Long-term and comprehensive solutions needed for price management

VCN – Deputy Prime Minister Le Minh Khai has asked for closely monitoring the world economic developments and inflation in Vietnam to introduce comprehensive and long-term solutions for price management and macroeconomic stability.
Edit the Law on prices: Legalise price analysis and forecasting Edit the Law on prices: Legalise price analysis and forecasting
Unpredictable factors are all in the price management Unpredictable factors are all in the price management
Ministry to actively build price management scenarios Ministry to actively build price management scenarios
Illustrative Photo: Internet.
Illustrative Photo: Internet.

The Government Officer issued Notice 223 on conclusions of the Prime Minister Le Minh Khai, head of the Steering Committee for Price Management, at the meeting of the Steering Committee in the second quarter of 2021 on August 13.

The notice stated the Prime Minister asked ministries, agencies and local governments to strengthen measures. The Ministry of Foreign Affairs should work with the Ministry of Finance, the Ministry of Planning and Investment, the Ministry of Public Security and the State Bank of Vietnam to closely monitor the world economic developments, the country’s inflation and inflation of countries, monetary and fiscal policies of big economies, especially those that have large trade with Vietnam to introduce long-term and comprehensive solutions to manage price, stabilise the macro economy and achieve the dual goals of pandemic prevention and economic development.

Regulating the source of goods to increase the supply

The Deputy Prime Minister asked ministries, agencies and local governments to keep an eye on supply and demand, market prices of important and essential commodities to take management measures and solutions to stabilise prices.

To remove difficulties and have a plan to regulate the source of goods to increase supply to pandemic-hit areas which implement isolation or social distancing, to ensure essential commodities for people; to continue to remove difficulties for production and business, goods flow to prepare stockpiles and stabilise market prices, especially at the end of 2021.

The Ministry of Finance and the State Bank of Vietnam must expand fiscal policies and combine them with monetary policies flexibly to ensure consistency and harmony with macroeconomic policies; thereby supporting and removing difficulties for production, business and people's lives affected by the Covid-19 pandemic, controlling core inflation and creating a basis for controlling targeted inflation.

Good and services priced by State prices have price stability to ensure inflation control and contribute to helping businesses and people. However, it is necessary to take the initiative in making plans to manage some goods and services to deploy public services according to the roadmap specified in Decree 60/2021.

Regarding price management of important and essential commodities, the Ministry of Industry and Trade is asked to expand work with the Ministry of Finance to regulate fuel prices and control production, export and import of fuel to promote market stability, avoid large inventories at domestic joint-venture factories, and comply with world fuel prices with taking the pandemic in account; consider deduction and use of the price stabilisation fund reasonably; create room for price management in the rest of the year, harmonise the State, businesses and people, avoiding the impact on social psychology.

To review input costs, make electricity supply plans, expected costs and costs that have not been included in the electricity price to develop the electricity price plan this year according to Decision 24/2017.

To work with the Ministry of Agriculture and Rural Development to diversify measures to distribute goods, to ensure a balance between supply and demand, to fully meet people's needs, especially in pandemic areas, avoiding increasing local prices. To negotiate and promote trade with partner countries to make plans to facilitate the flow of goods and raw materials for production of animal feed and fertilisers and develop preferential policies on price and give priority to meet quantity and quality.

The Ministry of Agriculture and Rural Development must work with the Ministry of Industry and Trade to update information, market developments and monitor the supply of food and food products to guide production to meet the market’s demand and domestic supply.

The Ministry of Transport must direct agencies and units to create maximum favorable conditions for goods circulation in compliance with regulations on disease control; speed up the development of a circular stipulating prices and price brackets for a number of specialised aviation services at airports accordingly the policy of 50% reduction in aircraft take-off and landing prices for domestic flights.

Enhance updating and publicising of the winning bid prices for medical supplies and equipment

The Ministry of Health must review and rearrange the list of technical services to prepare for the price adjustment plan in the short run under the roadmap and regulations in Decree 60/2021 of the Government; and report to competent authorities on failure in performance.

