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Vietnam Moves Ahead With Price Measures (http://online.wsj.com/article/SB100...21338038.html?mod=WSJASIA_hpp_LEFTTopWhatNews)


By JAMES HOOKWAY

HANOI—Vietnam is putting into action new measures enabling it to slap price controls on foreign and private companies starting Oct. 1 in a move that is designed to contain inflation but risks stifling business sentiment.
An official at Vietnam's Finance Ministry Thursday confirmed that the measures will come into effect on Oct. 1. The new orders enable the Vietnamese government to intervene and impose controls if it believes that prices on a variety of items—ranging from cement and steel *****gar and rice—are moving unusually or out of step with the cost of other component goods.
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AFP/Getty Images A rice farmer in Vietnam in July. Rice is one article that could be subject to price controls starting Oct. 1.






So far, there's no indication that Vietnam will move to control prices in the immediate future. But the country's frequent bouts with inflation suggest the measures might be imposed on at least some goods at some point.
Late last year, the ministry caused a furor in the local investment community when it said it was considering introducing the price-control measures on a range of goods and commodities produced by foreign and private firms operating in the country. Previously, Vietnam's Communist rulers applied price caps only to state-owned enterprises.
The move is likely to produce a fresh outcry among investors about state intervention. It also comes after a series of problems at state-sector companies have damaged Vietnam's reputation as one of stand-out success stories in a new wave of frontier emerging markets.
A wide range of products is included under the order, known as Circular 122, including cement, construction-grade steel, liquefied petroleum gas, commercial water, chemical fertilizers and animal vaccines. Goods such as salt, children's powdered milk, sugar, rice, animal feeds coal, paper, textbooks and railway fares also fall under the new price-control regime.
The origins of the price-curb effort can be traced back to 2008, when Vietnam suffered a severe inflationary problem. The consumer price index was up 28% compared with a year earlier at one point. Meanwhile, the global economic slump led to a growing trade deficit that helped trigger a series of currency devaluations. With officials wary of a fresh tangle with inflation, the new powers to impose price controls appears to be designed to limit any social tensions linked to rising prices.
The downside is that Vietnam risks becoming a less attractive place to do business, strangling foreign investment, encouraging locals to invest overseas and worsening the country's balance of payments.
The price-control powers are also being introduced at a time when local and foreign businesses are growing increasingly concerned about the influence of large state-owned enterprises. Economists say state firms get access to cheap credit and take up a disproportionate share of resources, but are often inefficient and represent a burden on the economy.
Earlier this month Vietnamese police arrested the former chairman of Vietnam Shipbuilding Industry Group, or Vinashin, for allegedly filing misleading accounts to mask the extent of the company's financial problems after years of aggressive expansion into other industries. Pham Thanh Binh was initially suspended in July after Vinashin racked up $4.5 billion in debts with assets of just $4.7 billion. Mr. Binh couldn't be reached for comment.
—Nguyen Anh Thu contributed to this article. Write to James Hookway at james.hookway@wsj.com

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