Strengthening price management and operation during Lunar New Year

On the afternoon of January 23, Deputy Prime Minister Le Minh Khai, Head of the Steering Committee for Price Management, chaired a meeting on the results of price management in 2023 and the orientation for 2024.

Based on the synthesis of information and updated forecasts of price trends for essential commodities, which are the focus of price management and control in 2024, and the synthesis of assessments from the Ministry of Planning and Investment and the State Bank of Vietnam on factors affecting inflation in 2024, the Steering Committee's working group has put forward three inflation scenarios with average CPI forecasts of 3.52%, 4.03%, and 4.5%.

Concluding the meeting, Deputy Prime Minister Le Minh Khai stated that the National Assembly's Resolution on the Socio -Economic Development Plan for 2024 stipulates continued priority for growth while consolidating and maintaining macroeconomic stability, controlling inflation, and ensuring major economic balances, including setting GDP growth targets of 6-6.5% and an average consumer price index (CPI) increase of 4-4.5%.

Policy - Strengthening price management and control during the Lunar New Year holiday. — Deputy Prime Minister Le Minh Khai - Head of the Steering Committee for Price Management - chaired a meeting on the results of price management in 2023 and orientations for 2024 (Photo: VGP).

The Deputy Prime Minister emphasized that, in order to fulfill the tasks set by the National Assembly, price management and control in 2024 needs to continue to build on the achievements already made, accurately forecast the actual situation, and implement measures proactively and flexibly to ensure good inflation control according to the targets set by the National Assembly.

He noted that salary increases will be implemented from July 1, 2024, and credit growth targets will also increase. Many unpredictable factors exist, such as price fluctuations of essential goods (gasoline, food, natural disasters, climate change, etc.). Therefore, it is necessary to accurately forecast the actual situation, be extremely careful, and avoid complacency, in order to have appropriate, timely, and effective price management and control plans in place.

Regarding price management and control in 2024, the Deputy Prime Minister requested that ministries, sectors, and localities focus on and strengthen price management and control during the Lunar New Year holiday, strictly implementing Directive No. 26 dated November 23, 2023, of the Party Central Committee on organizing the Year of the Dragon 2024 and Directive No. 30 dated December 15, 2023, of the Prime Minister on strengthening measures to ensure a joyful, healthy, safe, and economical Lunar New Year 2024.

Deputy Prime Minister Le Minh Khai requested that ministries and agencies be more proactive and better prepare plans for managing the prices of state-regulated goods and essential public services according to market-based roadmaps, especially the prices of healthcare, education, and petroleum products.

Emphasizing the need for proactive and flexible management and control of prices in 2024, the Deputy Prime Minister requested ministries, sectors, and localities to ensure the supply and demand of essential goods, preventing supply disruptions; and to promptly detect and take effective measures to address any unusual developments in the supply of goods.

Proactively forecast and develop plans to ensure a balance between supply and demand, especially during periods of high market demand for essential goods such as gasoline, construction materials, food, pork and other fresh food items, agricultural supplies, transportation services, etc., to prevent shortages and disruptions in the supply chain that could lead to sudden price increases.

Ministries, sectors, and localities are requested to flexibly and effectively utilize price regulation tools and measures as prescribed by the law on pricing to control and stabilize the market. Strengthen the effective implementation and supervision of price declaration and price listing measures; publicly disclose price information. Organize inspections and audits of compliance with the law on pricing, and strictly handle violations of the law on pricing.

The Ministry of Finance, in coordination with other ministries and agencies, promptly develops and issues guiding documents on price laws, preventing any legal loopholes in price management and regulation .

Source