The Ministry of Finance will take stronger measures to control the prices of essential products in the second half of this year, news website VnExpress reported Monday.
Nguyen Tien Thoa, head of the ministry's Price Management Department, said businesses will have their licenses revoked if they seriously violate pricing regulations.
The Finance Ministry said it would tighten its control over the prices of steel, LPG, fuel, electricity, milk and fertilizer.
It also plans to include medicine on the list of products whose prices need to be officially registered with the government.
Consumer prices in Vietnam rose 9.05 percent in May from a year earlier, down from 9.23 percent in April, official statistics showed.