PM orders enhanced price management measures

June 24, 2024 - 12:33
Prime Minister Phạm Minh Chính has asked for price management to be enhanced and called for measures to ensure a balance in supply and demand.
Customers shopping at a supermarket in Nha Trang City. — VNS Photo Ly Ly Cao

HÀ NỘI — Prime Minister Phạm Minh Chính has asked for price management to be enhanced and called for measures to ensure a balance in supply and demand.

In a dispatch sent to ministers, heads of ministerial-level agencies and the chairpersons of Peoples’ Committees of provinces and centrally-run cities last week, the PM said a close watch must be kept on the market developments.

The pressure from implementing measures is increasing as rising import and sea freight costs and salary regime reforms require all levels to proactively assess the situation and develop timely, appropriate and effective solutions.

The same must be done for strategic goods in the global market as well as regional and international situations to give timely warnings of any risks that may affect domestic prices and to propose rational, flexible and effective solutions and scenarios to relevant administrations.

The PM has also required the ministers, heads of ministerial-level agencies and Chairpersons of provincial/municipal People's Committees to have timely and effective policy responses as early as possible to avoid being unprepared.

They are to urgently implement the Steering Committee's directives, intensify monitoring of market developments, and timely implement solutions to ensure domestic supply-demand balance and price stability and prevent shortages, hoarding and unreasonable price increases.

The aim is to ensure the smooth operation of supply, circulation and distribution of goods and services, especially for petroleum and other strategic commodities that may be affected by disruptions in global supply chains and geopolitical conflicts.

The measures include enhancing the effective deployment and supervision of the implementation of price declaration, price posting and public disclosure of price information as stipulated by law.

The ministries, sectors and localities are also required to closely monitor information and track the price movements of certain products with significant impacts on the consumer price index, as well as organise inspections on compliance with price regulations and strictly handle any violations of price laws. 

The PM has directed the ministries of Industry and Trade, Health, Education and Training, and Labour - Invalids and Social Affairs, to urgently review, report and propose specific plans for adjusting the prices of goods and services under their management.

This includes healthcare services, electricity and educational services.

They must closely coordinate with the Ministry of Finance, General Statistics Office and other agencies to thoroughly assess the impact on the consumer price index and inflation control targets and scenarios.

The ministries are to report their findings to the PM before June 30.

The Ministry of Finance is tasked to lead a coordinated effort with the Ministry of Planning and Investment, the State Bank of Vietnam, the General Statistics Office and other relevant agencies.

Their goal is to intensify market price analysis and forecasting, updating detailed and timely price management scenarios for the remainder of the year.

This is to provide the Government and Prime Minister with appropriate recommendations to ensure the 4-4.5 per cent inflation control target for 2024, as per the National Assembly's resolution, with a target around 4 per cent. — VNS