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Domestic market picks up
The government’s measures to pull the reins on the economic slowdown have gradually paid off as the domestic market began to show signs of recovery in April, with sales of essential commodities such as cement, steel and paper picking up, according to the Domestic Market Management Group.
At a meeting in Hanoi on April 28, group experts said that the prices of construction steel, cement, fertilizer, food and petrol have increased slightly thanks to the global market rally and timely adjustments of import tariffs.
They said that ministries and localities are going ahead with investment and consumption stimulus packages, which have prompted the market to bounce back. The government has also introduced a second stimulus package targeted at agriculture and rural development, with the aim of mechanising production, increasing output and boosting sales.
According to the experts, favourable weather supported agricultural production in April, but the early rainy season in the south affected people’s daily lives. Poultry and cattle diseases showed signs of waning, with bird flu, foot-and-mouth and blue ear pig disease almost contained across the country, except in three provinces.
They also said that the monetary market was relatively stable, with the deposit interest rates (in VND) increasing slightly to 7-7.95 percent per annum. The stock market also picked up, with the VN-Index exceeding the 300-point mark following a prolonged fall.
The experts forecast that State employees’ pay rise starting in May would help increase spending, but psychologically affect the prices of several commodities, especially food.
The consumer price index is expected to rise by 0.5 percent against April.
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