No consecutive hikes in public service prices: PM
No consecutive hikes in public service prices: PM
Prime Minister Nguyen Xuan Phuc told his cabinet members at a regular Government meeting on May 31 not to raise the prices of all public services during a short period, to ensure prices remain stable and inflation continues to be controlled.
The Ministry of Planning and Investment stated in a report delivered at the meeting that the macro-economy has remained stable over the past five months. The consumer price index (CPI) in May inched up 0.49% against the previous month, so the CPI between January and May expanded 2.74% year-on-year, the lowest in the past three years.
However, according to the Prime Minister, inflation pressures remain visible so the CPI could possibly surpass the target of 4% in the absence of smooth coordination of policies and communications activities.
The consecutive hikes in public service prices this year have caused great concerns among the general public. “Avoid increasing the prices of public services consecutively at a period of time, and oversee acts of price manipulation to curb inflation,” he noted.
Therefore, he asked his cabinet members to further analyze the multilayer impacts of electricity and petroleum hikes, as well as assess the power charge calculation methods, to ensure they are practical.
Given Vietnam’s wider trade openness, the PM asked the Ministry of Industry and Trade to keep a close watch on the escalating trade war between the United States and China and put forward feasible solutions and scenarios, including measures to diversify overseas markets and boost the domestic market.
The State Bank of Vietnam still needs to monitor, assess and anticipate the impacts that the global finance and monetary markets may exert on the local foreign exchange and deposit interest rates in order to take timely measures, while continuing to raise the national reserves to be well prepared for external shocks.
The Finance Ministry and the State Securities Commission of Vietnam are required to update the developments in the stock market and investment capital flows channeled via the market to manage risks and capital drain.
Ministries, central agencies and local governments need to take proactive action in applying the achievements of the Fourth Industrial Revolution in their work, and speed the development of the e-government platform, he said.
The Prime Minister stressed the necessity to improve the quality of institutions and policies. For example, unnecessary business conditions should be slashed on schedule, without the domination of interest groups.
He also asked ministries and agencies to work together to safeguard the quality of the upcoming National High School Exam, and fight the current outbreak of African swine fever.
He said if the disease affects 30% of the country’s pig herd, the growth of the agricultural sector will be zero.
