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Deputy Prime Minister Nguyen Van Thang has called for intensified market surveillance and greater price transparency to prevent policy-driven price increases amid global volatility. Speaking at the price-management steering committee meeting on April 23, he said fluctuations in international markets are putting pressure on domestic prices and could create opportunities for profiteering.
The deputy PM urged ministries and agencies to monitor supply and demand and track prices of essential goods. He emphasized that firms should strictly declare and display prices and should not use cost fluctuations as a basis to raise prices unreasonably.
He also highlighted the need to ensure supply-demand stabilization for essential groups, including petrol, electricity, food, and production inputs. Authorities should promptly balance domestic and export markets to help stabilize prices and avoid shortages or disruptions that could trigger sharp price increases.
Provincial authorities were asked to implement market-stabilization programs tailored to local conditions. Agencies were instructed to strengthen inspections, checks, and market surveillance, and to strictly handle hoarding, price manipulation, and delays in reducing prices when input costs decline in line with global trends.
The government was also directed to tighten checks on fuel trading in border areas.
The guidance comes as the Middle East conflict has driven a shock to oil prices and logistics costs have risen since late February.
According to the Ministry of Finance, Vietnam’s CPI increased 3.51% year-on-year in Q1, while core inflation rose 3.63%. The State Bank projected annual inflation at about 4.5-5.5%, while international institutions forecast 3.8-4.9% for Vietnam.
Ministries reported on ongoing price-management measures:
Some state-regulated goods have been adjusted to support citizens and businesses, including tuition waivers for public schooling and a projected 5-20% reduction in textbook prices for the new school year. The government also plans lower harbor pilotage fees for Vietnamese ships.
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