Vietnam 2019 inflation projected to stay below 4% target
Both scenarios for inflation in 2019 presented by the government indicate inflation will be in the range of 3.17 – 3.41%.
Vietnam’s inflation is projected to be 3.41% in 2019, much lower than the government target of 4%, according to Deputy Prime Minister Vuong Dinh Hue.
Overview of the meeting. Source: VGP.
|
Vietnam’s consumer price index, a gauge of inflation, declined 0.09% month-on-month in June, leading to the expansion of the average CPI in the six-month period at 2.64% year-on-year, the lowest rate recorded over the past three years, said Nguyen Bich Lam, head of the General Statistics Office.
Nguyen Van Truyen, deputy director of the Ministry of Finance’s Price Management Department, attributed the low expansion of CPI in the January – June period to a decline in prices of food, fuel and telecommunication services, among others.
Additionally, government agencies have been closely supervising prices of centrally-administered goods and services, ensuring the balance between supply and demand, Truyen added.
The government forecast prices for certain goods could be on the way up from now on until the end of the year, mainly due to strong volatility of oil prices in the world market; price adjustment for goods and services under state management, including healthcare and education, based on market mechanism; wage increase; natural disaster and unfavorable weather conditions.
On the contrary, there remain factors that could relieve pressure on price increase, including the potential decline in rice prices in the world market, stable prices of construction materials, and consistent foreign exchange policy.
Truyen suggested two scenarios for inflation rate in 2019, both are in range of 3.17 – 3.41%, compared to the target of 3.3 – 3.9% set in the previous meeting.
Under such circumstances, goods and services under state management could be subject to further price upward adjustment in the fourth quarter of 2019, Truyen continued.
16:27, 2024/04/19
Vietnam among Asia-Pacific's fastest growing economies: FedEx
The Southeast Asian market is growing faster than many other regions worldwide.
15:49, 2024/04/17
Vietnam’s stock market remains attractive investment channel: Expert
Given favorable macroeconomic conditions, combined with the expected rate cut by the Federal Reserve (Fed), the stock market is believed to experience strong growth.
15:19, 2024/04/16
Cuba appreciates Vietnam’s support in food and fisheries production
Both sides aim to further promote trade, investment relations, and cooperation in areas of mutual interest, such as agriculture, construction, education, pharmaceuticals, science and technology, among others.
12:38, 2024/04/13
Vietnam, China to step up cooperation strategy for mutual development
Both sides are expected to build a bridge over the Red River in the border area of Bat Xat, Lao Cai (Vietnam), and Ba Sai, Yunnan (China), among other initiatives.
17:04, 2024/04/12
PM orders urgent measures to address volatile gold prices
The measures are aimed at ensuring a stable and efficient gold market.
17:58, 2024/04/10
Vietnam earns US$1.4 billion from rice exports in Q1
Vietnam is targeting $5 billion in rice exports this year. The country currently ranks third in the world in terms of rice exports.
- Russia’s Zarubezhneft Group explores opportunity for offshore wind projects in Vietnam
- Vietnam poised to reap rewards of rebound in global demand: AMRO
- India, Vietnam seek strong development objectives: Ambassador
- Vietnam’s economy set for speedy recovery in latter half of 2024
- Vietnam, S.Korea businesses cooperate to promote hi-tech in construction sector
- Vietnam seeks to boost strategic partnership with France: PM