Illustrative photo: Internet

According to the Ministry of Finance, in order to stabilize the macro economy and control inflation in line with the goals set by the National Assembly and implement a market price roadmap for public services and goods managed by the State, the Government, Prime Minister, Deputy Prime Minister - Head of the Price Management Steering Committee have directed ministries, branches and localities to drastically implement many solutions.

Notably, implementing the policy of salary reform and following Official Dispatch No. 61/CD-TTg dated June 22, 2024 of the Prime Minister on strengthening price management and administration measures to achieve the goal of controlling inflation and stabilizing the macroeconomy, the Ministry of Finance has coordinated with ministries and branches to advise Prime Minister, Deputy Prime Minister - Head of the Prime Minister's Price Management Steering Committee on solutions and measures to proactively respond to challenges in price management to ensure inflation control in accordance with the goal of price stabilization associated with macroeconomic stability.

Accordingly, the ministry proposes to focus on closely monitoring market price fluctuations and items having price fluctuations to advise on appropriate, flexible and timely price management policies and scenarios, especially with essential goods and services that have a great impact on the price level.

Especially, the ministry suggests to implement monetary policy in line with set goals, fiscal policy and other policies to stabilize the macroeconomy, controll inflation, and ensure major balances of the economy.

Ministries, branches and localities need to proactively prepare good price management plans for items that the State determines prices, and carefully evaluate the impact to revise the prices or report competent authorities to adjust prices in accordance with developments and market price levels. Closely update the domestic supply and demand to ensure domestic supply and demand balance, prevent shortages, hoarding and speculation of goods, and unreasonable price increases.

For State-managed goods and public services that are implementing market roadmaps such as electricity, medical services, and educational services, The Ministry of Finance will closely monitor price plans and roadmaps developed and proposed by the Ministries to update the inflation scenario as a basis for advising the Government, the Prime Minister, and the Head of the Price Steering Committee on price management and administration to achieve the average inflation control in 2024 under the target set by the National Assembly is 4-4.5%.

For petroleum products, the Ministry of Finance continues to cooperate closely with the Ministry of Industry and Trade to manage petroleum prices, follow world price developments and coordinate to improve the petroleum price management mechanism.

At the same time, agencies need to promote effective supervision of implementation of price declaration and price listing measures; publicize price information; conduct inspection and examination of compliance with price laws, promptly detect, rectify and overcome shortcomings, and strictly handle violations.

In addition, it is necessary to continue to focus on transparent dissemination of price information to control expected inflation; limit false information that causes confusion for consumers and destabilizes the market.