Higher wages to have no impact on prices: official

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Raising the minimum wage will not have any impact on consumer prices, unlike the hikes in power and fuel products, said Nguyen Loc An, deputy head of the Domestic Market Department at the Ministry of Industry and Trade.

But, he said, in order to prevent the higher minimum wage from being taken advantage of and used as an excuse for further price rise, it is necessary to tighten market management and, at the same time, strengthen consumer confidence.

Vietnam will raise the minimum wage for the public sector by 14 percent from May.

An said prices of essential products will be put under surveillance, from wholesale to retail markets.

In the long run, he said, the goal is to develop modern and standardized retail channels to replace street-side makeshift marketplaces so that prices can be kept in check.

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