According to the Announcement, price management and operation in the first months of 2024 will continue to face many challenges. The world economy continues to face many difficulties, slow growth, and challenging short- and medium-term growth prospects; bank interest rates in many countries remain high. Military conflicts, strategic competition between major countries, the impact of climate change, natural disasters, and epidemics are unpredictable, increasing transportation costs and risks to energy and food security; production activities in China have not yet recovered strongly. Prices of gasoline, gold, and input materials for production have fluctuated unpredictably.
Domestically, market prices in the first months of the year fluctuate according to annual rules; increasing in the first two months of the year due to the Lunar New Year period, decreasing in March according to the post-Tet period. In April and May 2024, prices of basic goods were stable, supply was abundant while people's demand was not high, so the price level generally fluctuated little. According to data from the General Statistics Office, the CPI in May 2024 increased by 1.24% compared to December 2023 and increased by 4.44% compared to the same period last year. On average, in the first 5 months of 2024, the CPI increased by 4.03% compared to the same period in 2023, within the allowable limit according to the Resolution of the National Assembly and the proposed scenario.
In order to stabilize the macro economy, control inflation according to the National Assembly's target and implement the market price roadmap for public services and State-managed goods, since the beginning of the year, ministries, branches and localities have actively implemented solutions under the direction of the Government, the Prime Minister and the Price Management Steering Committee. Accordingly, ensuring smooth supply, circulation and distribution of goods and services, especially for strategic goods such as gasoline, electricity; strengthening logistics connections to promote consumption and export of agricultural, forestry and fishery products; strengthening price management and operation during the Tet holiday; preparing early plans to operate prices of State-priced goods and public services according to the market roadmap. At the same time, reducing lending interest rates, stabilizing the foreign exchange market; promoting disbursement of public investment capital; implementing credit packages to support industries and sectors; reducing value added tax on a number of groups of goods and services; Reduce environmental protection tax on gasoline; exempt, reduce, and extend taxes, fees, and land use fees to support businesses and people... thereby contributing to controlling inflation and promoting economic growth.
In the coming time, it is forecasted that a number of factors will put pressure on domestic prices, such as: prices of strategic materials are forecast to continue to fluctuate complicatedly due to the influence of the world situation; pressure from the implementation of the market roadmap for State-managed goods that has been delayed in the past; the exchange rate between the Vietnamese Dong and the US dollar has increased, increasing the cost of importing raw materials; increasing sea transport costs; the implementation of salary regime reform... poses challenges in price management from now until the end of the year, requiring ministries and branches under their state management functions to actively assess, grasp the situation, prepare plans and forecast scenarios to advise the Government and the Prime Minister to propose solutions suitable to the actual situation to control inflation according to the set targets.
To proactively respond to challenges in price management in the remaining months of 2024, ministries, branches and localities, according to their assigned functions and tasks, shall proactively and effectively implement the tasks and solutions set out in the Government's Resolutions, the Prime Minister's directives, Notice No. 36/TB-VPCP, and Notice No. 193/TB-VPCP.
In particular, ministries, branches and localities closely monitor price developments of strategic commodities in the world market, developments in the world and regional situations, proactively analyze, forecast, promptly warn of risks affecting domestic price levels, promptly implement according to their authority or propose, advise competent authorities on appropriate, flexible and effective measures, solutions and response scenarios, ensuring the target of controlling inflation in 2024 within the limit of 4-4.5% in accordance with the Resolution of the National Assembly in all situations, striving for about 4%.
Ministries, sectors and localities continue to implement the roadmap for adjusting public service prices according to the market roadmap and State-managed goods according to market principles, proactively assess the impact on inflation, calculate and prepare price options and price adjustment roadmaps for consideration and decision when necessary at appropriate levels and times, avoid causing major disruptions to price levels, do not increase prices suddenly or increase prices at the same time, ensuring the goal of controlling inflation.
For specific items, ministries, branches and localities, according to their assigned functions and tasks, proactively organize close monitoring of supply and demand developments and market prices of items under their management to have appropriate management measures...
Source
![[Photo] Prime Minister Pham Minh Chinh chairs Government Conference with localities on economic growth](https://vstatic.vietnam.vn/vietnam/resource/IMAGE/2025/2/21/f34583484f2643a2a2b72168a0d64baa)
Comment (0)