Vietnam PM initiates inflation control measures

TN News

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Prime Minister Nguyen Tan Dung Saturday ordered government agencies and enterprises to control prices amid signs that inflation is picking up.

Food prices rose over the past few days in some localities, hurting consumers and making it difficult to achieve the revised inflation target of 15-17 percent for the year, according to a posting on the government website.

Businesses are asked to speed up production of essential commodities, particularly food and foodstuff, to keep prices stable. PM Dung has also ordered all cities and provinces to strengthen market management and inspection over prices to prevent hoarding of commodities and unreasonable price hikes.

The Ministry of Finance and concerned agencies will follow domestic and foreign markets closely to take effective measures and introduce timely tax polices, the government said.

The ministry has also been asked to keep prices of electricity, petrol and coal in line with the goal of controlling inflation.

To ensure enough supplies for the local market, the Ministry of Agriculture and Rural Development will work with the Ministry of Industry and Trade and border provinces to inspect and tighten control over the export of food and foodstuff to neighboring countries.

Vietnamese inflation accelerated in June to 20.82 percent, the fastest since 2008. The government plans to maintain its tight monetary policy at least until the end of this year.

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