NA discusses the management of petrol prices

09:17, 2014/06/11

Finance Minister Ding Tien Dung said the governance of the domestic petrol price is currently based on market mechanisms using financial tools in price stabilisation.

Finance Minister Dinh Tien Dung on June 10 answered questions related to the management of petrol prices at the National Assembly’s question–and-answer session.

Finance Minister Dinh Tien Dung

He said the governance of the domestic petrol price is currently based on market mechanisms using financial tools in price stabilisation.
The tools have proved their efficiency, as inflation is still controlled and macroeconomic stability remains maintained, despite 10 upward adjustments in the price last year, he said.
Regarding the import-export activities of petrol, Dung said the ministry has coordinated with the tax sector and other authorised agencies in preventing and combating trade fraud and trafficking of the product.
Legal proceedings were applied in 18 cases involving 3,500 tonnes of petrol, worth 70 billion VND (329 million USD) last year, he said.
At the session, broadcast live by Vietnam Television and Voice of Vietnam Radio, Dung also explained measures to ensure national financial security.
He noted that although public debts have been on the rise over the past years, the figure has been kept within a safe zone, staying lower than the criteria defined by the NA and Government.
In particularly, no remarkable changes have been recorded in the ratio of public debt compared to total GDP. The figure was 51.7 percent four years ago, 50.1 percent in 2011 three years ago, 50.8 percent in 2012 and 53.4 percent last year, lower than the ceiling rate of 65 percent, he noted.
The minister also answered deputies’ questions on investment for agriculture development, the progress of equitisasion of State-owned enterprises and the results of an inspection into the financial mistakes of the Vietnam Electricity.

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