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Vietnam to strictly control prices of essential commodities | Business

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Vietnam to strictly control prices of essential commodities ảnh 1 Residents in Ho Chi Minh City are buying eggs in Co.opmart Nguyen Kiem, located in Phu Nhuan District. (Photo: SGGP)


Deputy Prime Minister Le Minh Khai stressed that the inflation pressure in the first 5 months is extremely high since many nations are adopting the loose monetary policy, increasing gas and food prices due to the instability between Russia and Ukraine, high demands of commodities after the fourth Covid-19 outbreak in the country.

The Government, the Prime Minister and related ministries, the localities have implemented various measures to effectively control inflation in Vietnam during those months. However, this pressure still continues in the near future, especially when the fuel price does not show a sign of reduction, possibly leading to price rise of other products and services.

Therefore, the price control task of the Government encounters more challenges. The Deputy Prime Minister asked that the State Bank of Vietnam cooperate with the Finance Ministry and related ministries to apply an active, flexible monetary policy, closely linking to the fiscal policy and other macro policies to maintain the control on core inflation in 2022, forming the basis for general inflation control.

Vietnam to strictly control prices of essential commodities ảnh 2

All localities are requested to increase their monitoring over the local market and adopt price stabilization solutions. Whenever abnormal signs are detected, they must be carefully investigated to timely address. Essential commodities must be under stricter supervision to ensure the adequate living standards for citizens. Forecast must be done promptly to devise flexible administration measures so that essential commodities are always sufficient for production and consumption.

The goods and services priced by the State must be closely monitored, with careful consideration of possible influences before deciding a price rise. Those goods and services priced by enterprises under the law, there must be timely rectification if abnormal situations happen.

As to fuel, Deputy Prime Minister Khai asked that its prices must be flexible, along with the reasonable use of the Price Stabilization Fund and import plans when necessary.

He emphasized the requests to ensure food security; prepare a clear roadmap for school fee rise, especially among state-owned schools; study the price law to control prices of textbooks so that all learners can access them with an affordable price.

By Phan Thao – Translated by Huong Vuong

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