Members of the Viet Nam Gas Association have agreed to lower the retail price of gas by as much as VND46,000 (more than US$2) per 12kg from the start of April.
Customers will be able to purchase 12kg gas cylinders from VND405,000 to 410,000 (around 20$) each, depending on the brand.
The association's president Nguyen Sy Thang said gas companies were required to announce the revised price at the beginning of this month, and retain it until May.
Members have been given the responsibility of managing their distribution agents and ensuring the reduction is passed down to consumers.
The association also said global gas prices had dropped around $160 per tonne compared to early March because of declining demand for gas in many countries following the cold winter.
In January, prices rose by VND126,000 ($6) per 12 kg following the global market, concerning local consumers.
The price of food has also decreased, with abundant supplies and slowing demand affecting the market.
In contrast to the downward trend, some supermarkets predicted a possible price rise in April.
Big supermarkets confirmed that the cost of beer, soft drinks and cosmetics would increase by 10 to 15 per cent, due to rising production costs.
Power costs are also likely to go up, with many experts predicting that Electricity of Viet Nam is likely to up prices in the near future.