Log in
Business

Vietnam is confident about keeping inflation under 4%: PM

The government is determined to maintain fast economic growth and stabilize market prices at the same time, said Prime Minister Nguyen Xuan Phuc.

Vietnam is fully capable of keeping inflation below 4% targeted for this year, according to Prime Minister Nguyen Xuan Phuc.

 Prime Minister Nguyen Xuan Phuc at the meeting. Source: VGP. 

The government is determined to maintain high economic growth and stabilize market prices, Phuc said a meeting of the Steering Committee on Price Management on April 21.

According to the General Statistics Office, with the current prices of liveweight hog at VND80,000 – 90,000 (US$3.4 – 3.83) per kilogram, the retail prices range from VND145,000 to VND165,000 (US$6.17–7.02) per kilogram, with intermediary costs accounting for 70 – 90% of the price.

A reshuffle of the distribution network, therefore, could reduce pork prices significantly, stated the agency.

Referring to the pork prices, PM Phuc requested more measures to keep the liveweight hog price below VND60,000 (US$2.55) per kilogram.

So far, Vietnam has imported over 45,000 tons of pork. Phuc said the country could continue to import pork in a bid to balance the supply-demand in both short- and longs terms.

Stability in prices of basic necessities and a reduction in prices of electricity and water would help relieve pressures for the business community and people during the Covid-19 pandemic, Phuc said.

Meanwhile, the Ministry of Planning and Investment assured all government support packages worth VND636 trillion (US$27.08 billion), or 10% of the GDP, would not affect the consumer price index (CPI), the main gauge of inflation.

Sharing a similar view to the government, Chief Economist of the Vietnam Institute for Economic and Policy Research (VEPR) Pham The Anh said at an online workshop that the inflationary pressure for Vietnam is low this year as a result of a low level of private consumption and disposable income.

Although the CPI expanded 5.56% year-on-year in the first quarter, it is possible that inflation will stay below the 4% target this year, given the state’s efficient management of food prices, Anh added.

Reactions:
Share:
Trending
Most Viewed
Related news
Vietnam, UK bolster economic ties through market principles

Vietnam, UK bolster economic ties through market principles

With its strong political will, market reforms, and adherence to global standards, Vietnam offers UK firms a compelling environment for innovation and growth.

Vietnam passes Law on Science, Technology and Innovation

Vietnam passes Law on Science, Technology and Innovation

The new law comes at a time when innovation identified as one of three breakthroughs for development.

Hanoi to conduct 2025 rural and agricultural census next month 

Hanoi to conduct 2025 rural and agricultural census next month 

The collected information will be used to compile national statistical and socio-economic indicators.

Vietnam to mobilize 100 top AI experts for national strategy

Vietnam to mobilize 100 top AI experts for national strategy

The initiative serves as an action plan to make artificial intelligence (AI) a core technology pillar for Vietnam over the next decade.

American firms in Vietnam cautiously optimistic despite trade uncertainty, AmCham says

American firms in Vietnam cautiously optimistic despite trade uncertainty, AmCham says

The American Chamber of Commerce in Vietnam - Ho Chi Minh City (AmCham)’s mid-year snapshot reveals a business environment characterized by resilience and recalibration.

Google, Public Security Ministry launch nationwide anti-scam campaign

Google, Public Security Ministry launch nationwide anti-scam campaign

The campaign is a landmark public-private initiative aimed at equipping Vietnamese citizens with the tools and knowledge to identify and avoid sophisticated online scams.

Discounts in Vietnam to be capped at 50%

Discounts in Vietnam to be capped at 50%

The circular applies to trade promotion activities of all manufacturers, traders, and organizations in Vietnam.

More five-star OCOP products labeled  

More five-star OCOP products labeled  

The One Commune One Product (OCOP) program has enabled small-scale producers, cooperatives, and artisans to build brands and access both domestic and international markets.