The Government ensures to revise the CPI up by 4%

VCN – This was confirmed by the Deputy Prime Minister Vuong Dinh Hue at the session of the first quarterof 2018, held on 27th March by the Price Management Steering Committee (PMSC),for evaluating the result of price management inthe first three months, and to update measures for management from now until the end of the year.
the government ensures to revise the cpi up by 4 Price management to avoid unreasonable price increases
the government ensures to revise the cpi up by 4 2018: Gasoline prices impact on CPI is not worrying
the government ensures to revise the cpi up by 4 2018 inflation will be under pressure
the government ensures to revise the cpi up by 4

The Government will sucessfully control inflation in 2018. Photo: H. L

According to Director of Price Management Department,under the Minister of Finance, Nguyen Anh Tuan, Consumer Price Index (CPI) in March did not increase asin the first two months, andis expected to reduce 0.28% compared with the previous month. Compared with the same period in 2017, CPI in March 2018 increased by 2.65%. Thus, the average CPI for the first 3 months in 2018 increasedby 2.82% over the same period in 2017.

The Ministry of Finance pointed out that the increase in the first quarter of 2017 was due to the increase in consumer spending during the Tet holiday, and the festivals at the beginning of the yearwith the re-increase in prices of essential goods such as fuel, steel, iron. Theseimposed pressures on thedomestic price level; the revision of some domestic essential goods in some provinces (health examination and treatment fees without health insurance increased by 34.19%, making CPI up by 1.32%; the education fees increased by 7.38%; making CPI up by 0.38%.Electricity price increased by 6.08%, regional minimum wage rate increased by 6.5%, causing the increase in prices of some services from 2-8% over the same period last year.

Meanwhile, in the first three months, many reasons curbing CPI growth rate were the decrease in price of pork, fresh vegetables, telecommunications servicesand gas,compared with the beginning of last year.The ministries and localities shall closely coordinate in ensuring the supply and demand balance of goods sources and the flexible exchange rate management; closely coordinate monetary and fiscal policy and other macro policies to stabilize the value of money and core inflation. The Ministry of Industry and Trade shall flexibly use the petroleum price stabilization fund to limit the increase in the country.

However, the Ministry of Finance and many members from the Steering Committee said that there would be some factors putting pressure on the price level from nowuntilto the end of the year. They are:the price adjustment of health examination and treatment for people who do not have health insurance cards from 8 localities (affect 0.07% to CPI); the adjustment of management costs and staff salary into the price of heath examination and treatment services (affect 0.42 % to CPI); the price adjustment of education services (affect 0.3 % to CPI); the transfer of service prices from fee into price under the law; the movement of petroleum price; wage adjustment in the corporate and public sector, risks of natural disasters and bad weather, the price increase of essential goods such as construction materials (steel), and food.

From the above calculation, the advisory group of the Steering Committee has developed three scenario price management strategies based on goods price adjustment plans

Accordingly, the CPI forthe whole 2018 is forecasted to increase by 3.41, 3.55% and 3.9%, below the inflation target of about 4% in 2018, assigned by the National Assembly.

At the meeting, Deputy Prime Minister Vuong Dinh Hue appreciated that the Ministry of Industry and Trade has managed well the petroleum price through the Petroleum price stabilization fund, contributing to limiting the price increase of related services in the first 3 months.

Regarding the price management inthe last 9 months, the Deputy Prime Minister asked ministries and sectors to closely monitor the scenario to increase CPI in 2018 to 3.55%by deployingspecific tasks and solutions. "With the experience in management and coordination in operation of ministries and sectors for goods prices, the Government is confident that it will fulfill the task of inflation control in line with the set target," said theDeputy Prime Minister. The Deputy Prime Minister requested the State Bank of Vietnam to govern the core inflation flexibly, control credit in terms of structure and quality and money supply, to continue measures to neutralize earned foreign exchange and equitization to sell State capital.

The Ministry of Industry and Trade coordinates with the Ministry of Finance to continue to effectively operate the Petroleum price stabilization fund, stabilize the domestic petroleum market and announce the A95 petrol price in April. To develop special consumption tax policy for E5 fuel to encourage consumption; stabilize the electricity price in 2018 and enhance the propagation in energy use savings, thus avoiding "expected inflation".

The Ministry of Health carefully calculates the adjustment of step 3 of health service prices, avoiding the sudden increase in price, balancing the health insurance fund and the inflation control target. In April, the Ministry of Health will propose the Government to amend Decree 105/2015 / ND-CP guiding some articles of Law on Health Insurance and complete the revision of Circular 37 to unify the prices for heath examination and treatment among hospitalsto the same rank in the whole country. Studying the promulgation of circulars related to the medicine bidding and the management of medical supplies; considering the bidding for medicines with original medicine or generic substitutes, and joining in the bidding for medical supplies in hospitals including hospitals in the armed forces.

The Ministry of Education and Training,and the Ministry of Labor, Invalids and Social Affairs shall coordinate with localities to evaluate the current status of the tuition fee levels, determine the current rates against the brackets and ceiling levels prescribed in Decree No. 86/2015 / ND-CP; study the operational regulation.They are toactively coordinate with localities in obtaining information on registration of the price increase roadmap, allocate and control the level and time of tuition fee increases.

The Ministry of Transport continues to scrutinize the projects, complete negotiations with investors and banks to adjust the prices of BOT services at Toll gatesthat have been settled on the principle of preference on discounts to time reduction of payback. At the same time, studying and developing principles todetermine prices for subjects in accordance with the quality and usagelevel of services that vehicle owners actually use to soon amend Circular No. 35/2016 / TT. -BGTVT dated 15th November 2016 regulating the maximum price of road service for investment projects on road construction for businesses under the management of the Ministry of Transport.

the government ensures to revise the cpi up by 4 Stabilize inflation 2018: Needs contributions from the ministries

VCN- Although the consumer price index (CPI) in the first 2 months of 2018 has not increased ...

The Ministry of Transport will soon begin to develop a Circular to replace Decision No. 3863 / QD-BGTVT dated 1st December 2016 on the price bracket for container loading and unloading services and towingservices in Vietnam seaports, and Decision No. 3946 / QD-BGTVT, dated 9th December 2016 on price bracket for utilization service ofwharves, anchorage buoys in Vietnam seaports in accordance with the market.

By Thuy Linh/ Huyen Trang

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