In the first scenario, food prices are expected to remain relatively stable and only rise slightly during holidays. Hikes in healthcare costs in the first quarter are projected to increase the CPI by 0.17 per cent, while wage increases and higher power costs will drive it up by 0.14 per cent and 0.1 per cent, respectively.A 5 per cent increase each in petrol and gas prices would lift the CPI by 0.28 per cent and 0.06 per cent, respectively. After factoring in these price rises, the CPI in 2018 would rise 3 per cent.The second scenario, similar to the first with the exception of pork prices rising 7 per cent by the end of the year and petrol and gas prices rising 10 per cent, puts the CPI at 3.4 per cent.The CPI would be 3.9 per cent in the third scenario, assuming a 15 per cent rise in pork prices and 15 per cent hikes in petrol and gas prices, with other price increases the same as in the first scenario.According to the General Statistics Office (GSO), the CPI was estimated at 3.53 per cent in 2017, reaching the target of keeping it under 4 per cent for the year.Since the beginning of last year, 45 cities and provinces nationwide have increased medical check-up and hospital fees for people without health insurance, which made the December CPI increase 1.35 per cent against December 2016.Higher tuition fees, higher minimum monthly salaries, and many provinces being affected by natural disasters and…
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Speaking with the media in HCM City on January 16, SBV Deputy Governor Nguyen Thi Hong said that “many unexpected things could happen to the world’s economy, and surely affect the Vietnamese economy.”The SBV has set a goal to gain a credit increase of 16% for growth of 16 – 18% in total payments, and will try to cut the medium- and long-term interest rates, as well as stabilise the foreign currency exchange rate.SBV established the goals based on achievements reached in 2016, with inflation at 4.74%, lower than the target set by the National Assembly of 5%. Credit development…... [read more]
The Deputy PM was speaking at a conference in Hanoi on December 27 to review the Government’s price management and inflation control in 2017 and orientations for next year. Deputy Prime Minister Vuong Dinh Hue Hue, who is head of the Government’s Steering Committee on Price Management, asked the Ministry of Finance to closely monitor budget collection and spending, and improve the efficiency of public spending and investment.The State Bank of Vietnam needs to run a tight and flexible monetary policy in line with market developments, he said, adding that the Ministry of Health should consider time for adjusting checkup…... [read more]
Hue, who is head of the Government’s Steering Committee on Price Management, asked the Ministry of Finance to closely monitor budget collection and spending, and improve the efficiency of public spending and investment. The State Bank of Vietnam needs to run a tight and flexible monetary policy in line with market developments, he said, adding that the Ministry of Health should consider time for adjusting checkup and treatment costs for people without health insurance cards in 18 remaining cities and provinces while reducing medicine prices by 10%-15%.He urged the Ministry of Transport to negotiate with investors and banks on BOT…... [read more]
Hue chaired the committee’s meeting on July 1 to review governmental price management work in the first half of 2017 and plan tasks for the remaining months.During the event, Director of the Ministry of Finance’s Department of Price Management Nguyen Anh Tuan gave attendees an overview of Consumer Price Index (CPI) movement, saying the average CPI in the first six months of 2017 rose 4.15% from the same period last year with monthly inflation rates moving downwards.Core inflation saw an average increase of 1.52% year on year, lower than projected growth of 1.6 – 1.8%, he noted.He noted this was…... [read more]
On October 13, Deputy PM Hue chaired a session in Hanoi reviewing management work on price increases over the first nine months of the year, and devising inflation control solutions for the remainder of the year. The relevant ministries and agencies were urged to keep a close watch on the trend of price hikes in petrol, oil and gas, and pork to keep inflation in check. According to a report of the Working Group of the National Steering Committee on Price Management, commodity prices over the nine-month period remained stable and were controlled under the target set by the Government and…... [read more]
Illustrative photo (Photo: .businesstimes.com.sg)Singapore (VNA) – Singapore’s inflationrate in April decreased 0.4 percent year-on-year, coming in below the 0.7percent in the previous month, according to the latest report by the Monetary Authorityof Singapore (MAS) and the Ministry of Trade and Industry (MTI). The slowdown was mainly driven by accommodationcost which dropped 6.7 percent, said the report.April’s core inflation, excluding accommodationand private transportation cost, accelerated by 1.7 percent year-on-year, thehighest in the last 30 months, due to a surge of 18 percent in electricity andgas cost.Private road transportation costs climbed to 7percent from March’s 6.9 percent as car and petrol prices rose.…... [read more]
After flatlining in January and slowly picking up in the following months, the inflation rate this year has been 1.33% compared to 0.04% in the same period last year.Of the 11 baskets making up the consumer price index, food and dining services and post and telecom remained unchanged in April and entertainment and tourism slightly declined, while all the rest saw an increase, the General Statistics Office of Vietnam reported.Transport prices grew the most, 1.73%, as fuel prices increased by 3.83% month-on-month following two fuel hikes at the end of March and early this month.Housing and construction materials ranked second…... [read more]
The consumer price index (CPI) in the country’s two largest cities increased slightly in July as it notched up 0.22% in Hanoi and 0.17% in Ho Chi Minh City from that of June. The unavoidable rise in the worldwide price of oil accounted for the very modest increase experienced by Hanoi as it caused transport costs to increase by more than 1%. A recent rise of VND420-470 per litre of gasoline, diesel and kerosene made on July 17 is also expected to have a slight inflationary impact in August, according to the General Statistics office. The prices in July of…... [read more]
Workers classifying shrimp at a Fimex Viet Nam Co processing plant in the southern province of Soc Trang. — VNA/VNS Photo An Dang HA NOI — The Government will continue to place top priority for the remainder of this year on keeping inflation in check and stabilising the macro-economy, said Prime Minister Nguyen Tan Dung at the monthly cabinet meeting, held by teleconference, in the capital city yesterday. Reviewing the performance of the nation's economy in the first half of the year, cabinet members took note of positive development in all economic sectors. Gross domestic product (GDP) grew by…... [read more]
Vietnam gives top priority to curbing inflation There is growing concern about runaway inflation which already reached 16.63 percent in the first nine months of 2011, causing macro instability and lowering the rate of growth.The rising rate of inflation in 2011 is attributed to a delay in the implementation of loose monetary and fiscal policies in the fourth quarter of 2010 and the management of these policies in the first quarter of 2011. Then, thanks to the implementation of the government’s Resolution 11, the situation has changed for the better with the consumer price index (CPI) decreasing from 0.93 percent…... [read more]
