Deputy Prime Minister Ho Duc Phoc requested to closely monitor the price movements of strategic goods in the market; not to allow speculation, hoarding, and price hikes to occur…
The Government Office has just issued Notice No. 511/TB-VPCP on the conclusion of Deputy Prime Minister Ho Duc Phoc – Head of the Steering Committee for Price Management at the Steering Committee meeting on the results of price management and operation in the first 10 months of 2024, and orientation for price management in the remaining months of 2024.
The conclusion announcement stated that, in order to stabilize the macro economy, control inflation according to the targets set by the National Assembly and implement the market price roadmap for public services and goods managed by the State, since the beginning of the year, ministries, branches and localities have actively implemented solutions under the direction of the Government, the Prime Minister and the Steering Committee for Price Management such as: ensuring smooth and increasing the supply of essential goods and services to meet people’s consumption needs; closely monitoring the supply and demand developments and market prices of essential goods to have appropriate management measures; promptly issuing national reserve goods to support and provide relief to people affected by storms and floods; promoting the recovery of agricultural production after storms; focusing on and strengthening price management and operation during Tet holidays, natural disasters and storms and floods; promptly preparing price management plans for State-priced goods and public services according to the market roadmap; Proactively, flexibly, promptly and effectively operate monetary policy; continue to implement support policies on taxes, fees and charges to support people and businesses.
In the remaining months of 2024, the forecast for the world and regional situation is that it will continue to evolve rapidly, complicatedly, and unpredictably. Adjusting policies of countries according to the general situation will have an impact on price fluctuations of strategic commodities in the world. In the country, the pressure from continuing to implement the market price roadmap for State-managed commodities; the exchange rate between the Vietnamese Dong and the US Dollar remains high, increasing the cost of importing raw materials; risks of natural disasters, storms, floods, unfavorable weather for production; high consumer demand at the end of the year… requires ministries, branches, and localities to continue to actively monitor closely, grasp the situation, do a good job of synthesizing, analyzing, and forecasting market prices to proactively have solutions and management measures within their authority, promptly advise the Government and the Prime Minister on solutions suitable to the actual situation to control inflation according to the set targets.
Closely monitor supply and demand and market prices
To proactively respond to challenges in price management in the remaining months of 2024, the Deputy Prime Minister requested ministries, branches and localities, according to their assigned functions and tasks, to proactively promote the drastic, timely and effective implementation of tasks and solutions set out in the Government’s Resolutions, Official Dispatches, Directives, and directives of the Prime Minister, Notices No. 36/TB-VPCP dated January 31, 2024, Notice No. 193/TB-VPCP dated May 3, 2024, Notice No. 274/TB-VPCP dated June 24, 2024.
In particular, focusing on closely monitoring price developments of strategic commodities in the world market, developments in the international and regional situation, proactively analyzing, forecasting, promptly warning of risks affecting domestic price levels, promptly implementing according to authority or proposing, advising competent authorities on appropriate, flexible, effective measures, solutions, and response scenarios, ensuring the target of controlling inflation in 2024 in accordance with the Resolution of the National Assembly, striving for about 4%.
At the same time, improve the quality and efficiency of synthesizing, analyzing and forecasting market prices; properly implement the regime of reporting market prices periodically every month, quarter, year and suddenly according to the provisions of Decree No. 85/2024/ND-CP, Circular 29/2024/TT-BTC, send to the Ministry of Finance for synthesis, report to the Prime Minister and the Head of the Price Management Steering Committee according to regulations.
In addition, focus on ensuring the balance of supply and demand of goods, proactively stockpiling essential consumer goods to fully meet the consumption needs of the people at the end of the year and the upcoming Lunar New Year. Ensure smooth supply, circulation and distribution of goods, organize distribution channels well, trade promotion programs, stimulate consumption, support the consumption of goods and products, and exploit the domestic market to the fullest. Promote the role of key enterprises, trade centers and supermarkets participating in the market stabilization program, contributing to ensuring supply and stabilizing domestic prices.
Create a favorable environment for business development, help increase supply, reduce pressure on price increases
Ministries, branches and localities, according to their assigned functions and tasks, continue to review and implement the roadmap for adjusting public service prices according to the market roadmap and State-managed goods according to market principles; conduct assessments and carefully calculate impacts to avoid causing major disruptions to price levels, greatly affecting people’s lives, and ensuring the goal of controlling inflation.