The Government Office issued Notice 274/TB-VPCP Conclusion of Deputy Prime Minister Le Minh Khai - Head of the Steering Committee for Price Management at the Steering Committee meeting on the results of price management and operation in the first months of 2024, and orientation for price management in the remaining months of 2024.
The announcement stated: Price management and operation in the first months of 2024 will continue to face many challenges. The world economy continues to face many difficulties, slow growth, and challenging short- and medium-term growth prospects; bank interest rates in many countries remain high.
Military conflicts, strategic competition between major countries, the impact of climate change, natural disasters, unpredictable epidemics, increased transportation costs and risks to energy and food security; production activities in China have not recovered strongly. Prices of gasoline, gold, and input materials for production have fluctuated unpredictably.
Domestically, market prices in the first months of the year fluctuate according to annual rules; increasing in the first two months of the year due to the Tet holiday, decreasing in March according to the post-Tet rule. In April and May 2024, prices of basic goods are stable, supply is abundant while people's demand is not high, so the price level generally fluctuates little.
According to the General Statistics Office, the CPI in May 2024 increased by 1.24% compared to December 2023, and increased by 4.44% compared to the same period last year. On average, in the first 5 months of 2024, the CPI increased by 4.03% compared to the same period in 2023, core inflation increased by 2.78%; basically within the allowable limit according to the Resolution of the National Assembly and the proposed scenario.
In order to stabilize the macro economy, control inflation according to the National Assembly's target and implement the market price roadmap for public services and State-managed goods, since the beginning of the year, ministries, branches and localities have actively implemented solutions under the direction of the Government, the Prime Minister and the Steering Committee for Price Management, such as ensuring smooth supply, circulation and distribution of goods and services, especially for strategic goods such as gasoline, electricity, strengthening logistics connections to promote consumption and export of agricultural, forestry and fishery products; strengthening price management and operation during the Tet holiday; preparing early plans to operate prices of State-priced goods and public services according to the market roadmap; reducing lending interest rates, stabilizing the foreign exchange market; promoting disbursement of public investment capital; implementing credit packages to support industries and sectors; reducing value added tax on a number of groups of goods and services; reducing environmental protection tax on gasoline; Exempt, reduce, and extend taxes, fees, and land use fees to support businesses and people... thereby contributing to controlling inflation and promoting economic growth.
In the coming time, it is forecasted that a number of factors will put pressure on domestic prices, such as: prices of strategic materials are forecast to continue to fluctuate complicatedly due to the influence of the world situation; pressure from the implementation of the market roadmap for State-managed goods that has been delayed in the past; the exchange rate between the Vietnamese Dong and the US dollar has increased, increasing the cost of importing raw materials; increasing sea transport costs; the implementation of salary regime reform... poses challenges in price management from now until the end of the year, requiring ministries and branches under their state management functions to actively assess, grasp the situation, prepare plans and forecast scenarios to advise the Government and the Prime Minister to propose solutions suitable to the actual situation to control inflation according to the set targets.
Ensuring the target of controlling inflation in 2024 within the limit of 4-4.5%
To proactively respond to challenges in price management in the remaining months of 2024, ministries, branches and localities, according to their assigned functions and tasks, proactively promote the drastic and effective implementation of tasks and solutions set out in the Government's resolutions, the Prime Minister's directives, Notice No. 36/TB-VPCP dated January 31, 2024, Notice No. 193/TB-VPCP dated May 3, 2023.
In particular, ministries, branches and localities closely monitor price developments of strategic commodities in the world market, developments in the world and regional situations, proactively analyze, forecast, promptly warn of risks affecting domestic price levels, promptly implement according to their authority or propose, advise competent authorities on appropriate, flexible and effective measures, solutions and response scenarios, ensuring the target of controlling inflation in 2024 within the limit of 4-4.5% in accordance with the Resolution of the National Assembly in all situations, striving for about 4%.
At the same time, ensure smooth supply, circulation and distribution of goods and services, especially for petroleum and strategic goods that are likely to be affected by disruptions in the global supply chain and geopolitical conflicts and tensions.
