State promotes stablisation of goods prices during Lunar New Year 2023

Hanoi (VNS/VNA) — Ministries and sectors will continue to stablise prices of goods from now until the end of the year and in the first quarter of 2023, especially before and during the Lunar New Year (Tet) in 2023.

That is the main purpose of the Ministry of Finance's directive on strengthening management and stabilisation of goods and service prices during Tet in 2023 that has just been issued to create advantages and control inflation.

According to the ministry, in the first 11 months of 2022, the world's economic and political situation changed rapidly and complicatedly. Prices of strategic raw materials, including petrol, rose to high levels in the first half of the year, putting great pressure on the target of controlling inflation in Vietnam.

In that context, price management was synchronously implemented by ministries, sectors and localities under the direction of the Government, contributing to inflation control as targeted.

However, until the end of the year and in the first quarter of 2023, many complicated and unpredictable changes are expected in supply, demand and prices of essential raw materials, requiring the State to have solutions for the management and stabilisation of goods and service prices for controlling national inflation next year.

Therefore, relevant State agencies are urged to closely monitor the world economic performance and inflation affecting Vietnam and devise suitable solutions for coping with the effects. They include local departments of finance, customs and tax, the State Treasury of provinces and centrally-run cities, the State Reserve Department, and the National Steering Committee for Anti-smuggling, Counterfeit Goods and Trade Fraud. 

They are also required to keep updated on the situation of supply and demand, and the domestic market prices to suggest measures on managing and stabilising the prices on the domestic market, especially before, during and after Tet. The fight against smuggling, trade fraud and counterfeit goods should be intensified to prevent abnormal fluctuations affecting socio-economic development.

Price management and stabilisation work will focus on essential goods and services, such as food, fresh food, travel and transportation services, and materials for production.

Goods for Tet increase
According to the Ministry of Industry and Trade (MoIT), the supply of essential goods for the coming Tet will be basically enough with stable prices based on preparation from the ministries, sectors, localities and enterprises.

Especially, with a series of trade promotion and consumption stimulation programmes, people in remote and isolated areas and workers in industrial zones will be able to get goods at stable and affordable prices.

Minister of Trade and Industry Nguyen Hong Dien has suggested the Ministry of Finance (MoF) coordinate with MoIT in monitoring price fluctuations and strictly handle violations in price.

Authorities in big cities with large populations and high consumer demand, such as Hanoi, Da Nang and HCM City, have built detailed plans to ensure goods for Tet.

Ensuring market stability
Pham Van Duy, deputy director of the Department of Agricultural Product Processing and Market Development under the Ministry of Agriculture and Rural Development, said the supply of food will basically meet the domestic market demand with an increase in output of essential commodities such as rice, vegetables, fruits, meat, milk and eggs.

Phung Anh Ngoc from MoF's Price Management Department also agreed that the supply of essential goods is relatively abundant, ensuring the stability of supply for the domestic market and export.

“The MoF will continue to coordinate with other ministries, sectors and localities to regulate prices of essential commodities, especially petrol. At the same time, it proposes solutions to stabilise the market and the macroeconomy. This is an important activity because controlling the prices at the end of the year will create advantages for curbing inflation in 2023,” Ngoc said./.