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Vietnam PM requested commodities prices reduction

15:57 | 22/04/2020

At a working session of the National Steering Committee on Price Management on Tuesday, Prime Minister asked ministries to implement effective solutions to reduce the cost of commodities, especially rice, pork, electricity, and water.

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Prime Minister Nguyen Xuan Phuc speaks at the meeting. (Photo: VGP)

Concluding the meeting of the Steering Committee of Price Management, the Prime Minister stated that he is capable of completely controlling inflation below 4% this year; reduce the price of pork to around VND 60,000/kg (US$2.56), stabilize the price of rice, and reduce price of electricity and water.

According to the Ministry of Industry and Trade, the retail price of finished pork depends on the price of live hog. The higher the price of live pigs, the higher the retail price of finished pork. The price of live hog in the first period of April 2020 was at VND 73,000-78,000/kg (US$3.12 - US$3.33), the price of finished pork at the popular market was VND 130,000-150,000/kg (US$5.55 - US$6.41). Currently, the price of live pigs is 80,000-90,000 VND/kg (US$3.42 - US$3.84) and the price of finished pork at the popular market is at 145,000-165,000 VND/kg (US$6.19 - US$7.05)

The total support packages that the Government offers is about 636 trillion VND (US$ 27 billion, about 10% of GDP) without affecting CPI. The representative of the Ministry agreed that the price difference between live hog and pork price is too high.

The Prime Minister emphasized on implementing comprehensive and effective solutions to reduce the price of pork to around 60,000 VND/kg (US$2.56) soon. Apart from that, it is essential to stabilize rice prices, reduce electricity and water prices, stabilize prices of essential goods and services to help solve difficulties for production and people's life due to the impact of COVID-19 epidemic.

vietnam pm requested commodities prices reduction
At the meeting (Photo: VGP)

Speaking at the meeting's conclusion, the Prime Minister stated that the State should better manage the prices in accordance with the law. "If the economy grows well but the price rises, the people's life will be affected," the Prime Minister emphasized. Two aspects must be well-done: Good growth and stable prices, reported by Vietnam News. .

The Prime Minister assigned the Ministry of Finance to chair with the Ministry of Agriculture and Rural Development, the Ministry of Industry and Trade, the State Bank of Vietnam, the Government Office and other relevant agencies to prepare a draft conclusion of the meeting of the Price Steering Committee. In this conclusion, the Prime Minister noted clearly the specific tasks, solutions, and sanctions to strictly handle cases of delay, neglect and violation of regulations.

The Prime Minister stated, "We can completely control the inflation target this year".

The Prime Minister assigned the Ministry of Finance to assume the prime responsibility and coordinate with the concerned ministries and agencies to review and finalize plans on price control and keep the CPI growth rate below 4% in 2020.

vietnam pm requested commodities prices reduction
At the meeting (Photo: VGP)

In terms of rice, the Prime Minister emphasized to ensure food security and rights for farmers, and strictly handle any violations.

For vegetables, the demand for vegetables in a year is about 14 million tons, thus, apart from ensuring domestic consumption, there will be nearly 4 million tons of vegetable products for processing and export. .

Regarding petrol prices, the Ministry of Industry and Trade shall assume the prime responsibility and together with the ministries to urgently review, finalize and submit for promulgation a decree amending and supplementing Decree No. 83 on petrol and oil trading. The ministries, first of all the Ministry of Industry and Trade and the Ministry of Finance to closely monitor changes in crude oil prices, have specific scripts and plans for managing petrol prices.

The Ministry of Health, the Ministry of Education and Training, the Ministry of Industry and Trade, the Ministry of Transport, the Ministry of Construction and other relevant agencies must have specific measures to reduce prices of supplies, medical equipment, textbooks, reduce production and business costs, and stabilize market prices.

The Ministry of Industry and Trade, the Ministry of Finance, localities and functional agencies shall strictly manage the market prices, ensure sufficient supply and demand of essential commodities for production and daily life consumption.

Regarding the roadmap for raising wages from July 1 and adjusting prices of medical services (also from July 1) and education (from September), the Ministry of Finance shall assume the prime responsibility together with the Ministry of Education and Training, the Ministry of Health and other institutions. Relevant research, full and thorough evaluation of impacts should be carried out and promptly reported to the authorities so that they do not affect the price administration target, according to VGP.

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