What can be done to reduce and regulate prices?

The authorities are trying to curb ever-increasing prices and rising living costs, seeking ways to maintain stability during turbulent times.  Vientiane Times asked for people’s thoughts on the perennial problem of unwarranted price hikes.

Ms Buavan Silaphet, a resident of Luang Prabang province: I’m pleased that the government is trying to prevent more price hikes. Right now things are very difficult for everyone, especially those on low incomes, as the cost of living has risen higher than the average person’s salary. I think the authorities should strictly regulate food prices and regularly check vendors to protect consumers. Some vendors are using the current crisis to take advantage of shoppers. Prices should be controlled in all provinces as this would help to keep the cost of living at a reasonable level. And I urge vendors to play fair and stick to the rules. We should help each other to get through this crisis together, not just think about how we can profit from it.

Ms Da, a vendor in Dongmarkkhai market, Xaythany district, Vientiane: I will follow all the rules set by the government. But first the authorities need to resolve problems around the weak kip and the fluctuations in exchange rates before they put price controls in place. Almost all the goods we sell are imported and must be purchased in foreign currencies. To keep things under control, exchange rates must be stabilised somehow, as currency exchange rates change during the course of just one day. Sometimes we lose money because of unfavourable exchange rates.  I think the authorities should strictly control prices and regularly check producers and wholesalers, because retailers’ prices are based on wholesalers’ rates. Authorities should also carry out more checks on market vendors.
 
Ms Somchan Chindahuk, a government official in Vientiane: I have read about this disturbing situation and think it’s good that the government is trying to keep prices under control. But I don’t think it will make any difference because product prices are already too high. Prices keep going up, but they never seem to come down. Almost all vendors say that prices have risen because of the unfavourable exchange rate and the fuel crisis. Today I noticed that the exchange rate is a bit better, but the price of goods on sale in markets has not come down at all. The authorities should closely monitor vendors in all markets. If they find anyone selling items at a high price, that person should be penalised. Everyone should pay attention to this matter to ensure we are not cheated.

Mr Chansamon Phanthoula, a government official in Xaythany district, Vientiane: I think the authorities should spend more time in markets and make agreements with sellers and market managers to ensure that they stick to the rules on pricing. Vendors should put up signs indicating the price of every product. I also think that if anyone breaks the rules, he or she should be given a warning or fined. I urge vendors to comply with this directive, while shoppers should keep track of any news or information about product prices.

Ms Noy, a resident of Xaythany district, Vientiane:  I’m not sure that vendors or the authorities will do things any differently. The same thing’s been going on for a long time, but I’ve never seen any effective action being taken by the authorities. Today, the price of everything has almost doubled compared to last year. I know that prices depend on many factors and we’re in the middle of a fuel crisis, which is affecting the cost of transport, but some vendors have taken advantage of the situation and put up their prices arbitrarily. Unfortunately, no measures in response to this are effectively enforced, but it always seem to be the poorest people who get cheated.

By Lamphone Pasanthong
(Latest Update June 22, 2022)