Vietnam Prime Minister Nguyen Tan Dung has just issued directive ordering relevant ministries, ministerial agencies, provincial authorities and businesses to take urgent measures to stabilize prices of consumer goods, the government website reported Thursday Aug 2.
The government’s move is aimed to cope with fluctuations of prices of input materials including imported petroleum products, fertilizers, steel ingots complicated and unprecedented natural disasters.
Despite efforts by the government, the consumer prices indexes soared 6.19 per cent in the first seven months of this year, it said.
Prime Minister asked the Ministry of Planning and Investment to actively cooperate other ministries to stabilize the country’s macroeconomic development by balancing the supply of goods and the amount of money and boost ODA disbursements.
State Bank of Vietnam, the central bank needs to take appropriate step to curb sharp credit growth and regulate money flow.
The finance ministry should issue government bonds, treasury bills with differed maturities to absorb idle moneys and adopt measures to tighten management and supervision of the stock market.
The PM also ordered the Ministry of Trade to closely cooperate with localities and businesses to boost exports to narrow trade deficits, the Industry Ministry to ensure enough power serving local production and household utility and the Ministry of Agriculture and Rural Development to deploy measures to stop widespread epidemic among livestock and poultries, as catalyst to push the CPI up.
Previously, Nguyen Tien Thoa, Head of the Ministry of Finance’s Price Management Department said the government will adopt measures to curb inflation soon.
In terms of monetary issues, the central bank will maintain basic interest rates for dong and require higher compulsory reserve funds to withdraw money from the market. Thoa said.
The General Statistics Department is asked to work out a CPI-calculating method that meets international-standardized requirements that is to be submitted to the new National Assembly for approval.
To achieve the set gross domestic product growth of 8.5 per cent this year, the PM asked ministries and sectors to achieve GDP growth of 9 per cent in the remaining months. (Government’s website)
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