Seeking solutions to stabilise prices of essential commodities

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The Ministry of Finance asked local governments to strengthen the price management and stabilisation in their area in the last months of 2021. Photo: Thu Diu

The Ministry of Finance said ministries, agencies and local governments have effectively carried out the Government and Prime Minister's solutions on price management in the first six months of 2021. However, the prices of important and essential commodities such as raw materials and fuels continue to tend to increase in line with global prices, especially petrol and construction materials, impacting manufacturing industries, investment projects and socio-economic life.

Therefore, the Ministry of Finance asked the People's Committees of provinces and centrally-run cities to continue strengthening price management and stabilisation in their areas.

Specifically, they must closely monitor developments in supply and demand and market prices, especially for raw materials, fuel, materials and essential commodities that are inputs for production; medical supplies for anti-pandemic, agricultural products and freight rates to offer timely solutions to stabilise the market prices.

At the same time, they must accelerate the declaration and listing of prices publically; strictly control price-forming factors for goods and services determined by the State, goods and services funded from the State budget, public goods and services, and public delivery services.

The Ministry of Finance also suggested agencies proactively make plan or integrate into professional task plans to strengthen the inspection of the observance of legal provisions on price management and seriously handle violations.

Besides, take the initiative in reviewing legal documents on price management under their authority; promptly amend and supplement regulations that make trouble and are overlaps and no longer meet reality to facilitate the price management in their areas.

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In addition, agencies should strengthen information on market prices and publicise price information, especially for raw materials, fuel, materials and essential goods, minimising the impact of price increases due to psychological factors, inflation expectations and avoiding false rumours that affect the market price level and people's life.