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Finance Minster analyses price-relating factors
Minister of Finance Vũ Văn Ninh on Tuesday said that the national economy, as one of the most open ones, is sensitive to changes of the world market.
Mr. Ninh made the statement in response to the NA Deputies’ concern over the price escalation during the past months, which would undermine Việt Nam’s growth significance.
The global price hike easily affects Việt Nam because its trade deficit is so high, he said.
In October, the prices of finished steel rose by 28.1% against the same period last year on the international market, while plastics up 24%, raw cotton up 41.9%, and oil up 30%.
Sharing the same view, Governor of the State Bank of Vietnam Nguyen Van Giau said that the global price of gold unexpectedly fluctuates this year, particularly since July. However, speculation began stronger during the past two years.
Moreover, repeated natural calamities, epidemics, high purchase power and interest rates all have contributed to the domestic price escalation.
Solutions, as Minister Ninh stated, would include tightening price management and safeguarding adequate supply of commodities for the Lunar New Year holiday.
Hai Minh
vgp News
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