Measures to stabilise prices continue to be carried out

29/10/2007 -- 5:23 PM

Ha Noi (VNA) – Finance Minister Vu Van Ninh has assured National Assembly deputies that drastic and synchronous measures will continue to be carried out to stabilise prices. During the October 29 debates of the second session of the National Assembly, Minister Ninh said that the Government will continue with a plan to adjust the minimum salary for State employees and pensioners to ease the pressure of price hike while tightening supervision of demand and supply and domestic goods prices. A number of compulsory fees will be abolished for farmers, he added. The minister attributed recent domestic price hike to natural calamities, epidemics in the country and the increasing prices of production materials in the world market. He cited as example that the price of milk has risen by 80 percent; fertilizer, 20 percent and steel ingot, gas and medicine, 60 percent. Therefore, domestic price hike is inevitable as Viet Nam depends on the materials imports to maintain domestic production and ensure economic growth rate, he said. Minister Ninh reported that several price control measures taken by the Government including slowing down the price adjustment plan for telecom, electricity and oil and gas, reducing the import tax levied on 18 commodities serving domestic production, ensuring financial - monetary balance and supply of essential goods have started to take effect. The nation’s consumer price index (CPI) has fallen from 0.77 percent in May to 0.51 percent in September with a number of goods registering slight price reductions. Sharing this optimistic view, Deputy Minister of Industry and Trade Nguyen Cam Tu told the Investment newspaper that the Government’s measures to control prices are adequate. The most important thing now is the inspection and monitoring of the prices trend. According to Tu, if all measures are carried out effectively, it is possible to keep the CPI lower than the gross domestic product (GDP) as previously set by the NA.-Enditem
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