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Checking price-forming factors when commodities have abnormal fluctuations

16:18 | 30/06/2022

VCN - The People's Committees of provinces and centrally-run cities take the initiative in checking the price-forming factors in accordance with the provisions of the Law on Prices and their powers when commodities see abnormal fluctuations. The Government Office has issued Notice 179 dated June 22, 2022, of the conclusion of Deputy Prime Minister Le Minh Khai - Head of the Steering Committee for Price Management, at the meeting on June 13, 2022 on price control of some groups of commodities.

Pressure to control inflation Pressure to control inflation
MoF moves to deal with petrol price hikes MoF moves to deal with petrol price hikes
Strengthen inspection and examination in law compliance on prices Strengthen inspection and examination in law compliance on prices
Illustration: VNA
Illustration: VNA

Closely monitoring inflation and response policies of other countries

Specifically, the State Bank of Vietnam will coordinate with the Ministry of Finance and other ministries and agencies to implement proactive and flexible monetary policies, in close coordination with fiscal and other macroeconomic policies, to control inflation according to the set target and control core inflation in 2022 to create a basis for general inflation control.

The Ministry of Foreign Affairs shall work with ministries and agencies to continue closely monitoring the economic situation, inflation and response policies of other countries, price movements of fuels and strategic materials in order to report to the competent agencies.

The Ministry of Finance shall actively cooperate with the Ministry of Planning and Investment and the State Bank of Vietnam to further strengthen synthesis, analysis, prediction and development of detailed scenarios, to support the management of the Government and ministries and agencies.

The People's Committees of # provinces and centrally-run cities shall perform the state management of commodities according to their competence, strengthen inspection and supervision, and take appropriate measures to stabilize prices; proactively check price-forming factors according to the provisions of the Law on Prices and their competence when there is abnormal fluctuation of goods.

The Ministry of Information and Communications shall coordinate with ministries and agencies to focus on the dissemination and transparency of price information to control inflation and reduce false information confusing consumers and causing market instability.

Regarding the construction and improvement of the law, the Ministry of Finance shall closely follow the direction in Official Dispatch 3173/VPCP-PL, announcing the direction of Deputy Prime Minister Pham Binh Minh on the Development Program of law and ordinance in 2023, amendments in 2022 to complete the Bill on Prices. Ministries and agencies shall actively coordinate with the Ministry of Finance in giving comments as well as implementing the formulation, amendment and supplementation of relevant law projects (such as the Land Law, the Law on Medical Examination and Treatment and the revised Law on Telecommunications) to ensure the uniformity and consistency of the legal system.

Ensure domestic petroleum supply

For specific items, ministries and agencies shall coordinate with the People's Committees of provinces and centrally run cities to focus on removing difficulties for production and business to prepare adequate goods to meet consumer demand and facilitate the flow of goods and services. In case of large fluctuations in prices, the ministries and agencies shall base on the provisions of the Law on Prices to propose and implement solutions for price stabilization.

Specifically, for goods and services that are priced by the state in the immediate future, it is necessary to carefully review impacts on the price level and target of inflation control to have a specific plan to report to the Steering Committee for Price Management and the Prime Minister.

The Ministry of Industry and Trade will proactively ensure that domestic petroleum supply is not interrupted on the basis of assessing the domestic supply and import source; closely monitor world price movements in order to have an appropriate plan to control domestic gasoline prices, flexibly use the Petroleum Price Stabilization Fund to limit the increase in domestic gasoline prices.

The State Capital Management Committee shall guide the Vietnam Oil and Gas Group (PVN) to report on the petroleum supply plan of Nghi Son Refinery soon and transfer it to the Ministry of Industry and Trade as a basis for formulating a plan to ensure petroleum supply for the third quarter and the end of 2022.

The Ministry of Transport shall continue to strengthen the inspection and supervision of the declaration and listing of prices and the sale of tickets at the listed prices for transport business units; review price increases so they are consistent with the evolution and structure of gasoline costs in transportation costs.

Strengthen inspection, control quality and price of input materials

Regarding construction materials, the Ministry of Natural Resources and Environment and the Ministry of Construction will work with ministries, central agencies and local agencies in effective supply management; prevent stockpiling, disrupting the supply chain. The Ministry of Transport and the ministries, agencies and investors in construction investment projects shall actively consolidate the list of construction materials according to the technical requirements of the transportation works, especially materials used in building highways to send it to localities where the works are carried out to determine and announcing prices.

The localities focus on performing the task of promptly announcing construction material prices according to regulations and coordinate with ministries and agencies to ensure circulation and supply of construction materials.

The Ministry of Agriculture and Rural Development will strengthen inspection and control of the quality and prices of input materials; coordinate with the Ministry of Industry and Trade in directing fertilizer production enterprises to maintain and maximize their capacity to promptly supply fertilizers to the market and serve domestic needs; strengthen inspection and supervision of production and trading of animal feed and fertilizers.

Concerning pork products, the Ministry of Agriculture and Rural Development will focus on ensuring supply, especially at the end of the year. The Ministry of Industry and Trade and the People's Committees of the provinces and centrally-run cities shall strengthen control of intermediaries and circulation of pork in the market.

Regarding the prices of medical examination and treatment services, education - training and vocational education service, the Ministry of Health, the Ministry of Education and Training, the Ministry of Labor - Invalids and Social Affairs, based on the provisions of the Decree 60/2021 dated June 21, 2021 of the Government and according to their assigned functions and tasks, shall assume the prime responsibility for, carefully assess the impact, propose appropriate plans, and report to the Prime Minister and consult the Ministry of Finance to limit impacts on price level and reach the target of inflation control.

The Ministry of Finance will coordinate with the Ministry of Education and Training to study laws on prices to manage textbook prices in line with the actual situation; have a clear adjustment roadmap; continue to receive price declarations in accordance with the law; request publishing units to review and implement cost-saving measures to control inflation, ensuring social security, and sharing difficulties with consumers.

By Huong Diu/ Huyen Trang