Flexibility in market management in 2025

Market management advisory work in 2025 must ensure the goal of both stabilizing the market and contributing to macroeconomic growth.

Market management advisory work in 2024 is well implemented.

At the meeting of the Domestic Market Management Team for the fourth quarter of 2024 held on the morning of January 7, 2025, in Hanoi, Ms. Nguyen Thu Oanh - Director of the Price Statistics Department (General Statistics Office) said that on January 6, the General Statistics Office announced the macroeconomic indicators for 2024. The indicators show that in general, the economic situation in 2024 has achieved the set macroeconomic indicators, inflation is well controlled.

Ms. Nguyen Thu Oanh speaking at the meeting

For the domestic market, total retail sales of goods and consumer service revenue increased by 9% over the same period, achieving the set target. In addition, the average consumer price index (CPI) in the fourth quarter of 2024 increased by 2.87% over the same period last year. The average CPI in 2024 increased by 3.63% over 2023, achieving the target set by the National Assembly.

Core inflation in December 2024 increased by 0.25% compared to the previous month and by 2.85% compared to the same period last year. On average, core inflation in 2024 increased by 2.71% compared to 2023, lower than the average CPI increase (3.63%).

According to Ms. Nguyen Thu Oanh, recently, the Government has directed ministries and branches to deploy flexible market management solutions to achieve the set goals. In particular, the domestic market indicators have received timely contributions from the Domestic Market Management Team in advising on the implementation of market regulation solutions, especially for essential goods. In addition, it has proposed solutions to manage prices, timely supply of goods to people affected by storm No. 3, timely supply, circulation and distribution of goods to serve people's lives.

In addition, in 2024, the prices of state-priced goods were carefully managed: medical service prices remained unchanged; electricity prices were adjusted once; tuition fees remained the same as last year... Good control of these price items has contributed significantly to curbing inflation. In addition, policies on adjusting taxes and fees, and monetary policies also contributed to the overall management goal.

“In addition, another objective point is that the cooling of world inflation also helps to cool down imported inflation, contributing to the overall result ,” Ms. Nguyen Thu Oanh shared.

Representative of the Price Management Department informed at the meeting

According to the representative of the Price Management Department - Ministry of Finance, in 2024, the key task of the Ministry of Finance is to issue a complete legal system on prices, from the Law on Prices to Decrees and Circulars. Thus, the system of documents has been completed, meeting the requirements of respecting market factors and related factors in price management, creating favorable space for management in the following years.

In 2025, the goal of market stability and economic growth must go hand in hand.

Entering 2025, Ms. Nguyen Thu Oanh said that 2025 is the final year of implementing the 5-year socio-economic development plan 2021 - 2025, a year of great significance in implementing the Resolution of the 13th Congress, requiring prioritizing economic growth associated with macroeconomic stability, ensuring major balances of the economy. The CPI target is controlled at 4.5%. This is not too heavy a level given the Government's experience in price management in recent times.

However, this goal should not be taken lightly because there are factors beyond our control such as the complicated developments of the war situation in the world; trade competition between major countries; extreme weather causing supply disruptions, affecting strategic goods, causing food and energy insecurity; the new tax policy of the re-elected President Donald Trump's administration is expected to impact export activities...

In the domestic market, pressure also comes when import costs increase as the whole country is importing more than 94% of materials for production and export, so if world prices increase, it will affect the prices of domestically produced goods, affecting inflation and consumer prices. Not to mention, many items with prices managed by the state must go through a price increase cycle, which also affects the cost of prices...

On the other hand, our country also has some factors that help control CPI such as abundant food sources; VAT reduction policy; economic stabilization policy is expected to help stabilize inflation. Therefore, the General Statistics Office has proposed scenarios for price management in 2025, in which scenario 1 is CPI at 3.8%; scenario 2 is CPI at 4.2% and scenario 3 is 4.5%.

The representative of the Price Management Department added that through market management, it can be seen that the factors affecting price management in 2025 are world market price factors. In particular, the disruption of the supply chain due to the war situation can affect the cost of importing and exporting goods.

Recently, the Ministry of Finance has issued Decrees guiding the Law on Prices, in which the post-audit stage has been strengthened. That is, ministries and branches do not directly monitor prices but have included a number of services in the price declaration, helping management agencies grasp information to make forecasts and have accurate information publicly available to society. This is a condition for price management to be more favorable.

Appreciating the market management work in 2024, Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan - Head of the Domestic Market Management Team said that in 2024, all indicators were achieved, of which CPI reached 3.63% (the ceiling is 4.5%). However, if CPI is kept too low, it is not good.

“ In 2025, on the momentum of 2024, there is an opportunity to accelerate and break through to achieve economic goals. Therefore, the market management advisory work must also be calculated flexibly. It is possible to push the CPI scenario closer to the National Assembly's allowed index of 4.5% to both ensure macroeconomic stability and create conditions for growth ” - Deputy Minister Nguyen Sinh Nhat Tan emphasized. At the same time, he said that not only in 2025 but also in the following years, the Party and State leaders have declared double-digit growth, so the management advisory work must promptly adjust to adapt to the market.

Source: https://congthuong.vn/linh-hoat-trong-cong-tac-dieu-hanh-thi-truong-nam-2025-368340.html