HANOI, Nov. 27 (Xinhua) -- The prices of many products and services in Vietnam are predicted to rise, in some cases over 10 percent, following recent hikes in petrol prices, local newspaper Vietnam News reported Tuesday.

    The ministries of finance, and industry and trade agreed last week to allow petrol prices to climb from 11,300 Vietnamese dong (VND) (70.6 U.S. cents) to 13,000 VND (81.3 cents), as oil prices on the world market have shot to record heights, nearing 100 dollars per barrel.

    In Vietnam, offshore fishing and heavy industry are likely to feel the strongest impact. The price of seafood was expected to increase by an average of 10.8 percent, according to the ministries' analysts.

    The price of coal, steel and cement, meanwhile, are expected to rise 1.7-5.6 percent due to a heavy dependence on transport costs.

    "The cost to produce steel will increase by 95,000 VND (5.9 dollars) per ton with the price of petrol at this level," said Nguyen Tien nghi, vice chairman of the Vietnam Steel Association.

    Taxi and other transport companies are also under strong pressure, with petrol costs accounting for 50 percent of their rates. Supermarkets nationwide said they were receiving 5-10 notices a day from distributors intending to increase prices.

    The petrol price hike comes when inflationary pressures are already expected to build with the approaching season of the Tet (lunar new year) festival which falls in February 2008.