Vietnam to Tighten Control over Essential Goods Prices to Curb CPI
The Vietnamese Ministry of Finance announced Mar. 10 that it will keep close watch on prices of essentials goods to curb the country’s CPI below 7% this year in line with the prime minister’s instruction.
The MoF will organize inspection teams to check the tax and price quotations by businesses and individuals trading goods.
The targeted commodities include cement, steel and iron, LPG, fertilizers, sugar, milk, animal feed, medicines and car transport rates, said the ministry, adding that it will make public and strictly fine violators.
The MoF required the Ministry of Health to tighten control over prices listing of medicines and urged petroleum traders to extend time for their price hikes from now to June.
In March, the ministry will send inspectors to scrutinize the implementation of tax and price regulations of enterprises producing cement, animal feed, construction steel, LPG, fertilizers and sugar nationwide.
The power price hike of 6.8% from March 1 and consecutive adjustments in petroleum products in recent months have pushed up prices of goods and services in the domestic market, said economists.
In early March, analysts from the Price Management Department under the Ministry of Finance forecast Vietnam’s CPI is likely to rise at least 0.4% in March, driven by higher prices of electricity, petrol and foodstuffs.
The General Statistics Office estimated Vietnam’s CPI in February soared 1.96% from January and 8.46% from a year earlier. (Labor, GSO)
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