.
Two months ago, the price of a large bag of imported washing powder ranged from 35,000 to 38,000 kip but is now on sale at 45,000 kip to more than 70,000 kip, depending on the brand.
According to an update on exchange rates on the Facebook page of the Banque pour le Commerce Exterieur Lao Public (BCEL) on Friday, the bank sold one US dollar for 15,033 kip and bought one dollar for 15,000 kip (the transfer cost was 15,003 kip per US$1).
The Thai baht was on sale at 425.38 kip and could be bought for 422.2 kip in cash. For payments made by transfer, the rate was 422.25 kip per baht.

By Times Reporters
(Latest Update June 27, 2022)