People buying gasoline at a station in Hà Đông District, Hà Nội. VNS Photo Ly Ly Cao

HÀ NỘI — Amid the uncertainties of global markets and inflation pressure, authorities must watch global economic developments closely and promptly take appropriate measures to ensure supplies and stabilise local commodities prices, Deputy Prime Minister Lê Minh Khái said on Friday at this year's first quarter meeting of the Committee on Price Management. 

In the first few months of 2023, prices of some products in the fuel group, such as gasoline and liquefied natural gas (LNG), were mixed, while building materials prices were in the rally trend. 

Lê Hồng Minh, Deputy Minister of Construction, at the meeting chaired by the Deputy PM, stated that numerous large-scale construction projects were underway, which caused changes in material pricing.

Due to the market's supply shortage, each locality set its prices, exacerbating the problem. Steel prices rose slightly earlier this year, while cement prices fell.

The construction ministry's leader added that the real estate industry had seen no positive signs, with property prices in many places falling by up to 50 per cent, and that they were still struggling to find solutions. The ministry would continue to monitor market conditions and take the necessary action. 

A priority was to keep raising interest rates to contain inflation, said Phạm Thanh Hà, Vice Governor of the State Bank of Vietnam (SBV). He also noted three key measures: control of input costs, balancing cash flows and commodities, and appropriate promotion.

Deputy Minister of the Transport Lê Đình Thọ said that measures for cash flow management were needed due to very high public capital. Transportation projects would be completed quickly if banks create favourable disbursement conditions.

Despite uncertainties, the stability of passenger and freight transport fees is a remarkable indicator in price management. Strengthening the role of state management in communities on price concerns is one of the effective options in the future, according to the leader of the Ministry of Transport.

Localities including Hà Tĩnh and Quảng Bình Provinces have recently thoroughly examined the issue of declaring and listing prices.

In conclusion, Deputy PM Khái asked the relevant authorities to closely monitor global economic developments to take appropriate response measures to ensure supplies promptly and stabilise domestic commodity prices.

In addition, ministries and other agencies needed to take a proactive approach to understand the situation, manage domestic production and business operations, and guarantee the availability of necessities like food and gasoline.

The Ministry of Finance would take the lead in synthesising opinions, promptly reflecting on them, and advising the Government and the PM on effective solutions in the coming months. 

"The proposed price management scenario must be objective and grounded in reality, especially closely following fiscal and monetary policies," the Deputy PM said. "In particular, many essential commodities need to stabilise prices to meet consumer demand." — VNS