Price management to be enhanced, preparation of goods for Tết geared up

Close watch must be placed on the global economic and inflation developments as well as the impacts on Việt Nam and the supply and demand in the domestic market to timely raise solutions to prevent unreasonable price increases.

Deputy Prime Minister Lê Minh Khái has asked price management to be enhanced in the remaining months of this year as the Tết (Lunar New Year) holidays were approaching and inflation risk remained in the global market.

Ministries and local authorities should prepare plans for managing the State-priced goods and services and the impacts of any adjustments in prices must be carefully evaluated, he said.

Tightening price management was very important in the context that the global economic and geopolitical situation remained complicated, inflation in some countries tended to climb, and the supply and demand and prices of strategic products, especially oil, were unpredictable.

In the domestic market, some tax support policies would expire by the end of this year while the fourth quarter was also the peak period for stockpiling of goods for the Tết holidays.

If there were no unusual fluctuations, the National Assembly’s target of controlling inflation below 4 per cent was within reach.

Still, a close watch must be placed on the global economic and inflation developments as well as the impacts on Việt Nam and the supply and demand in the domestic market to raise solutions to prevent unreasonable price increases.

Khái also asked monetary, fiscal and other policies to be focused on stabilising the macro-economy, controlling inflation and ensuring major balances of the economy.

For State-priced products and services, such as healthcare, education and electricity, the Government asked for any adjustments to be carefully considered and carried out at appropriate points in time to avoid putting pressure on inflation.

The ministries of Industry and Trade and Finance must closely watch the domestic and global petrol market to ensure enough supply and stable prices for production and consumption.

Prepare for Tết

Priority must be given to ensure supply and demand balance for essential and important goods such as petrol, food, foodstuff, building materials, transportation services and consumer goods with high demand for Tết holidays.

Nguyễn Quốc Toản, Director of the Agro-Processing and Market Development Authority under the Ministry of Agriculture and Rural Development, said that many enterprises started to prepare goods for the Tết holidays in recent months.

VISSAN Joint Stock Company spent VNĐ710 billion in goods for Tết, 20 per cent higher than last year, including pork, with a commitment to keep prices stable.

Nguyễn Anh Đức, general director of Saigon Co.op said that the supermarket chain prepared around 14,000 tonnes of goods for the coming holidays.

According to Nguyễn Nguyễn Phương, Deputy Director of HCM City Department of Industry and Trade, many enterprises participated in the price stabilisation programme in the southern city, such as Satra, Sagri, Cholimex, Vissan, Vĩnh Thành Đạt, Ba Huân and San Hà, pledging to supply enough goods and keep prices stable before and after Tết.

In Hà Nội, to date, 44 enterprises committed to stabilising prices of goods for Tết, especially rice, pork and seafood. The volume of goods stored increased by 35 per cent over the same period last year, according to the municipal Department of Industry and Trade.

Deputy Minister of Agriculture and Rural Development Phùng Đức Tiến recently said that there would be no shortage of food for Tết, especially pork.