Cancel
Economy

Vietnam sticks to 4% inflation rate target despite public health crisis

Bich Phuong Wednesday | 04/22/2020 09:15

PM Phuc expressed his dissatisfaction at the recent increase in pork prices. Photo: Giang Huy | VnExpress

Vietnam government has called for drastic measures to keep market price low amid the ongoing coronavirus epidemic, aiming to meet the 4% inflation target placed earlier.

Prime Minister Nguyen Xuan Phuc asked relevant ministries to ensure the market prices kept under control during a meeting about inflation held on Tuesday in Hanoi.

Phuc expressed his dissatisfaction at the recent increase in pork prices which have remained stubbornly high on the market and have shown no signs of being reduced despite his recent request.

“Who are really benefitting from the price hike, breeders or someone else?”, the Vietnamese premier raised the question, before going on to ask the ministries of agriculture, trade, and finance, along with the police, to find imminent solutions aimed at stabilising the pork market.

Any acts of market manipulation must be dealt with strictly in accordance with the law, he noted, stressing the need to increase pork imports to sufficiently meet local demand, whilst also encouraging consumers to change their eating habits. 

Phuc also pointed out the shortcomings that have occurred in the management of rice exports which has resulted in local businesses facing additional hurdles in recent times, before requesting solutions which can be implemented to overcome them.

Following this, PM Phuc requested that the ministries of trade and finance maintain a watchful eye on fluctuations occurring in the price of crude oil globally, whilst also devising swift plans to ensure that local production is not negatively affected and market prices are kept stable.  

Moreover, the government leader asked that the ministries of trade and finance, in addition to local administrations and relevant agencies, collaborate closely to supply items necessary for use in business production and for regular citizens in their daily lives.

Summarising the key points of the meeting, PM Phuc expressed his belief that synchronised measures must be put in place in an effort to achieve the year’s 4% inflation rate target. 

Source: VOV

Same category news

Hot news of the day

Latest news