Hoang Tho Xuan, head of the Domestic Market Policy Department under the Ministry of Industry and Trade, talked about market trends for the coming months in an interview granted to VOV.

What are your comments on the consumer price index (CPI) in June, staying at 2.14 percent?

This is an encouraging figure testifying to the Government’s adopted solutions to keep runaway inflation in check. The prices of strategic commodities remained stable while those of food and foodstuffs fell significantly. This is mostly attributed to joint efforts exerted by the Government, ministries and economic sectors as well as people from the social strata.

What will we do to meet the Government’s goal of curbing inflation until the end of the year?

The inter-sectoral working group has met and decided to proceed with the Government’s solutions. Accordingly, the prices of electricity, water and public transport services will remain unchanged until the end of the year. The Ministry of Finance (MoF) and the Ministry of Industry and Trade (MoIT) will set a timeline for appropriate adjustments to other commodities. The two ministries will work with several craft associations and State corporations specialising in steel, cement, fertiliser, coal and paper to discuss any price adjustment plans. In any circumstance, top priority will be given to curbing inflation.

Have you got any forecast about the CPI in July?

We have considered the scenarios and predicted that the CPI in July would increase by 1.5 percent compared to June. Our calculation is based on the positive signs in the market: the price of commodities continues to drop gradually and any adjustments would not make a direct impact on the CPI in July.

What will the MoIT and relevant ministries and sectors do to monitor the implementation of regulations on price management?

The MoIT is submitting to the Prime Minister a decree allowing the market management force to monitor and deal with any violations such as goods stockpiling, smuggling and trade fraudulence. The MoF and the MoIT will continue to implement the Government’s decrees on price control. I think these measures will help bring the CPI down in July and the following months.

Source: VOV