Vinh Phuc: eight-month Consumer Price Index growth at five-year high hinh anh 1The northern province of Vinh Phuc saw its Consumer Price Index (CPI) of the first eight months of this year rise by 4.76 percent year on year (Illustrative photo:
Vinh Phuc (VNA) – The northern province of Vinh Phuc saw its Consumer Price Index (CPI) of the first eight months of this year rise by 4.76 percent year on year, which is the highest increase for the period for the past five years, according to the provincial Statistics Office.

The CPI for January-August period picked up 1.32 percent year on year in 2019, 4.25 percent in 2018, 3.62 percent in 2017, 1.35 percent in 2016 and 0.27 percent in 2015.

Meanwhile, the August CPI decreased by 0.02 percent from the previous month, but increased by 3.42 percent from one year ago.  

Specifically, the prices of food and restaurant services decreased by 0.22 percent, mostly due to falling prices of food (0.71 percent) and fresh meat (1.38 percent).

At the same time, the prices of rice rose 4.59 percent, which also pushed up prices of wheat, maize, sweet potato and cassava.

Eggs also became more expensive by 10.25 percent compared to the previous months due to increasing demands for eggs in the production of traditional cakes for Mid-Autumn festival.

Fresh vegetables, processed food also saw prices up by 4.55 percent, while an increase of 0.65 percent was recorded in the prices of housing, utilities, fuel and construction material. Costs of transport services showed a very slight increase of 0.03 percent.

The increase of the CPI was attributed to the impacts of the COVID-19 pandemic and the hike in petrol prices. At the same time, prolonged heat waves this summer and rising demand for essential food and goods were also factors that drove consumer prices up.

However, trade and services in Vinh Phuc have showed positive developments despite the pandemic, thanks to the provincial authorities’ efforts to develop the domestic market.

The provincial administration has also promoted the campaign “Vietnamese prioritise Vietnamese goods”, thus stimulating demands for locally-produced commodities.

Total retail sales and services revenues in the province in August were estimated at over 4.78 trillion VND (206.2 million USD at current exchange rate), up 6.6 percent from July and 12.94 percent compared to the same period last year.

For the first eight months of this year, total retail sales and services revenues in Vinh Phuc amounted to nearly 32 trillion VND (1.38 billion USD). The figure represented a decrease of 3.65 percent from the same periods in 2019.

Of the revenues, retail sales dropped 1.64 percent year on year, while earnings from accommodation, restaurant and tourism services fell 21.88 percent.

Vinh Phuc has also worked to develop e-commerce, considering its potential benefits to enterprises’ business in particular and social and economic development in general.

Most supermarkets, shopping centres and major stores in the province have now accepted non-cash payment.

The province has set a goal to raise its ranking in the national e-commerce listing to the top 12. Towards this goal, Vinh Phuc has mapped out a road map along with solutions for the 2021-2025 period.

The province aims to expand the scale of e-commerce activities, build the infrastructure for e-commerce, encourage local businesses to engage in e-commerce and develop human resources for the field.

By 2025, revenues from e-commerce are projected to account for at least 10 percent of total retail sales and services turnover. The rate of non-cash payment in e-commerce transactions should reach 55 percent, while 100 percent of utilities and telecom supplying businesses in Vinh Phuc will accept households’ electronic payment.

Vinh Phuc plans to hold short-time training courses for around 3,000 business executives and State employees in e-commerce, in order to improve their capacity and skills in promoting e-commerce at enterprises, State agencies and communities./.