Rising fuel prices are placing upward pressure on freight rates, prompting transport businesses to consider price adjustments. Authorities are closely monitoring the situation and are urging companies to exercise caution and carefully evaluate their decisions before implementing any increases.
Truck freight rates increase
In the road transport sector, at the new Mien Dong (Eastern) Bus Station in Ho Chi Minh City, many transport companies have declared increased ticket prices. Significant price increases were observed, such as Quy Thao Transport Company on the Song Hinh route, with increases ranging from 10 percent to 14 percent depending on the vehicle type; Thanh Cong Company operating the Phuoc Long route, with a 23 percent increase; Nhu Quynh Transport Service Company with increases of 14 percent-20 percent on inter-provincial routes in Ninh Thuan; Hoa Mai Transport and Tourism Company with a 20 percent increase on the Vung Tau route.
At the Mien Tay (Western) Bus Station, 22 out of 144 transport companies adjusted ticket prices upwards, ranging from 16 percent to nearly 30 percent. Notably, routes to the Central Highlands saw the strongest increases, with some routes increasing by up to 57 percent due to the long distances and high fuel consumption.
According to a report from the Ho Chi Minh City Department of Construction, 31 of the 97 transport companies have announced price increases, with adjustments typically ranging from 5 percent to 36 percent. On March 16, three additional companies announced that they had to raise their prices. In the taxi sector, only two companies have implemented fare increases. Vinasun increased fares by 11 percent–12 percent, while Unipower raised fares by 6 percent–27 percent.
Observations from bus stations in Hanoi show that many transport companies have declared passenger fare increases ranging from 5 percent to 50 percent. Specifically, fares on the Hanoi-Da Nang route have increased by around 10 percent, the Hanoi-Sa Pa route by 10 percent-20 percent, and the Hanoi-Dong Hoi route by 10 percent-50 percent.
Efforts to maintain prices
According to information from the Department for Road of Vietnam, based on updated data from localities, 100 fixed passenger transport routes have announced fare increases, ranging from 5 percent to 50 percent. In response to the widespread increase in transport fares, a representative from the Ho Chi Minh City Department of Construction stated that they have requested businesses to publicly disclose the proportion of fuel costs and make adjustments according to the principle of "corresponding increases and decreases".
When fuel prices fall, freight rates must also be adjusted promptly. In an interview with the Sai Gon Giai Phong newspaper, a leader of the Ministry of Construction emphasized that it will continue to direct agencies, units, and localities to propose appropriate management solutions to limit negative impacts on transportation activities and people's lives.
In addition, the ministry directs relevant agencies to strengthen inspection and supervision of the declaration, posting, and adjustment of transportation freight rates by transportation businesses, ensuring that freight rate adjustments are consistent with fluctuations in input costs, transparent, and compliant with legal regulations.
Nguyen Ngoc Hoa, Chairman of the Ho Chi Minh City Business Association (HUBA), suggested: “The business community recommends that relevant agencies need more flexible management solutions, especially in controlling gasoline and other important input costs, including significantly reducing lending interest rates and taxes. This will contribute to reducing costs, supporting stable production for businesses, and continuing to create momentum for economic growth.”
On the same day, the Department of Construction of Lam Dong Province announced that it had received proposals from transportation companies seeking freight rate increases of 40 percent–45 percent. After reviewing rising fuel prices and the proportion of fuel costs already reflected in current transportation fares, the department declined to approve the proposed increases.
On the afternoon of March 17, the Agency for Domestic Market Surveillance and Development under the Ministry of Industry and Trade announced that Market Surveillance Team No. 7, under the Sub-Department of Ninh Binh Province, had issued a decision to impose an administrative fine on Gas Station No. 1, operated by Linh Luong Investment Development and Trade Joint Stock Company. The station, located on Route 21B in Ninh Giang Commune, Ninh Binh Province, was found to have sold fuel at prices exceeding the maximum limits set by the State, following reports from local residents.
Authorities have imposed a fine of VND35 million and required the business to refund customers the full amount of the overcharged price difference.
