On the afternoon of January 23, Deputy Prime Minister Le Minh Khai - Head of the Steering Committee for Price Management chaired a meeting on the results of price management work in 2023 and orientations for 2024.
Assessing that 2024 will be a year of great difficulties and challenges, especially unfavorable external factors and internal difficulties, to carry out the tasks set by the National Assembly, which are GDP growth of 6-6.5% and an average CPI growth rate of 4-4.5%, opinions at the meeting said that price management and operation need to ensure good control of inflation, while continuing to support the removal of difficulties for production, business and people's lives.
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| Deputy Prime Minister Le Minh Khai, Head of the Steering Committee for Price Management, gave a speech at the meeting (Photo: VGP) |
Continue to implement the roadmap for market prices of public services and goods managed by the State at appropriate levels and doses according to developments in the consumer price index; promote the completion of the legal system on prices, and implement the Law on Prices (amended).
Based on the synthesis of information and updated forecasts of price trends of important essential commodities that are the focus of price management and operation in 2024, synthesizing assessment information of the Ministry of Planning and Investment and the State Bank on factors affecting inflation in 2024, the Steering Committee's Working Group proposed 3 inflation scenarios with forecasts of average CPI increases of 3.52%, 4.03% and 4.5%.
Concluding the meeting, Deputy Prime Minister Le Minh Khai, Head of the Steering Committee for Price Management, stated that price management and operation in 2023 will face many challenges due to rapid, complex, and multi-dimensional fluctuations in the world and regional context.
The global economy has recovered slowly, inflation has cooled down but is still at a high level, causing many major economies to maintain tight monetary policies and high interest rates to control inflation. The world commodity market continues to be affected by the impact of many economic and geopolitical factors. Prices of some strategic goods and essential raw materials for production in the domestic market have fluctuated at times.
In addition, the impact of climate change and natural disasters reduces the supply of some essential agricultural products such as food, pushing up the prices of these products, affecting price management.
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| Deputy Prime Minister Le Minh Khai requested that in 2024, it is necessary to forecast the actual situation closely, implement proactively and flexibly, and ensure good control of inflation according to the targets set by the National Assembly (Photo: VGP) |
To proactively respond to inflationary pressures, from the beginning of 2023, the Government, the Prime Minister, and the Deputy Prime Minister - Head of the Price Steering Committee have directed ministries, branches, and localities to resolutely implement many macroeconomic solutions such as ensuring the supply of essential consumer goods and important input materials for production.
Timely promulgation of support policies to exempt, reduce, and extend taxes, fees, charges, and land use fees helps reduce pressure on price levels; reduce lending interest rates, stabilize the foreign exchange market; promote disbursement of public investment capital; along with other macro policies to help remove difficulties for businesses and people, stabilize the macro economy, and control inflation.
According to the General Statistics Office, the average consumer price index in 2023 increased by 3.25% over the same period last year, within the inflation target set by the National Assembly and the Government. This result shows that price management is close to the actual situation and achieves the set target.
On behalf of the Government and Prime Minister, Deputy Prime Minister Le Minh Khai commended and highly appreciated the efforts of ministries, branches and localities in coordinating responsibly, closely, resolutely and making efforts to implement solutions to control inflation and achieve positive results in price management and operation.
In addition, the Deputy Prime Minister also pointed out the shortcomings and limitations in price management in a number of ministries and branches, and requested relevant ministries and branches to learn from experience and be more decisive and proactive in order to promptly advise competent authorities on solutions in price management and operation in 2024.
According to Deputy Prime Minister Le Minh Khai, the National Assembly's Resolution on the 2024 Socio-Economic Development Plan decides to continue prioritizing growth associated with consolidating and maintaining macroeconomic stability, controlling inflation, ensuring major balances of the economy, including assigning a GDP growth target of 6-6.5% and an average consumer price index (CPI) growth rate of 4.0-4.5%.
Deputy Prime Minister Le Minh Khai emphasized: To carry out the tasks set by the National Assembly, price management and operation in 2024 needs to continue to promote the achieved results, forecast the actual situation closely, implement proactively and flexibly, and ensure good control of inflation according to the targets set by the National Assembly.
Deputy Prime Minister Le Minh Khai noted that from July 1, 2024, salaries will increase, in addition, credit growth targets will also increase, many unpredictable factors such as price fluctuations of some essential goods (gasoline, food, natural disasters, climate change) ... therefore, it is necessary to forecast the actual situation closely, be extremely careful, not be subjective, to be ready with appropriate, timely and effective price management and operation plans.
In the immediate future, Deputy Prime Minister Le Minh Khai requested ministries, branches and localities to focus on and strengthen price management and operation during the Lunar New Year, strictly implement Directive No. 26-CT/TW dated November 23, 2023 of the Secretariat on organizing the 2024 Giap Thin Lunar New Year and Directive No. 30/CT-TTg dated December 15, 2023 of the Prime Minister on strengthening measures to ensure a joyful, healthy, safe and economical celebration of the 2024 Giap Thin Lunar New Year.
Strengthen management, operation, price stabilization of the market, strictly handle violations of price laws within authority.
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