Deputy PM wants inflation kept below 4%

Saturday, Oct 14, 2017 08:42

Speaking out: Deputy Prime Minister Vuong Dinh Hue speaks at a meeting of the Steering Committee of Prime Management on Friday. - VNA/VNS Photo

The Government of Viet Nam is determined to keep inflation below 4 per cent this year.

Deputy Prime Minister Vuong Dinh Hue on Friday told the Steering Committee for Price Management that: “The inflation target this year must be below 4 per cent and core inflation kept at 1.6 per cent to help cut costs for businesses and support economic growth to reach the growth target of 6.7 per cent."

In the remaining months of this year, Hue urged relevant ministries and agencies to pay attention to the price trend of essential goods, such as petrol, gas and pork to effectively control inflation.

Hue asked the Ministry of Agriculture and Rural Development to update the damage to agricultural production caused by recent storms, floods and heavy rains. He said he wanted the information for price management of agricultural products as the year ends.

The Ministry of Industry and Trade must continue to work with the Ministry of Finance in using the petrol and oil stabilisation fund to control prices, especially in the period approaching the New Year holiday.

In addition, a plan to adjust power prices must be submitted to the Government for revision to encourage investment in electricity generation while limiting impacts of price changes in production and daily lives.

Hue also asked the Ministry of Transport to negotiate with investors and banks to adjust road fees of 51 build-operate-transfer stations which had completed balance sheets. He wants the ministry to cut fees in half of these stations.

Healthcare fees will be raised following the roadmap, Hue said, adding that the State Bank of Viet Nam must ensure credit growth stayed in line with inflation and the absorption capacity of the economy.

A report from the steering committee showed that prices were generally stable in the first nine months of this year.

From January to September, the consumer price index increased 3.79 per cent over the same period last year, mainly due to scheduled increases in healthcare and education fees, wages and recent fuel price hikes.

The Ministry of Industry and Trade recently said that it was gearing up efforts to stabilise the domestic market in the remaining months of this year to ensure adequate supply of goods.

In addition, market watch will be enhanced, especially on products with increasing demand as the New Year Holiday approaches. — VNS

Comments (0)