No sudden price increases or price increases all at once
Ministries, sectors and localities continue to implement the roadmap for adjusting public service prices according to the market roadmap and State-managed goods according to market principles, proactively assess the impact on inflation, calculate and prepare price options and price adjustment roadmaps for consideration and decision when necessary at appropriate levels and times, avoid causing major disruptions to price levels, do not increase prices suddenly or increase prices at the same time, ensuring the goal of controlling inflation. The Ministries of Industry and Trade, Health, Education and Training, and Labor - Invalids and Social Affairs, according to their assigned functions and tasks, shall urgently review, report, and propose a specific roadmap with the level and expected time of price adjustment of goods and services under their management (medical examination and treatment services; electricity; educational services...), closely coordinate with the Ministry of Finance, the General Statistics Office and relevant agencies to carefully assess the impact on the CPI and the inflation control target, and report to the Prime Minister before June 30, 2024.
Continue to operate monetary policy proactively, flexibly, promptly and effectively according to set targets, in coordination with fiscal policy and other policies to contribute to stabilizing the macro economy, controlling inflation, and ensuring major balances of the economy.
Strengthen the effective implementation and supervision of price declaration, price posting, and price information disclosure measures in accordance with the law. Ministries, sectors, and localities regularly monitor information closely, grasp price developments of a number of commodities that have a major impact on the consumer price index, and organize inspections of compliance with price laws, strictly handling violations of price laws in accordance with regulations.
Ministries, branches and localities focus on building and perfecting institutions to implement and guide the 2023 Law on Prices to ensure consistency, synchronization and effectiveness in implementation in order to create a complete legal corridor for price management and operation.
Effectively and promptly carry out communication and information work to the public before adjusting prices of State-managed goods to avoid inaccurate information that causes public confusion. Publicly and transparently disclose information on prices and price management work of the Government, the Price Management Steering Committee, ministries, branches and localities to stabilize the psychology of people and businesses, and control expected inflation.
No shortage or disruption of gasoline supply
For specific items, ministries, branches and localities, according to their assigned functions and tasks, proactively organize close monitoring of supply and demand developments and market prices of items under their management to have appropriate management measures, including:
- Petroleum: The Ministry of Industry and Trade shall preside over and coordinate with relevant agencies to synchronously and effectively implement solutions to ensure petroleum supply for the domestic market in all situations and manage petroleum prices according to regulations; strengthen market inspection and supervision, strictly handle violations; absolutely do not allow shortages or interruptions in petroleum supply...
- For electricity, medical examination and treatment services and items under consideration for price adjustment: ministries and branches, according to their assigned functions and tasks, carefully review price formation factors, coordinate with the General Statistics Office to carefully assess the impact on the socio-economy and price levels to proactively have adjustment plans according to their authority or submit to competent authorities for consideration of price adjustment plans in accordance with developments and market price items in accordance with regulations with appropriate adjustment levels and timing, avoiding causing cost-push inflation resonance, creating expected inflation of the economy.
- Food: The Ministry of Agriculture and Rural Development coordinates with the Ministry of Industry and Trade to closely monitor the production situation, price fluctuations of input factors, and market demand for essential agricultural products such as rice, pork, and agricultural materials to promptly regulate supply and demand of goods to serve domestic needs, between regions, localities, and export needs to stabilize market prices.
- Construction materials: The Ministry of Construction and the Ministry of Industry and Trade closely monitor the situation and developments in the construction materials market, especially key materials, proactively implement within their authority or report to competent authorities solutions to ensure supply and demand and stabilize construction material prices.
- Air transport services: The Ministry of Transport synchronously and effectively implements solutions to ensure and stabilize air transport capacity to provide appropriate and balanced loads on domestic/international routes and markets, well meeting the air travel needs of passengers, especially during the upcoming peak summer season of 2024.
- Education services: The Ministry of Education and Training and the Ministry of Labor, War Invalids and Social Affairs proactively collect information on tuition fee adjustments of public vocational and higher education institutions for the 2024-2025 school year to have an overall assessment of the increase level and implementation status.
- Regarding the price management of other important and essential goods, ministries, branches and localities, according to their assigned functions and tasks, proactively organize to closely monitor the developments of supply and demand and market prices of goods under their management to have appropriate and timely management measures, to avoid shortages and disruptions in goods sources, causing sudden price increases.
TB (according to Government Newspaper)Source: https://baohaiduong.vn/tranh-gay-xao-tron-lon-ve-mat-bang-gia-ca-385471.html
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