Phung Thi Minh Chau in Dinh Cong ward (Hanoi) complained after a weekend market trip that only fuel prices have decreased, while the prices of other goods remain stagnant. 

Eateries ignore price cuts

Chau said that throughout March, the phrase she heard most often at markets was “prices are rising.” Tofu increased by VND5,000 per kg, a plate of sticky rice for offerings rose by VND5,000, pork sausage went up VND10,000–15,000 per kg, fried spring rolls rose from VND6,000 to VND6,500 each, while street-side coffee and fruit juice increased by VND3,000–5,000 compared to February.

Vendors explained the hikes by citing rising fuel prices: “Fuel costs are up, even plastic bags cost more, so everything has to increase.”

“However, in recent days, fuel prices have dropped sharply from their peak. Yet many goods have stubbornly stayed at high levels,” Chau said.

Maintaining his weekend habit of eating breakfast out, Tran Van Cong in Tuong Mai ward (Hanoi) recalled that in mid-March, a nearby pho shop raised prices from VND35,000 to VND40,000 per bowl due to rising fuel costs.

“At that time, the increase was understandable because input costs went up. But now fuel prices have dropped sharply, and the bowl of pho still costs VND40,000,” he said, calling the one-way price movement a paradox.

In the market, many items have seen sharp increases. For example, oranges rose from VND200,000 to VND300,000 per 18 kg crate, mandarins from VND25,000 to VND55,000 per kg, and coconuts from VND240,000 to nearly VND400,000 per 30-fruit crate. Vendors said fruit prices depend partly on seasonality, with the rest driven by higher transport costs.

A report by the Domestic Market Management Department under the Ministry of Industry and Trade also pointed out that due to the impact of military tensions involving the US, Israel, and Iran since February 28, global fuel and energy prices surged, pushing up domestic fuel prices. This in turn affected prices and supply-demand dynamics of agricultural inputs, farm produce, and construction materials.

According to the Statistics Office, the average consumer price index (CPI) in the first quarter of 2026 rose 3.51 percent year-on-year.

Housing, utilities, fuel, and construction materials increased 5.69 percent; food and catering services rose 4.55 percent; other goods and services 3.68 percent; education 3.21 percent; beverages and tobacco 2.8 percent; household equipment 2.13 percent; culture, entertainment, and tourism 1.83 percent; garments and footwear 1.63 percent; transport 1.07 percent; and healthcare 0.89 percent.

Market rigidity

In reality, from early March to April 9, domestic fuel prices were adjusted 13 times, closely following world price developments. At the April 3 review, diesel prices peaked at VND44,788/liter, but decreased sharply at the April 8 and 9 review, with a decrease of VND11,819/liter (26.4 percent).

Similarly, as of April 9, RON95 gasoline prices also decreased sharply by VND10,297/liter (a 30.4 percent decrease) compared to the peak of VND33,840/liter recorded on March 24.

Although fuel prices have decreased by 26-30 percent from the peak, Do Thi Ha, the owner of an online kitchen in Dinh Cong (Hanoi), said that food prices remain high.

She explained that the prices of the dishes she cooks and sells online depends heavily on input material prices. Because shipping rates soared, gas prices jumped to nearly VND630,000 per tank, packaging prices nearly doubled, and the prices of agricultural products and vegetables also rose significantly. Therefore, she adjusted the dishes upward by VND5,000-VND10,000 per serving to compensate for the increased input costs.

Now only fuel prices have decreased, while gas prices are still rising sharply and anchored at a high level. More importantly, the cost of some input materials has not yet decreased because they are also waiting for shipping rates to drop. Therefore, the price of the food she sells cannot decrease immediately, Ha stated.

Discussing the story of fuel prices falling sharply from the peak while commodity prices remain stagnant, economist Nguyen Hoang Dung cited that although fuel costs only account for about 5-10 percent directly in the cost of a bowl of pho, its ripple effect can affect 20-30 percent of total costs due to transportation and logistics.

Tam An