Hanoi strengthens price stabilisation measures at year-end

To meet the socioeconomic development targets outlined in September, Hanoi is aiming for regional GDP growth of 7.2 per cent to 8.1 per cent in the fourth quarter, with an average income per person ranging from about $6,355 to $6,400 for the year. The city is also targeting a consumer price index of approximately 4 per cent.

Achieving these goals depends on effectively managing economic stability and controlling inflation, which are critical tasks requiring focused action. To realise these objectives, Hanoi People's Committee has assigned specific responsibilities to relevant departments, agencies, and district authorities.

Firstly, stakeholders must study relevant laws establishing general pricing methods for state-regulated goods and services.

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Simultaneously, closely monitoring market supply, demand, and price trends has been identified as a critical task. Particular attention should be given to price-stabilised commodities and essential goods and services which have a tendency to rise towards year-end and during holidays.

Efforts will also be directed at improving the quality and effectiveness of market price forecasting, analysis, and reporting. Strengthening market price management, oversight, and monitoring of price declarations and listings is essential, with a firm stance on addressing any actions that unjustifiably raise prices or impose unauthorised charges beyond the declared rates.

Market inspection and control will emphasise preventing smuggling, commercial fraud, and the sale of counterfeit or low-quality goods.

For state-regulated prices and public services, especially in education and healthcare, specialised departments will calculate and prepare price adjustment plans, making adjustments within their authority or reporting to competent authorities to determine the extent and timing of adjustments in line with market price trends, ensuring inflation control objectives.

Proactively forecasting, calculating, developing, and updating price management scenarios with supply-demand balance plans is crucial, especially during periods of high demand for essential goods, to prevent shortages, supply disruptions, and sudden price increases.

Finally, efforts will be intensified to communicate and disseminate information about price stabilisation policies, the assurance of essential goods supply, and inflation control. A strict approach will be taken towards addressing the spread of false information that could cause public panic. The emphasis will be on providing accurate, official information regarding commodity prices within the scope of management, while ensuring the effective implementation and supervision of price declarations, listings, and price formation checks as required by law.

Hanoi People's Committee has assigned Hanoi Department of Finance to continue closely monitoring market prices in the capital, coordinating with relevant agencies to track, prompt, compile, analyse, and forecast market prices, and report to the Ministry of Finance and the committee as required.

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