Deputy Prime Minister: Do not take advantage of fluctuations to increase prices unreasonably

At the meeting of the Price Management Steering Committee on April 23, Deputy Prime Minister Nguyen Van Thang acknowledged the fluctuating international situation, causing great pressure on the domestic price level. Therefore, he suggested that ministries and branches increase monitoring of supply and demand and prices of essential goods to avoid policy profiteering, especially in areas directly affected by fuel costs such as transportation, logistics, construction materials, and food.

“Ministries and branches direct and require businesses to strictly implement price declarations and listings, not to take advantage of cost fluctuations to increase prices unreasonably,” he said.

The Deputy Prime Minister noted ensuring supply and demand solutions for essential commodity groups such as gasoline, electricity, food, and input materials for production. Agencies must promptly regulate the source of goods between the domestic and export markets to stabilize prices.

He emphasized the need to not let shortages or supply interruptions cause sudden price increases, especially for essential goods. Along with that, the People’s Committees of provinces and cities proactively implement market stabilization programs, consistent with actual developments.

Authorities are assigned to strengthen inspection, examination and supervision of the market; Strictly handle acts of speculation, hoarding, price manipulation, as well as cases of slow price reduction when input costs have gone down according to world trends. At the same time, management agencies must tighten inspection of business activities and petroleum transportation in border areas, and handle acts of price arbitrage profiteering.

The direction of the Government leadership was given in the context of the conflict in the Middle East, causing a shock increase in oil prices on the world energy market and causing logistics costs to increase sharply since the end of February.

According to a report from the Ministry of Finance, the average consumer price index (CPI) in the first quarter increased by 3.51% over the same period last year, and core inflation increased by 3.63%.

Before this development, the Ministry of Finance updated 3 inflation scenarios in 2026, increasing by about 4.5%; 5% and 5.5%. The State Bank forecasts average inflation this year at about 4.5-5.5%. Meanwhile, international organizations forecast Vietnam’s average inflation at about 3.8-4.9%.

At the meeting, ministries and branches reported on price management solutions in the coming time.
According to a representative of the Ministry of Construction, in April, this agency organized a number of inspection teams in localities on listing and price declaration and issued documents to correct existing problems.

The Ministry of Construction is also lobbying businesses to reduce parking prices, costs related to loading and unloading or reduce prices for services unrelated to gasoline prices to share difficulties with transportation businesses.

According to Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan, the industry is accelerating the conversion process to E10 gasoline to reduce dependence on imported mineral gasoline. Along with that, the Ministry proposed not to collect taxes on goods in bonded warehouses, contributing to reducing costs and supporting businesses.

Representatives of ministries and branches said that a number of goods and services priced by the State have been adjusted to support people and businesses. Specifically, the tuition exemption policy applies to students from preschool to public high school nationwide; Textbook prices are expected to decrease by 5-20% in the new school year; or reduce maritime pilot service fees for Vietnamese ships.