Tet market is basically stable
Reporting on the market price situation and price stabilization measures before and during the 2024 Lunar New Year, the Ministry of Finance said that thanks to proactive and active direction, management, and good preparation of goods for Tet, especially good inspection and enforcement of price laws in the locality, the supply-demand situation and market prices are basically stable and under control, especially in the context of people tending to reduce consumption this year.
The Ministry of Finance assessed that, in general, Tet market prices in localities increased and decreased, but there was no shortage of goods or price fever.
Forecasting the price situation after Tet, the Ministry of Finance said that according to the annual rule, the first quarter coincides with the time when many year-end festival activities and the Lunar New Year of Giap Thin take place, prices often fluctuate and increase before and after Tet (January is the festival month, so prices of goods and services for food, entertainment, and travel often increase).
However, some essential goods often increase slightly during Tet holidays and then gradually decrease back to normal after Tet. In some provinces and large cities, many supermarkets and stores have reopened to serve the demand for essential goods, the supply of goods is no longer interrupted and will fully meet the consumption needs of the people. The supply of domestic consumer goods, food and foodstuffs is still abundant, meeting the needs of the people, so prices are not expected to fluctuate much.
Entering 2024, closely following the target of controlling inflation and being flexible in price management (DHG) is the task and challenge for state management agencies to achieve macroeconomic stability, contributing to supporting and promoting economic development in the context of forecasts that the world economic situation continues to have potential risks of instability and slow recovery speed, and increasing geopolitical fluctuations.
Along with that, the Resolution on the Socio-Economic Development Plan for 2024 was approved by the National Assembly in November 2023, in which it continues to prioritize growth associated with consolidating and maintaining macroeconomic stability, controlling inflation, ensuring major balances of the economy, in which the GDP growth target is assigned from 6 - 6.5% and the average consumer price index (CPI) growth rate is from 4.0 - 4.5%.
Proactively respond to challenges in price management
Continuing to promote the successes of recent years in management and price stabilization with the aim of controlling inflation and stabilizing the macro-economy, the Ministry of Finance said it will proactively coordinate with ministries and branches to advise the Prime Minister, Deputy Prime Minister - Head of the Steering Committee for Price Stabilization and implement synchronous solutions and measures to proactively respond to challenges in price management.
The Ministry of Finance and other ministries and branches, according to their functions and tasks, will focus on a number of key solutions and tasks in 2024. In particular, closely monitor the world economic and inflation developments affecting Vietnam to have appropriate response solutions; closely monitor fluctuations in domestic market prices to advise on appropriate, flexible and timely policies and scenarios for inflation, especially for essential goods and services that have a great impact on price levels, especially during times of price fluctuations such as holidays, Tet, and salary policy adjustments; and operate monetary policy according to set targets in coordination with fiscal policy to contribute to stabilizing the macro economy, controlling inflation, and ensuring major balances of the economy.
In particular, proactively forecast, calculate, develop and update inflation scenarios for essential goods according to the market roadmap to ensure inflation control according to the set target. Continue to implement the market roadmap for public service prices and goods managed by the State on the basis of assessing and carefully calculating the impact to avoid causing major disruptions to the price level.
For specific items, the Ministry of Finance requests ministries, branches and localities to be responsible for organizing and closely monitoring the supply - demand and market price developments of items under their management to have appropriate management measures. Proactively forecast and have plans to ensure supply - demand balance, especially during times when the market has high demand for essential items such as gasoline, construction materials, food, pork and other fresh food items, agricultural supplies, transportation services, etc., to avoid shortages and disruptions in supply sources that cause sudden price increases.
At the same time, flexibly and effectively use tools and measures to regulate prices according to the provisions of the law on prices to control and stabilize the market. Strengthen the effective implementation and supervision of price declaration and posting measures; publicize price information; organize inspections and checks on compliance with the law on prices, and strictly handle violations of the law on prices.
In particular, focus on the work of building and perfecting institutions to implement and guide the 2023 Law on Prices to ensure unity, synchronization and effectiveness in implementation to create a complete legal corridor for management and price stabilization; promote information and propaganda work, ensure timely and transparent information on prices and price stabilization work of the Government, the Price Stabilization Steering Committee, especially price developments of important materials, essential goods related to production and people's lives to limit the increase in expected inflation, stabilize consumer and business psychology, especially right from the beginning of the year coinciding with the holidays and Tet.
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