To strengthen updating and publicising of winning bid prices for medical supplies and equipment on the website of the Ministry of Health, especially information about the prices of anti-Covid-19 pandemic products; guide, inspect and supervise prices of medical equipment, supplies and drugs for pandemic prevention and control.

The Ministry of Construction has to work with the Ministry of Industry and Trade to actively study some solutions to monitor and stabilise the prices of construction materials, especially steel and sand; follow the developments of the real estate market, avoiding the possibility of a surge in real estate prices in the remaining months of 2021.

People's Committees of the provinces and centrally run cities are requested to enhance supervision of price declaration, listing and disclosure; strictly control price-forming factors for goods and services priced by the State, goods and services funded by the State budget and public goods and services.

The Ministry of Information and Communications is assigned to work with the Ministries of Finance, Industry and Trade, Agriculture and Rural Development and other ministries, agencies and local authorities to promote information on policies, measures to stabilise prices, regulate supply and demand of essential goods, and control inflation, especially amid the complicated developments of the pandemic to stabilise the psychology of consumers and businesses.

At the same time, to strictly handle those spreading false information, confusing people; continue to monitor market developments to make timely adjustments in charge of the management and promotion of postal and telecommunications services.

By Huong Diu/ Huyen Trang

Related News

Quang Ninh Customs seeks solutions to promote import and export

Quang Ninh Customs seeks solutions to promote import and export

VCN - Quang Ninh Customs Department has made efforts to synchronously deploy solutions to accompany, support and resolve difficulties for businesses, contributing to improving import and export activities through the area.
The economy can achieve the GDP growth target of about 7 percent

The economy can achieve the GDP growth target of about 7 percent

VCN - According to Nguyen Thi Huong, Director General of the General Statistics Office, to achieve the economic growth target in 2024, macroeconomic stability will be an important foundation and it is necessary to continue to maintain exchange rate stability, control inflation, and ensure major balances of the economy.
Managing price effectively, reducing pressure on inflation

Managing price effectively, reducing pressure on inflation

VCN - Timely and effective price management helps control the consumer price index (CPI) and inflation in accordance with the set target.
Accelerate implementation of solutions to disburse public investment capital

Accelerate implementation of solutions to disburse public investment capital

VCN - Facing the impact of storm No. 3 on economic growth, many experts continue to believe that public investment will play a key role in economic recovery and growth for the entire year of 2024. However, there is only one quarter left until the end of 2024. The target of disbursing at least 95% of investment capital is facing many difficulties.

Latest News

M&A activities show signs of recovery

M&A activities show signs of recovery

Mergers and acquisitions (M&A) activities in Vietnam have been showing signs of recovery in recent months as several large companies announced finished deals, which may create a ripple effect in the M&A market.
Fiscal policy needs to return to normal state in new period

Fiscal policy needs to return to normal state in new period

VCN - To recover the economy during and after the Covid-19 pandemic, fiscal policy has been flexibly and promptly managed, becoming a solid foundation to help businesses and the economy gradually overcome difficulties. After nearly 5 years, although there are still difficulties, the economy is gradually returning to a high growth trajectory. In that context, it is necessary to let fiscal policy return to normal state.
Ensuring national public debt safety in 2024

Ensuring national public debt safety in 2024

VCN - Since the beginning of the year, public debt management has been conducted proactively and effectively, meeting the need of raising capital for development investment. At the same time, debt indicators by the end of 2024 are guaranteed within the ceiling and safety threshold approved by the National Assembly, ensuring national financial security, increasing proactive response to risks arising from external and internal causes of the economy.
Removing many bottlenecks in regular spending to purchase assets and equipment

Removing many bottlenecks in regular spending to purchase assets and equipment

VCN - Decree No. 138/2024/ND-CP, which has just been issued, is expected to contribute to resolving bottlenecks in allocating funds for purchasing assets and equipment; renovating, upgrading, expanding, and constructing new construction items in projects that have been invested in and constructed in the past.

