The Government has placed importance on inspecting and monitoring the market while ensuring sufficient stocks of commodities for consumption to manage prices in a stable manner.

Finance Minister Vu Van Ninh provided insight into a host of market and price-related issues at the 29th meeting of the National Assembly’s Standing Committee on March 19.

Minister Ninh said the consumer price index (CPI) increase of 3.35 percent in the year’s first two months was reasonable and in line with expectation.

He affirmed that the adjusted 6.8 percent rise in electricity prices this year would push the CPI up by 0.16 percent and increase production costs for some production sectors by between 0.09 percent and 2.28 percent.

Minister Ninh noted that the adjustment in the price of coal for electricity generation will impact only the price of electricity, not that of other commodities as in the remaining months of this year, the price of coal for electricity generation and the electricity price will not be adjusted further.

In early March, the Vietnam National Coal and Mineral Industries Group announced new coal prices for electricity generation, upping the price of coal dust No. 4B sold to power plants by 47 percent by 648,000 VND (34 USD) per tonne and that of coal dust No. 5 by 28 percent to 520,000 VND (27 USD).

Minister Ninh cited reports from localities saying in the meantime, commodity prices are inching down with that of foodstuffs decreasing more than that of grains.

Regarding the issue of budgetary overspending, he explained that in 2009, due to economic decline, the Government launched stimulus packages to promote production, which, however, resulted in a slight increase in budget overspending.

This year, the Government has set out to reduce overspending by closely managing expenditures, he said.

“At present, the national debt balance remains at a safe level with no bad debts, ensuring financial security,” Ninh emphasised./.