Government to curb inflation below 5% in 2016

15:26 | 26/12/2016 Economy- Society

The government will keep inflation below 5% in 2016, said Politburo member and Deputy Prime Minister Vuong Dinh Hue at the meeting of the National Steering Committee for Price Management in Hanoi on December 22.

Deputy PM Vuong Dinh Hue speaking at the meeting (Credit: VGP)

Deputy PM Hue, who is also the Committee’s Head, emphasised that in order to successfully control inflation, the Ministry of Industry and Trade (MoIT) needs to monitor the changes of world petroleum prices as well as flexibly operate and efficiently use the Fuel Price Stabilisation Fund.

He also asked the ministry to complete the framework for the retail price of electricity on the basis of calculated output and input values of productive and trade activities of electricity and the prompt time for increasing the price of electricity.

Regarding healthcare services, the Ministry of Health (MoH) should issue directions related to the price of medical checks-up and treatment services for patients without health insurance, said Deputy PM Hue.

He assigned the MoH to soon complete the legal framework on the management of medicinal prices as well as implementation of medicine price bidding in order to reduce costs by 10%-15%.

In addition, the Deputy PM urged the Ministry of Transport to promote multimodal transport in order to reduce road freight and strictly control traffic charges at ports around the country.

The Ministry of Education and Training must co-ordinate with the Ministry of Finance (MoF) to closely control the increase of the price of materials and services for the education and training sector; meanwhile the MoIT and the MoF need to strictly implement the control of milk prices, added Deputy PM Hue.

He also asked the People’s Committees in provinces and cities to enhance the management of the price of all commodities, particularly on the occasion of New Year 2017.

Theo NDO