Prices forecast to remain stable, even fall in 2018
Updated : Thursday, January 11, 2018 9:19 AM (GMT+0700)

Pricestend to remain stable, even fall slightly in 2018, heard a workshop in Hanoi onJanuary 9 to review prices in 2017 and make forecast for 2018.

Consumers at Co.op mart HCM City - Source: VNA

According to the PriceManagement Department under the Ministry of Finance, with an increasing supplyof necessary goods thanks to higher domestic production capability, and signedfree trade agreements, Vietnamese people are enjoying an abundance of local andimported goods with more competitive prices.

Post and telecommunicationprices are expected to remain unchanged or fall slightly. Inflation rate isforecast to stand between 1.6-1.8 percent, while the exchange and interestrates are under control, helping reduce costs for enterprises.

Nguyen Tien Thoa, VicePresident and Secretary General of the Vietnam Price EvaluationAssociation, highlighted the factors that might push up the inflation rate,such as credit and exchange rate extension, electricity price adjustments,basic salary increase, consequences of natural disasters, and unpredictableepidemics.

He suggested addressing theroot of inflation while restructuring the economy, reforming the growth model,increasing productivity, quality and competitiveness, and stablising themacroeconomy.

Comprehensive measures shouldbe devised to regulate the inflation rate right from the beginning of the year,such as ensuring goods supply in any circumstances, Thoa said.

Associate Prof. Dr. Ngo TriLong, former head of the Ministry of Finance’s Price Management Institute,underlined the factors affecting prices in 2018, such as diseases, weather andclimate patterns, saying it will be a challenge to keep the inflation rate at 4percent.

The inflation in 2018 willsuffer pressure from prices hikes of public services and foodstuffs, he said.

Long suggested enhancingprice stablisation to curb inflation, thus ensuring the target of stablisingthe macroeconomy while monitoring closely CPI developments for timelyadjustment.


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