Prime Minister provides direction to strengthen price management, monitor and stability at year end

 For illustration only 

Pursuant to Directive no. 25/CT-TTg, Prime Minister requested departments, agencies, provincial people’s committees, central cities to strictly implement methods to prevent trade fraud, import fraud and transfer pricing as well as cross-border petrol, tobacco and natural resources smuggling. Violations must be strictly penalized as prescribed. 

Besides, they are requested to implement credit, monetary, interest rate and gold polices; actively cope with difficulties, obstacles in reality so as prevent demand -supply imbalance, speculation, price increases, which results in price instability. 

Extend the schedule to adjust prices of some goods and services 

Prime Minister requested Ministries of Health, Education and Training and provincial People’s Committees and central cities to extend the schedule to adjust prices of some goods and services priced and monitored by the government such as: tuition, clean water charge, subsidized bus fare… 

At the same time they must come up with a plan and schedule to adjust prices on the basis of evaluating their impacts on production and people’s lives to minimize bad influences, as well as the objective of inflation control, macro-economy stabilization; the adjustment of prices must be reviewed and approved by competent authorities prior to implementation. 

Control over contributing factors of price formation, determined prices for essential goods. 

The directive clearly states that the ministry of commerce, finance will continue to monitor petrol prices as regulated in the decree no 84/2009/NĐ-CP dated October 15^th, 2009 by the government on petrol; direct, supervise petrol source businesses to organize import and allocation of petrol so as not to cause scarcity or speculation resulting in instability of domestic market; minimize to the fullest production and organization expenses in order to extend frequency and range of prices adjustment when global prices rise. 

Besides, they are required to build up the schedule to adjust electricity prices under market mechanism regulated by the government complying with the National Congress Resolution, in accordance  with global and domestic economy, especially the objective to control inflation, stabilize macro-economy of the government; and make report to competent authorities prior to implementation. 

The adjustment of coal prices sold to electricity generating facilities will take into account the total costs, in order to solve problems of coal industry and ensure available jobs for workers. 

Prime Minister also requested Ministry of Finance and Ministry of Industry and Trade to promote supervision on factors contributing to shaping cost and determining prices of essential materials for production and human lives; to strictly deploy methods to inspect on control the regulation on price registration, list price and selling at list price; thoroughly penalize violations in pricing. 

Stimulate consumption, increase purchase, reduce inventory 

Ministry of Industry and Trade will cooperate with other departments and agencies as well as People’s Committees of other provinces and central cities to provide instruction on goods stocking to stabilize the market and ensure supply - demand balance especially for Tet holiday. 

In addition, the Ministry will facilitate production and business development; stimulate consumption to increase purchasing power, resolve inventory problems; develop domestic market, thoroughly inform and implement the campaign “The Vietnamese use Vietnamese goods”, strictly control import, especially on discouraged goods. 

Ministry of Agriculture and Rural Development will implement supportive policies for farming and breeding as well as marine farming; strictly control the use of forbidden substances in farming; push the development of the rice reserve in Mekong Delta to increase the effectiveness of rice export and market regulation. 

Ministry of Information and Communication will implement the work propagation complying with policies of the Party and State, ensure adequate information, clarity and openness to create consensus of the society; avoid exaggeration and incorrect information about some particular price increases causing chain effects and worries within the society.    

Corporations, state owned companies, organizations and individuals continue to restructure the economy oriented toward higher productivity; review economical and technical norms, renovate technologies and minimize production cost to reduce prices, lessening the pressure to increase prices of goods and services; promote trade to expand both domestic and oversea markets, especially with competitive advantage.

 Source: Vietnam Government Portal