Deputy Prime Minister Le Minh Khai has asked the relevant ministries and agencies to keep a close watch on price developments and introduce prompt measures to keep inflation in check.

Speaking at a conference on price regulation on August 24, Khai underlined the need to build on the achieved successes to ensure effective price regulation in the coming time.

He assigned the Ministry of Finance (MOF) to review the impact of fiscal policies that will be no longer in effect at the end of the year and propose appropriate solutions while keeping a close watch on global oil prices in order to apply timely fiscal measures.

In the meantime, the State Bank of Vietnam (SBV) was requested to regulate interest rates, exchange rates and credit in a flexible manner so as to keep inflation under control and support economic growth.

At the conference, the MOF forecast that Vietnam’s inflation in 2022 will be in the range of 3.37%-3.87%, while the General Statistics Office put the figure at 3.4%-3.7%. The SBV predicted that Vietnam’s inflation will reach about 3.7%.

Citing official data, Deputy PM Khai stated that Vietnam’s average inflation in the first seven months of 2022 was 2.54%, which is relatively low compared to many developed economies, thanks to effective and consistent price regulations efforts.

In his concluding remarks, Khai asked the MOF to collect opinions at the conference towards the completion of a report as a basis for the price regulation task in the remainder of the year so as to fulfil the goal of curbing inflation at about 4%.