Vietnam premier orders crackdown on building material hoarding, price manipulation

Under an official dispatch issued on Saturday, the government leader assigned the Ministry of Public Security to work with relevant agencies to investigate and strictly handle organizations and individuals found to be engaging in speculative practices, stockpiling materials, or artificially inflating prices for profit.

The directive comes amid ongoing tensions in the Middle East, which may drive up fuel prices both internationally and domestically, creating ripple effects across Vietnam’s construction sector.

Provincial and municipal leaders are instructed to step up inspections and ensure compliance with pricing regulations.

The Cabinet leader emphasized a zero-tolerance approach toward profiteering behaviors, including spreading misinformation or exploiting market fluctuations to justify unreasonable price hikes.

It is vital to ensure a stable supply of materials for key national projects and urgent public works.

The prime minister also called for a comprehensive review of mineral reserves and common construction materials to expedite licensing procedures and boost extraction capacity.

Relevant units are required to closely monitor fuel and building material price movements and assess their impact on project budgets and financing.

In particular, the Ministry of Construction is responsible for overseeing local compliance in publishing accurate pricing data for materials, labor, and machinery.

It is also in charge of guiding localities in resolving bottlenecks and ensuring adherence to regulations, while directing contractors and investors to maintain continuous construction schedules, including during weekends and holidays, to speed up progress on key national projects.

Meanwhile, the Ministry of Agriculture and Environment is urged to review and streamline procedures related to licensing mineral exploration and extraction for construction materials.

The Ministry of Industry and Trade are tasked with directing market surveillance forces to step up inspections and impose strict penalties on acts of hoarding, price gouging and the circulation of counterfeit or untraceable construction materials.

Beyond pricing and supply issues, the directive also places strong emphasis on expediting land clearance for major infrastructure developments.

Many provinces such as Tuyen Quang, Lang Son, Quang Tri, Quang Ngai, Dak Lak, Dong Nai, Lam Dong, and An Giang have been ordered to complete site handovers for key expressway projects in March.

Bac Ninh, Dong Nai, and Lam Dong Provinces are urged to resolve obstacles and accelerate land clearance for critical transport corridors.

The ongoing conflict in the Middle East has contributed to strong fluctuations in global energy markets.

Global energy prices have surged since military tensions involving the United States, Israel, and Iran escalated in the region in late February, disrupting shipments through the Strait of Hormuz, a key route for about one-fifth of global oil consumption.