Business

Keeping inflation below 4 percent possible: Deputy PM

Keeping average inflation below 4 percent is achievable this year, said Deputy Prime Minister Vuong Dinh Hue during a meeting of the Steering Committee on Price Management last weekend.
Keeping inflation below 4 percent possible: Deputy PM ảnh 1Deputy Prime Minister Vuong Dinh Hue. (Photo: VNA)

Hano​i (VNA) – Keeping averageinflation below 4 percent is achievable this year, said Deputy Prime MinisterVuong Dinh Hue during a meeting of the Steering Committee on Price Managementlast weekend.

Hue chaired the committee’s meeting on July1 to review governmental price management work in the first half of 2017 andplan tasks for the remaining months.

During the event, Director of the Ministryof Finance’s Department of Price Management Nguyen Anh Tuan gave attendees anoverview of Consumer Price Index (CPI) movement, saying the average CPI in thefirst six months of 2017 rose 4.15 percent from the same period last year withmonthly inflation rates moving downwards.

Core inflation saw an average increase of1.52 percent year on year, lower than projected growth of 1.6 – 1.8 percent, henoted.

He noted this was partly due to post-holidayeffects caused by Lunar New Year and the government increasing rates for publichealthcare and education services, while regional minimum wages also boostedinflation.

However, falling pork prices due to pigoversupply and tighter state management helped keep inflation down.
[Inflation projected to drop to below 3 percent in 2017]

Deputy PM Hue lauded the price management ofministries and state agencies during the period, saying based on statistics bythe Ministry of Finance and the General Statistics Office of Vietnam and otherreports, it is possible to bring average inflation to below 4 percent thisyear.


He urged the State Bank of Vietnam to maintaina flexible monetary policy, keep the core interest rate at about 1.6 percentand carry out measures to stablise exchange rates and the foreign exchangemarket.

The Deputy PM advised the central bank tobuild a plan for lending interest rates in reference to inflation rate andmarket developments to support economic growth.

He also directed the Ministry of Health andthe Social Insurance Agency to facilitate public tendering process of drugs,including those on the essential drug list of the Social Insurance Agency in abid to reduce drug prices by 10-15 percent.-VNA
VNA
#average inflation#Steering Committee on Price Management#Deputy Prime Minister Vuong Dinh Hue#price management#Consumer Price Index#CPI#inflation rate#first half of 2017#falling pork prices#pig oversupply#state management#monetary policy
Follow VietnamPlus

Related News

Interest rates for different terms forecast to drop 0.5-1 percent

Interest rates for different terms forecast to drop 0.5-1 percent

Interest rates for different terms from now to the end of 2017 are likely to decline by 0.5–1 percent from 2016 thanks to positive signals from the stock and property markets, macro-economic indexes, the Government’s attentions to businesses and banks’ strategies for attracting new clients.
Vietnam’s economy grows 5.73 pct in first half

Vietnam’s economy grows 5.73 pct in first half

Vietnam’s gross domestic product (GDP) grew by an estimated 5.73 percent in the first half of this year, Director of the General Statistics Office (GSO) told a press conference in Hanoi on June 29.
Macro economy remains stable in six months

Macro economy remains stable in six months

Vietnam’s macro economy remained stable in the first six months of 2017 while inflation was curbed so as to reach the national steering committee on price management’s yearly target of 4 percent.

See more

Industrial factories in Tan Uyen city, the southern province of Binh Duong (Photo: VNA)

Investors upbeat about Vietnam’s industrial property market

Investors are bullish on Vietnam's industrial property market growth on the back of the nation's strategic location, sound infrastructure, and increasing demand for industrial space, particularly industrial parks that meet green standards, according to market research.

Vietnamese Ambassador to Belgium and head of the Vietnamese Delegation to the EU Nguyen Van Thao addresses the forum (Photo: VNA)

Forum connects Vietnamese, Belgian busineses

The Vietnam-Belgian business forum took place in Brussels on October 23, offering a chance for enterprises of the two countries to introduce their products and explore new cooperation opportunities.

The expos cover over 6,000 sq.m, drawing over 210 exhibitors from 10 countries and territories. (Photo: VNA)

Hanoi hosts textile & garment, fabric garment accessories expos

The Vietnam Hanoi Textile & Garment Industry and Fabric Garment Accessories Expos 2024 (HanoiTex & HanoiFabric 2024) is taking place in Hanoi on October 23 – 25 as part of a series of international exhibitions on Vietnam's textile and garment industry.

Representatives from Vietnamese and Lao agencies, localities and businesses at the opening ceremony of the Vietnam-Laos trade fair 2024 in Xiengkhouang province. (Photo: VNA)

Vietnam, Laos step up trade, tourism promotion

A Vietnam-Laos trade fair was kicked off in Phonsavanh township in Xiengkhouang province of Laos on October 23 as part of activities to celebrate the 75th anniversary of the traditional day of Vietnamese volunteer soldiers and experts in Laos (October 30, 1949 – 2024).

Illustrative photo (Photo: chinhphu.vn)

Vietnamese goods enter US through global supply chain

The Saigon Co.op Distribution Company Limited (SCD) - a member of the Ho Chi Minh City Union of Trade Cooperatives (Saigon Co.op), and STC Natural Vina Company on October 23 held a hand-over ceremony for goods that will be exported to the US.

Vietnam’s lobsters have clawed their way back onto Chinese menus after a suspension. (Photo: VNA)

Vietnam’s lobsters claw back prominence in China

Vietnam’s lobster export to the Chinese market in January-September rose 33 folds year-on-year on the back of lower prices and stronger trade ties between the two nations, the South China Morning Post said on October 22.