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Tet price hikes pose new inflation threat
Prices remain high and have not returned to pre-Tet (Lunar New Year) levels after price gauging activities continued after the holiday break. In response, Prime Minister Nguyen Tan Dung has ordered ministries and local authorities to control price rises that are likely to cause higher levels of inflation this year.
Measures should target those who took advantage of the State's price adjustments to push prices to unreasonable levels, Dung said.
Before the end of March, demand and supply for essential goods, such as rice, gas and oil, fertilisers, cement and steel, need to be balanced by the relevant ministries. They must intervene in the market and propose necessary solutions to prevent goods shortages and unexpected price hikes.
Provincial People's Committees must guarantee supplies of basic necessities to meet local demand while managing consumer goods and transport prices.
The State Bank of Viet Nam must flexibly apply monetary policies to prevent the return of a high inflation rate and ensure liquidity in the economy and the banking system. The trade in gold and foreign currencies must also be controlled to avoid currency speculation activities.
The Ministry of Industry and Trade and the Ministry of Finance must tighten management of prices and strictly punish goods speculation by individuals and organisations alike, Dung said.
As part of the efforts, the Ministry of Information and Communications has been asked to provide timely, accurate and publicly accessible information on price management policies.
Surveys of food and essential goods in Ha Noi and HCM City markets have shown that prices, especially for vegetables, have remained high after the holiday break. But the Ministry of Industry and Trade has said that goods are not in danger of imminent shortage.
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