This is one of the solutions to ensure the stability of prices market in 2017 which was stated by the experts at the conference "situation of market, prices in Vietnam in 2016 and forecast of 2017" hosted by the Institute of Economics, Finance Academy.
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Overview of the Conference
Ensuring the stability of the market.
Summarizing tasks of prices management in 2016, a representive of the Price Management Department - Ministry of Finance, said: the Task of ensuring balance between supply and demand of goods, especially food supplies, essential consumer goods was seriously implemented by the ministries, branches, localities and enterprises under the direction of the Government,and the Prime Minister.
Particularly during the Lunar New Year of 2016, the sources of goods and services supplied to ensure fullness and continuity for people during Tet; travel needs of the people during Tet is actively fulfilled by transport enterprises through increasingthe number of vehicles, increasing trips, open more lines; essential commodities for life such as electricity, clean water, gasoline, LPG were provided fully and stably.
As for gasoline prices, as world petroleum prices tend to rise, the Ministry of Finance in collaboration with the Ministry of Industry and Trade adjusted the gasoline prices combined with the use of the stabilization fund to reducedthe price rise of petroleum, thereby contributing to the stabilization of the general price level.
Thanks to this initiative, coordination between the ministries, branches and localities in the supply balance, management, and operating prices, ensured the market price did not fluctuate or realise a lack of goods, and price fever during holidays, Lunar New year and the whole of 2016.
Reviewing price developments in 2016, Mr Nguyen Loc, Deputy Director of the Department of domestic market, Ministry of Industry and Trade, said: The markets did not have any big fluctuations in prices, some food commodities such as sugar, pork increased and discounted in some periods due to the concerns about the reduce of supply, uncertainty in export activities, but these fluctuations were treated in a timely fashion by the Ministries and Branches.
The problems in the market were primarily concerns of consumers about quality of goods, especially food safety in agricultural, fishery group, seafood commodities in the Central provinces after the Formosa incident.
Although the economy of the last years had many fluctuations, but thanks to the close coordination in management, inter-agency initiative macroeconomic management by the Steering Committee of prices adjustment, macro working group, and the management team of domestic market, prices of essential items (oil, coal, electricity, clean water, medicines, medical services, education, rice, milk for children under 6 years old, fertilizers, feed, cement, steel, LPG ) have been kept stable.
Also strengthening the publicity and transparency in the operating prices of these commodities, thereby helping to create consensus and supervision from the society.
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Inflation could return
The forecast for 2017: Prices of the Vietnam Market will remain volatile and linked more and more closely to price fluctuations of raw, natural materials on the world market. Price development in Vietnam in 2017 still depends on the perspective and implementation of the roadmap to adjust the prices of some commodities such as state medical services, education, electricity, coal, petroleum ...
Besides, according to Associate Professor, Dr. Ngo Van Hien - Academy of Finance, some key indicators in 2016 showed that CPI reversed and trend to rise, likely to reach 3.9%; inflation could return.
Despite tightened spending, both government spending and residential spending, the trend of economic recovery along with input factors such as electricity, petroleum, fertilizer prices could continue to rise and will be able to increase the CPI in 2017.
With these forecasts, the price Management Department has set out specific solutions such as coordinate with other Ministries, branches, localities and enterprises to continue to seriously, drastically and effectively implement the resolution on socio-economic development in 2017 of the National Assembly.
Simultaneously, continuing to manage operating prices under the market mechanism which are regulated by the State, which focus on doing well the task of collecting, analyzing and forecasting market information for timely proposing measures to stabilize prices, curbing inflation in accordance with the law; always ensuring the balance of supply and demand of goods and services thereby stabilizing the market and prices.
Another solution for focusing is to closely monitor the price list of businesses for price stabilization of goods and commodities on the list of declaration; strictly controlling the price options and level for goods and services priced by the State; goods and services ordered, assigned by the State; goods and services procured from the State budget; goods and services receiving freight subsidization under the authority; carefully evaluating the impact of the price adjustment (if any) to the socio-economic situation, local CPI and also the whole country to have a plan and adjustments roadmap, avoiding to adjust at the same time causing higher CPI.
Particularly for Lunar New year of 2017, the Ministries (Industry and Trade, Finance, Agriculture and Rural Development, State Bank of Vietnam, Transport, Culture - Sports - Tourism , Information and communications) and the People's Committees of provinces and cities direct relevant units to continue to deploy effectively the coordination task to prepare good resources for New Year; creating favorable conditions for enterprises to access preferential loans; creating favorable conditions for cargo traffic in the inner city in peak periods; focusing on controlling prices of goods and services, particularly transport services, tourism in entertainment places, sightseeing, festivals ...
By Hong Van / Hoang Nam