Deputy Prime Minister Ho Duc Phoc chaired a meeting of the Steering Committee for Price Management, evaluating the results of price management and operation in the past 7 months and orienting price management work in the remaining months of 2025.
Vietnam's inflation under control; CPI increases appropriately to support growth
On the morning of August 5, Deputy Prime Minister Ho Duc Phoc chaired a meeting of the Steering Committee for Price Management, evaluating the results of price management and operation in the past 7 months and orienting price management work in the remaining months of 2025.
The Ministry of Finance ’s report on price management and administration shows that since the beginning of the year, the market price level has basically fluctuated according to the law. In the first quarter, prices increased at the beginning of the year due to Tet and then decreased in March according to the law after Tet.
In the second quarter, CPI increased slightly in April and May by 0.07-0.16%, then increased more in June (up 0.48% compared to the previous month) due to the price of some construction materials (bricks, sand, stone) and gasoline prices increasing according to fluctuations in the world fuel market.
Compared to the same period last year, the CPI in the first 7 months of the year is estimated to increase by 3.2-3.3%. This is an appropriate level to support economic growth in the context of resources being focused on promoting economic growth at the highest level. Vietnam's inflation is being controlled within the target limit set by the National Assembly and the Government from 4.5-5%, contributing to macroeconomic stability.
The Ministry of Finance's report also forecasts a number of factors that will put pressure on the price level in the remaining months of 2025 (prices of imported raw materials; prices of construction materials; prices of some food, foodstuffs, beverages, and garments; prices of some items managed by the State; increasingly severe climate change with greater scale and frequency...), as well as a number of factors that will help reduce pressure on the price level (abundant domestic food supply; tuition exemption policy for students from preschool to high school nationwide; textbook prices reduced by 5-20%; tax reduction policy;...).
Based on the forecast, the Ministry of Finance updated the price management scenario for the last 5 months of the year to increase by 3.7-4.0%. International organizations forecast Vietnam's average inflation to be around 2.9-4.2%. The Ministry of Finance assumes that the CPI in the remaining months increases at the same rate as the previous month, then in the remaining 5 months of 2025, the CPI each month will have room to increase by around 1.19-1.58% to ensure the target of controlling average inflation in 2025 at around 4.5-5.0%.
From the above scenarios and assumptions, the Ministry of Finance proposes price management solutions in the last months of 2025 to ensure the achievement of the set goals.
Deputy Prime Minister Ho Duc Phoc: Strengthening management and price control in a reasonable manner to promote rapid and sustainable growth is a mandatory requirement.
Strengthening management and operating reasonable prices to promote rapid and sustainable growth
After the Ministry of Finance reported, Deputy Prime Minister Ho Duc Phoc asked the members of the Steering Committee to thoroughly discuss the report's content, as well as the price fluctuations of some essential goods, which have had a profound impact on people's lives and production and business activities of enterprises in recent times, thereby proposing fundamental, appropriate and effective management measures for rapid and sustainable development.
At the meeting, representatives of ministries and branches (Government Office, Ministry of Industry and Trade, Ministry of Health, State Bank, Ministry of Education and Training, Ministry of Science and Technology, Ministry of Home Affairs, General Statistics Office, Ministry of Agriculture and Environment, Ministry of Construction) expressed their agreement with the assessment, comments and solutions stated in the central report of the Ministry of Finance; affirmed that the Price Management Steering Committee has performed well its assigned tasks; overall, in the 7 months of 2025, price management and operation work has achieved the set goals.
Based on the analysis of domestic and international factors (including the impact of reciprocal taxes), representatives of ministries and branches made specific statements on the contents related to price management and operation in general and price management of some specific goods and services in the coming time such as: Gasoline; liquefied petroleum gas; electricity; medical services; cash supply, interest rates, credit, exchange rates; prices of input materials and exports of key production items; prices of rice, vegetables, pork, black tiger shrimp, whiteleg shrimp, tra fish; prices of construction materials; real estate prices... Thereby, ministries and branches proposed solutions to ensure balance between supply and demand, flexible and effective price management and operation.
Concluding the meeting, Deputy Prime Minister Ho Duc Phoc highly appreciated the specific and profound opinions of the Steering Committee members, and requested the Ministry of Finance - the standing agency of the Steering Committee - to absorb and complete the report to deploy implementation measures in the coming time.
Deputy Prime Minister Ho Duc Phoc emphasized that price management is extremely important, because if inflation is not effectively controlled, growth results will not have much meaning for people's lives and production and business activities of enterprises. Strengthening price management and operation in a reasonable manner to promote rapid and sustainable growth is a mandatory requirement.
The Deputy Prime Minister requested ministries, branches and localities to pay close attention to developments in essential goods, closely related to people's lives and business activities, especially gasoline; electricity; rice, meat, etc., to prepare appropriate management and operation solutions.
The Deputy Prime Minister requested the Ministry of Construction and the Ministry of Agriculture and Environment to coordinate with the provinces to have fundamental and synchronous solutions to manage the real estate market to operate healthily and in accordance with people's lives.
The Deputy Prime Minister also gave specific opinions on the following contents: money supply management, stabilizing the exchange rate between the Vietnamese Dong and the USD; electricity price management; construction material prices and input material prices for production...
Deputy Prime Minister Ho Duc Phoc: Focus on synchronously implementing solutions, striving to keep CPI at the most reasonable level to promote growth
Focus on synchronously implementing solutions, striving to keep CPI at the most reasonable level to promote growth.
In the coming time, the Deputy Prime Minister emphasized the need to focus on synchronously implementing solutions, striving to keep CPI at the most reasonable level to promote economic growth; by October 2025, ministries and branches will develop a plan to manage prices of goods under their management in 2026 to have a proactive management plan.
At the same time, implement measures to closely monitor price fluctuations in the domestic market, especially for essential consumer goods and services; proactively and flexibly take measures to regulate supply and demand and stabilize the market to ensure production, meet social needs, prevent shortages and price hikes, contribute to curbing inflation and ensuring social security.
Ministries, sectors and localities are requested to closely monitor the developments in supply and demand, market prices of goods under their management to have appropriate management measures. Proactively forecast and have plans to ensure balance of supply and demand, especially during times when the market has high demand for essential goods such as gasoline, construction materials, food, agricultural supplies, transportation services, etc. to avoid shortages and disruptions in supply, causing sudden price increases.
Strengthen the effective implementation and supervision of price declaration and posting measures; publicize price information; strictly handle acts of unreasonable price increases that cause market instability.
Conduct fiscal policy in coordination with monetary policy and other policies to contribute to stabilizing the macro economy, controlling inflation, and ensuring major balances of the economy.
Continue to promote information and propaganda work, ensure timely and transparent information on prices and price management work of the Government, the Price Management Steering Committee, especially price developments of important materials, essential goods related to production and people's lives to limit expected inflation, stabilize consumer and business psychology, especially at times coinciding with holidays during the year./.
Tran Manh
Source: https://baochinhphu.vn/pho-thu-tuong-ho-duc-phoc-tap-trung-quan-ly-dieu-hanh-gia-hieu-qua-de-thuc-day-tang-truong-10225080511360897.htm
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