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should have solutions to control market prices of
commodities in their responsibility.
Fourthly,
ministries, sectors and People’s
Committees of the provinces and cities directly under
the Central Government should direct the concerned
units to closely monitor the supply and demand of
the market and prices; to effectively implement the
task of coordinating the preparation of goods for
Lunar New Year, creating favorable conditions for
enterprises wishing to access preferential loans to
stabilize the market.
Fifthly,
intensify the management, inspection and
examination of the observance of law provisions on
prices as well as the inspection of observance of the
tax and charge law; inspect and supervise the quality
of food hygiene and safety, especially for food items
for Lunar New Year.
Sixthly,
for the market – oriented application of
a number of commodities managed by the State
(fees of health care services in the first months of the
year, fees of education services and public services
using budget): ministries, sectors and provinces shall
continue to closely coordinate, control the increase in
prices and select the appropriate timing in order to
limit the sudden impact on the average CPI increase.
Seventhly,
closely monitor the enterprise’s price
declaration for price-stabilized items, items on the
list of goods subject to price declaration; strictly
control price schemes and price levels for goods
and services priced by the State; carefully assess the
impacts of price adjustments (if any) on the socio-
economy and the CPI of localities and the nation.
Accordingly, suitable adjustment schemes should be
recommended to avoid same timings of increase in
prices, which would result in CPI increase.
Eighthly,
continuously improve the legal system
of prices.
Ninthly,
enhance the management of information
and communication on price management and
steering in order to restrict misleading information
which would probably confuse consumers, resulting
in market instability.
Reference:
1. The Goverment (2015), Decree No. 86/2015/ND-CP dated 2/10/2015;
2. General Statistics Office of Vietnam(2017), Socio–economic Overview2017;
3. The Ministry of Health and The Ministry of Finance (2015) , Joint circular No.
37/2015/TTLT-BYT-BTC dated 29/10/2015;
4. TheMinistry of Health (2015), Circular No. 02/2017/TT-BYT dated 15/3/2017.
Prices of consumer goods tend to increase in
occasions of holidays, new years and other seasonal
cycles;
Prices of petrol and some materials in the world
market tend to recover;
Electricity prices since the last months of 2017
would have direct impacts on general price level and
indirect impacts on production and business costs,
especially in the peak time of production for the
Lunar New Year;
Increases in fees of health care, education and
public administration services will take place as
scheduled for market - orientation;
Fees of services will be adjusted under the Act on
Fees and Charges, in which prices will replace fees…
However, there are several factors that will curb
CPI in 2018 such as: international commodity prices,
especially agricultural products, are expected to be
low due to high supply; domestic food and foodstuff
prices are forecast to remain stable, commodity
supply is relatively plentiful and core inflation is low.
Recommendation for management,
steering and stabilization of price
In order to ensure the inflation of 2018 at 4% set
by theNationalAssembly, pricemanagement should
be implemented drastically in the first months of the
year. Ministries, branches and localities should focus
on well performing the following tasks:
Firstly,
strictly implement the direction of the
Government on the management and control of
prices in general as well as of important and essential
items in particular; Direct the stabilization of market
and prices, implement measures to ensure the supply
and demand balance required byMinistry of Finance
and specialized management ministries (Ministry of
Industry and Trade).
Secondly,
continuously manage and steer prices
under the State-regulated market mechanism,
paying attention to the collection, analysis and
forecast of market information so as to promptly
propose measures to stabilize prices and control
inflation according to the provisions of law; always
ensuring the balance of supply and demand of
goods and services thereby stabilizing the market
and prices.
Thirdly,
the State Bank of Vietnam continues to
run a stable monetary policy in 2018, controlling
core inflation at 1.6-1.8%. Ministries and sectors
