Controlling major commodity prices is a top priority for the central government
VIETNAM, March 15 –
People shop at a Co.op Mart in HCM City. The government has confirmed that controlling commodity prices is a top priority. Photo VNA/VNS
HÀ NỘI — The central government considers controlling the prices of key commodities, such as gasoline, steel, concrete, transport, animal feed, food and medical equipment, as a priority absolute,” Deputy Prime Minister Lê Minh Khái said during a meeting with ministries and local authorities. authorities on Monday.
Khái ordered them to stay on top of the supply and demand for these products and to be prepared to heavily penalize companies that engage in price manipulation practices. He urged them to work with the media to ensure people are well informed, to avoid panic and hoarding.
The Deputy Prime Minister said that, at the moment, there are no plans to increase the prices of major commodities under the government’s price control program and administrative costs. However, departments should prepare for possible future adjustments.
He said companies and individuals found guilty of violating price regulations would face stiff penalties, especially hoarders.
Responding to a question about the government’s recent proposal to reduce the environmental tax on petroleum products by 50%, Khái said the reduction is likely to lower gasoline prices in the domestic market compared to neighboring countries. As this could lead to an increase in gasoline smuggling across borders, he called on local authorities and border guards to step up their efforts in the fight against smugglers.
He acknowledged that Việt Nam would likely face many difficulties in regulating prices, especially for petroleum products, as the global market remains unstable and volatile as the Russian-Ukrainian conflict drags on.
Economists called on ministries and businesses to prepare for all scenarios to adapt to sudden changes and mitigate damage to the economy.
“Our top priority is to ensure stability in the supply of goods and services, to prevent price spikes and panic,” he said.
He instructed the State Bank of Việt Nam to conduct a comprehensive review of the economy to design resilient monetary policies that support the government’s price control effort and economic recovery.
Việt Nam’s CPI rose 1% in February and 1.42% from the same period last year, according to Việt Nam’s General Statistics Office.
In the first two months of 2022, the CPI increased by 1.68% compared to the same period last year, and underlying inflation by 0.67%.
The GSO pointed out that core inflation in February rose 0.49% from the previous month and 0.68% from the same period last year. In the first two months, core inflation increased by 0.67% year-on-year, which is lower than the overall average CPI, reflecting the fluctuation in consumer prices mainly due to the rise food and fuel prices. VNS