Effectively and flexibly perform the role of regulating and stabilizing prices of essential goods.

Việt NamViệt Nam03/08/2023

Deputy Prime Minister Le Minh Khai chaired a meeting of the Price Management Steering Committee. (Photo: VGP/Quang Thuong)

After listening to the report of the Ministry of Finance, speaking at the meeting, representatives of ministries and branches (Government Office, Health, Planning and Investment, Education and Training, Industry and Trade, State Bank, Transport, Agriculture and Rural Development, General Statistics Office...) expressed high consensus with the very complete and comprehensive report of the Ministry of Finance, and agreed that in the first months of the year, the supply of essential goods was guaranteed, prices were basically stable, and developments were in line with the price management scenario set out by the Steering Committee...

Ministries and sectors assess that from now until the end of the year, there is more room for price management, with sufficient conditions to consider adjusting the roadmap for state-managed goods and services according to the market roadmap at the appropriate time to control inflation according to the target, while ensuring social consensus.

Opinions suggest that in managing prices of state-managed goods, it is necessary to take advantage of the inflation target of 4.5% in 2023 approved by the National Assembly to proactively implement price plans according to the prescribed roadmap and in accordance with fluctuations in price forming factors according to market developments, while reducing pressure in the following years.

Deputy Prime Minister Le Minh Khai: Ensure supply and demand of goods, prepare adequate sources of goods to ensure timely response to people's needs, especially essential goods. (Photo: VGP/Quang Thuong)

Speaking at the meeting, Deputy Prime Minister Le Minh Khai highly appreciated the results achieved as well as the efforts of ministries, branches and localities in implementing price management measures in the past time; suggested that in the remaining months of 2023, ministries, branches and localities continue to promote the achieved results, closely follow the proposed scenarios, strictly implement the directions of the Government and the Prime Minister; proactively and closely monitor price and inflation developments in the world, promptly warn of risks of domestic inflation; effectively and flexibly perform the role of regulating and stabilizing prices of goods managed by the State.

Ensure supply and demand of goods, prepare adequate sources of goods to ensure timely response to people's needs, especially food, essential goods and consumer services, especially to serve high consumption demand during holidays, New Year's Eve, etc.; continue to implement proactive and flexible monetary policies in close coordination with fiscal policies and other macroeconomic policies to control inflation according to the set targets.

Effectively deploy and monitor the implementation of price declaration and price posting measures; publicize price information; inspect the implementation of price laws; continue to promote information and propaganda work, ensure timely, transparent and complete information on prices and price management, especially price developments of important materials and essential goods related to production and people's lives to stabilize consumer psychology and control expected inflation.

Localities shall proactively implement state management of goods within their authority, strengthen inspection and supervision of implementation of price declaration and price posting measures; publicize price information; inspect compliance with price laws, and proactively inspect price formation factors according to law provisions when goods have unusual fluctuations.

The Deputy Prime Minister also gave specific opinions regarding price management for a number of essential goods. Accordingly, for petroleum products, the Deputy Prime Minister directed to continue to closely monitor market developments to prepare appropriate measures; synchronously and effectively implement solutions to ensure petroleum supply for the domestic market; avoid shortages or interruptions in petroleum supply. Quickly complete and submit to the Government the draft Decree amending and supplementing Decree No. 95/2021/ND-CP and Decree No. 83/2014/ND-CP on petroleum trading according to the direction of the Prime Minister in Directive No. 03/CT-TTg...

The Ministry of Industry and Trade urges Vietnam Electricity Group (EVN) to report on the updated electricity price plan every quarter in 2023 to implement electricity prices according to regulations; promptly complete the amendment and supplementation of Decision No. 24/2017/QD-TTg of the Prime Minister regulating the mechanism for adjusting the average retail electricity price and Decision No. 28/2014/QD-TTg regulating the structure of retail electricity prices...

The Ministry of Agriculture and Rural Development coordinates with the Ministry of Industry and Trade to closely monitor market developments, production and supply, especially agricultural products in the main crop season, to orient production and business to meet market demand, limit factors affecting prices, and ensure the interests of people, businesses and the country.

The Deputy Prime Minister requested the Ministry of Education and Training to carefully study and comprehensively assess the impact factors, and on that basis propose a roadmap and appropriate level of adjustment.

Regarding medical service prices, the Ministry of Health urgently reviews and issues technical and economic norms as a basis for adjusting prices of medical examination and treatment services; ensures supply, especially materials for the construction of traffic works and key projects.

The Ministry of Transport strengthens inspection and supervision of price declaration, posting and ticket sales at listed prices for transport businesses, especially at the end of the year when demand for travel and freight transport increases.

The Deputy Prime Minister requested ministries, branches and localities, according to their assigned functions and tasks, to proactively monitor closely the developments in supply and demand and market prices of goods under their management in order to have appropriate management measures, meeting domestic demand and inflation management goals; assign the Ministry of Finance to strictly implement the Price Law No. 16/2023/QH15, effective from July 1, 2023.


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