More News

Continue to handle cross-ownership in banks

Continue to handle cross-ownership in banks

VCN - The situation of excess share ownership, cross-ownership between credit institutions (CIs), CIs and enterprises, although has decreased significantly compared to previous periods, is still complicated and requires continued inspection and control.
Striving for average CPI not to exceed 4%

Striving for average CPI not to exceed 4%

VCN - According to the report of the Ministry of Finance, there are still some factors that put pressure on price levels in the remaining months of 2024, so the Ministry has updated 2 scenarios of average inflation in 2024 increasing in the range of 3.7-3.92%.
Delegating the power to the government to waive, lower, or manage late tax penalties is suitable

Delegating the power to the government to waive, lower, or manage late tax penalties is suitable

VCN - Discussing in groups about the project "1 law amending 7 laws" in the financial sector according to the program of the 8th Session on October 29, 2024, National Assembly delegates proposed that the Government should be assigned to make specific regulations on decentralization, granting the right to exempt and reduce taxes, and handling penalties for late payment of taxes...
Removing difficulties in public investment disbursement

Removing difficulties in public investment disbursement

VCN - According to the report of the Investment Department (Ministry of Finance), the estimated disbursement from the beginning of the year to October 31, 2024 is VND 355,616.1 billion, reaching 47.43% of the 2024 plan, reaching 52.29% of the plan assigned by the Prime Minister.
State-owned commercial banking sector performs optimistic growth, but more capital in need

State-owned commercial banking sector performs optimistic growth, but more capital in need

VCN - According to the report sent to the National Assembly before the 8th Session of the Government on investment, management and use of state capital in enterprises nationwide in 2023, the business performance of the state-owned commercial banking sector achieved positive growth.
Stipulate implementation of centralized bilateral payments of the State Treasury at banks

Stipulate implementation of centralized bilateral payments of the State Treasury at banks

VCN - The Ministry of Finance (MOF) gathers feedback on the draft Circular regulating the management and use of accounts of the State Treasury opened at the State Bank of Vietnam (SBV) and commercial banks.
Rush to finalize draft decree on public asset restructuring

Rush to finalize draft decree on public asset restructuring

VCN - According to the Ministry of Finance, the draft Decree regulating the rearrangement and handling of public assets is being urgently completed by the Ministry of Finance to submit to the Government for promulgation.
Inspection report on gold trading activities being complied: SBV

Inspection report on gold trading activities being complied: SBV

The State Bank of Vietnam (SBV) has announced that inspections on compliance with legal policies in gold trading activities of credit institutions and gold trading businesses have been completed and an inspection report is being compiled.
Budget revenue in 2024 is estimated to exceed the estimate by 10.1%

Budget revenue in 2024 is estimated to exceed the estimate by 10.1%

VCN -The Government estimates that state budget revenue in 2024 will exceed VND 172.3 trillion, up 10.1% over the estimate, of which tax and fee revenue will reach 13.1% of GDP.
Read More

Your care

Latest Most read
M&A activities show signs of recovery

M&A activities show signs of recovery

Mergers and acquisitions (M&A) activities in Vietnam have been showing signs of recovery in recent months as several large companies announced finished deals, which may create a ripple effect in the M&A market.
Fiscal policy needs to return to normal state in new period

Fiscal policy needs to return to normal state in new period

VCN - To recover the economy during and after the Covid-19 pandemic, fiscal policy has been flexibly and promptly managed, becoming a solid foundation to help businesses and the economy gradually overcome difficulties. After nearly 5 years, although there
Ensuring national public debt safety in 2024

Ensuring national public debt safety in 2024

VCN - Since the beginning of the year, public debt management has been conducted proactively and effectively, meeting the need of raising capital for development investment. At the same time, debt indicators by the end of 2024 are guaranteed within the ce
Removing many bottlenecks in regular spending to purchase assets and equipment

Removing many bottlenecks in regular spending to purchase assets and equipment

Decree No. 138/2024/ND-CP, which has just been issued, is expected to contribute to resolving bottlenecks in allocating funds for purchasing assets and equipment
Continue to handle cross-ownership in banks

Continue to handle cross-ownership in banks

VCN - The situation of excess share ownership, cross-ownership between credit institutions (CIs), CIs and enterprises, although has decreased significantly compared to previous periods, is still complicated and requires continued inspection and control.
Mobile Version