Speaking at a meeting on February 25, Khai said the prices of petrol products in the global market rose by 15-20% in the past several weeks, however domestic prices rose by only 9-14%, demonstrating Vietnam’s flexible pricing policy.
Noting that oil prices are expected to continue rising, the Deputy PM requested that the Ministry of Finance formulate various scenarios so as to introduce appropriate measures.
He asked the Ministry of Industry and Trade to ensure the supply of fuels and set reasonable prices to support the people and the economy.
Deputy PM Khai also requested the relevant ministries to keep a close watch on the prices of goods such as electricity, food, fertilisers, animal feed, building materials and medical supplies so as to prevent them from impacting inflation.
As an open economy, Vietnam will be highly susceptible to rising inflation in the global economy. It is estimated that inflation in developed economies will climb to 4% in 2022 while the figure in emerging markets could reach 6%.
Vietnam’s consumer prices rose by only 0.19% in January but are expected to spike in February, with average inflation in the first two months of the year forecast at 1.6-1.7%.
