View of the meeting of the Price Management Steering Committee. (Photo: VGP)
The Ministry of Finance's report on the results of price management and operation in the first quarter of 2024 and the orientation for price management in the remaining months of 2024 said that since the beginning of the year, the commodity market has been relatively stable. On average, the CPI in the first quarter increased by 3.77% over the same period in 2023. The retail market is still expected to recover. In the first quarter, total retail sales of goods and consumer service revenue reached more than 1,537 trillion VND, up 8.2% over the same period last year, of which tourism revenue increased by 46.3%...
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 Ministry of Finance updated 3 price management scenarios, corresponding to the forecast of an average CPI increase of about 3.64% compared to 2023 (scenario 1); increase of 4.05% (scenario 2) and increase of about 4.5% (scenario 3). The Ministry of Finance also proposed price management measures in the second quarter of 2024 and the remaining months of 2024.
Accordingly, the management and operation of prices must ensure good control of inflation, continue to support the removal of difficulties for production, business and people's lives. Continue to implement the roadmap for market prices of public services and goods managed by the State at appropriate levels and doses; promote the completion of the legal system on prices, and implement the Law on Prices, effective from July 1, 2024.
Speaking at the meeting, Deputy Prime Minister Le Minh Khai requested members to discuss and clarify the causes of difficulties and problems in price management, especially prices of essential goods and special goods (gold bar prices, apartment prices), as well as fiscal and monetary policies; closely assess the market situation, domestic and international supply and demand of goods to prepare scenarios with proactive, timely and effective management solutions.
At the meeting, representatives of the State Bank, Ministry of Planning and Investment, Ministry of Health, Ministry of Transport, Ministry of Industry and Trade, Ministry of Agriculture and Rural Development, General Statistics Office, Ministry of Finance... expressed agreement with the contents of the report of the Ministry of Finance.
Analyzing the developments of the CPI Index and the supply and demand of essential goods domestically and internationally, opinions emphasized a number of contents related to the management of fiscal policy, monetary policy, exchange rate management, gold price; implementation of the Law on Prices; ensuring market supply and demand; management of prices of medical examination and treatment services, air and maritime transport fares, prices of petroleum, crude oil, liquefied gas, electricity, prices of agricultural products, food, foodstuffs, construction materials, etc.
The opinions also suggested that ministries and branches carefully calculate the timing of price adjustment of some essential goods and services managed by the State, ensuring consistency and coordination with the overall implementation of salary policy reform from July 1, 2024...
Deputy Prime Minister Le Minh Khai speaks at the meeting. (Photo: VGP)
Concluding the meeting, Deputy Prime Minister Le Minh Khai stated that although price management and operation in the first quarter faced many pressures and continued to face many challenges due to rapid, complex, and multi-dimensional fluctuations from the world and regional context, it still achieved remarkable results. In order to stabilize the macro economy and control inflation according to the set targets, since the beginning of the year, the Government, the Prime Minister, and the Deputy Prime Minister - Head of the Price Management Steering Committee have directed ministries, branches, and localities to resolutely implement many solutions such as ensuring smooth supply, circulation, and distribution of goods and services, especially for strategic goods.
The Government also focuses on strengthening price management and control during the Tet holiday; promptly prepares plans to control State-priced goods and public services according to the market roadmap; proactively, flexibly, promptly and effectively controls monetary policy; implements reasonable fiscal policy; organizes and closely monitors supply and demand developments and market prices of essential goods to have appropriate control measures.
In the second quarter and the remaining months of 2024, the pressure is very great, so in order to proactively respond to challenges in price management, the Deputy Prime Minister requested ministries, branches and localities to focus on implementing a number of key solutions:
First of all, it is necessary to closely monitor domestic and foreign economic developments, forecast in detail and specifically the factors affecting the general price level, especially essential goods and services, to proactively develop detailed scenarios for each industry and field, ensuring that they are close to reality, thereby advising, proposing and implementing appropriate, timely and effective price management solutions. "Each ministry and sector, especially the Ministry of Industry and Trade, the Ministry of Health, and the Ministry of Education and Training, must proactively develop scenarios for managing and operating prices of essential services and goods, in accordance with the general management scenario, and not be passive," the Deputy Prime Minister emphasized.
Regarding price adjustments for essential goods and services, the Deputy Prime Minister requested ministries and branches to calculate the appropriate timing for implementing the new wage policy, ensuring inflation control according to the set target.
Based on the price management scenario, ministries, branches and localities, according to their assigned functions and tasks, direct the preparation of adequate supply of essential goods, especially essential goods with high weight in the CPI.
Continue to implement the roadmap for adjusting public service prices according to the market roadmap and the goods managed by the State according to market principles, proactively calculate and prepare price options and roadmaps for adjusting prices of goods to promptly adjust according to authority or report to competent authorities for consideration and decision on the level and timing of adjustment in accordance with market developments and price levels, ensuring the goal of controlling inflation.
Continue to research, advise, and propose solutions related to taxes and fees to support people and businesses; operate monetary policies (credit, interest rates, exchange rates) reasonably to contribute to controlling inflation, promoting growth, etc.
Ministries and sectors focus on building and perfecting mechanisms and policies related to price laws to implement and guide the Law on Prices to ensure consistency, synchronization and effectiveness in implementation, in order to create a complete legal corridor for price management and operation.
Regarding the price of gold, especially gold bars, the Deputy Prime Minister requested the State Bank to strictly implement the instructions of the Government and the Prime Minister on the management of gold; in the immediate future, it is necessary to ensure supply and demand, and reasonable prices. At the same time, it is necessary to study and propose long-term solutions for the management of gold, both ensuring the requirements of state management and meeting the legitimate needs of the people.
The Deputy Prime Minister requested ministries and branches to continue to promote information and propaganda work, ensure timely, public, transparent, and honest information on prices and price management work of the Government and the Price Management Steering Committee, especially price developments of important materials and essential goods related to production and people's lives. All must be for the common good, the people's benefit, resolutely fight against price inflation, fight against group interests, limit the increase in expected inflation, and stabilize the psychology of consumers and businesses.
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