Many food processors have said they will maintain prices at the current level despite a substantial increase in oil prices, but insist that it will change if material suppliers boost their prices.
Vu Thu Ngan, an executive at Ha Long Canned Food Joint Stock Co, said that the company didn’t raise prices of its products and would maintain prices as long as it could.
Similarly, an officer of Vissan Import Export Corp said that the company’s selling price would remain unchanged in the short-term.
Some other canned food companies also have not revised up prices higher due to the strong competition in the industry. They said higher oil prices did cut into their profitability, but said a price increase is unlikely.
However, some said they would increase their selling prices a little if suppliers of materials boosted prices.
Meanwhile, the Vissan officer predicted that prices of processed food would increase in the next quarter. He however did not elaborate.