Deputy Prime Minister Le Minh Khai has asked for closely monitoring the world economic developments and inflation in Vietnam to introduce comprehensive and long-term solutions for price management and macroeconomic stability.

Illustrative Photo: Internet.

The Government Officer issued Notice 223 on conclusions of the Prime Minister Le Minh Khai, head of the Steering Committee for Price Management, at the meeting of the Steering Committee in the second quarter of 2021 on August 13.

The notice stated the Prime Minister asked ministries, agencies and local governments to strengthen measures. The Ministry of Foreign Affairs should work with the Ministry of Finance, the Ministry of Planning and Investment, the Ministry of Public Security and the State Bank of Vietnam to closely monitor the world economic developments, the country’s inflation and inflation of countries, monetary and fiscal policies of big economies, especially those that have large trade with Vietnam to introduce long-term and comprehensive solutions to manage price, stabilise the macro economy and achieve the dual goals of pandemic prevention and economic development.

Regulating the source of goods to increase the supply

The Deputy Prime Minister asked ministries, agencies and local governments to keep an eye on supply and demand, market prices of important and essential commodities to take management measures and solutions to stabilise prices.

To remove difficulties and have a plan to regulate the source of goods to increase supply to pandemic-hit areas which implement isolation or social distancing, to ensure essential commodities for people; to continue to remove difficulties for production and business, goods flow to prepare stockpiles and stabilise market prices, especially at the end of 2021.

The Ministry of Finance and the State Bank of Vietnam must expand fiscal policies and combine them with monetary policies flexibly to ensure consistency and harmony with macroeconomic policies; thereby supporting and removing difficulties for production, business and people's lives affected by the Covid-19 pandemic, controlling core inflation and creating a basis for controlling targeted inflation.

Good and services priced by State prices have price stability to ensure inflation control and contribute to helping businesses and people. However, it is necessary to take the initiative in making plans to manage some goods and services to deploy public services according to the roadmap specified in Decree 60/2021.

Regarding price management of important and essential commodities, the Ministry of Industry and Trade is asked to expand work with the Ministry of Finance to regulate fuel prices and control production, export and import of fuel to promote market stability, avoid large inventories at domestic joint-venture factories, and comply with world fuel prices with taking the pandemic in account; consider deduction and use of the price stabilisation fund reasonably; create room for price management in the rest of the year, harmonise the State, businesses and people, avoiding the impact on social psychology.

To review input costs, make electricity supply plans, expected costs and costs that have not been included in the electricity price to develop the electricity price plan this year according to Decision 24/2017.

To work with the Ministry of Agriculture and Rural Development to diversify measures to distribute goods, to ensure a balance between supply and demand, to fully meet people's needs, especially in pandemic areas, avoiding increasing local prices. To negotiate and promote trade with partner countries to make plans to facilitate the flow of goods and raw materials for production of animal feed and fertilisers and develop preferential policies on price and give priority to meet quantity and quality.

The Ministry of Agriculture and Rural Development must work with the Ministry of Industry and Trade to update information, market developments and monitor the supply of food and food products to guide production to meet the market’s demand and domestic supply.

The Ministry of Transport must direct agencies and units to create maximum favorable conditions for goods circulation in compliance with regulations on disease control; speed up the development of a circular stipulating prices and price brackets for a number of specialised aviation services at airports accordingly the policy of 50% reduction in aircraft take-off and landing prices for domestic flights.

Enhance updating and publicising of the winning bid prices for medical supplies and equipment

The Ministry of Health must review and rearrange the list of technical services to prepare for the price adjustment plan in the short run under the roadmap and regulations in Decree 60/2021 of the Government; and report to competent authorities on failure in performance.

To strengthen updating and publicising of winning bid prices for medical supplies and equipment on the website of the Ministry of Health, especially information about the prices of anti-Covid-19 pandemic products; guide, inspect and supervise prices of medical equipment, supplies and drugs for pandemic prevention and control.

The Ministry of Construction has to work with the Ministry of Industry and Trade to actively study some solutions to monitor and stabilise the prices of construction materials, especially steel and sand; follow the developments of the real estate market, avoiding the possibility of a surge in real estate prices in the remaining months of 2021.

People's Committees of the provinces and centrally run cities are requested to enhance supervision of price declaration, listing and disclosure; strictly control price-forming factors for goods and services priced by the State, goods and services funded by the State budget and public goods and services.

The Ministry of Information and Communications is assigned to work with the Ministries of Finance, Industry and Trade, Agriculture and Rural Development and other ministries, agencies and local authorities to promote information on policies, measures to stabilise prices, regulate supply and demand of essential goods, and control inflation, especially amid the complicated developments of the pandemic to stabilise the psychology of consumers and businesses.

At the same time, to strictly handle those spreading false information, confusing people; continue to monitor market developments to make timely adjustments in charge of the management and promotion of postal and telecommunications services.