Tuesday, September 22, 2020 2:32:41 PM - Markets open
VN-INDEX 906.20 -1.74/-0.19%
HNX-INDEX 131.87 +1.29/+0.99%
UPCOM-INDEX 60.57 -0.17/-0.28%
Pork and oil prices key to keeping inflation under control: experts
https://vietnamnews.vn - 7/5/2020 6:29:32 AM
 (0 ratings. You must sign in to rate.)
With huge inflation pressure on the way in the remaining months of this year, a close watch must be kept on the prices of key products like oil and pork to hit the goal of keeping inflation below 4 per cent, experts have said.
According to Nguyễn Bá Minh, director of the Institute of Economics – Finance, two factors will weigh on inflation in the second half of this year. The first is the prices of commodities in the global market, which are forecast to increase as the COVID-19 pandemic is gradually contained and production and trade recover.
The second factor is natural disasters and diseases in Việt Nam, such as African swine fever, drought, saltwater intrusion and extreme heat which would affect agricultural production as well as supply and demand of goods in the market.
Inflation is currently under considerable pressure and the consumer price index (CPI) jumped 0.66 per cent in June against the previous month, the largest increase since 2016. However, Minh said the Government’s target of keeping inflation under 4 per cent would be achievable, provided that price and market management policies are appropriate and timely.
In a conference on inflation forecast in the second half on Thursday, Nguyễn Đức Độ, the institute’s Deputy Director, said pork and oil prices would need special attention.
Độ cited analysis of the General Statistics Office that the increase of 68.2 per cent in pork prices in the first half of this year pushed up the overall CPI by 2.86 per cent. However, tumbling oil prices made up for the increase in pork prices, which helped the lower prices of the transport services category by 9.26 per cent.
With the CPI expanding by 3.17 per cent in the first half of this year, Độ said the CPI must be kept at below 0.6 per cent per month till year-end to keep the CPI for the full year at 4 per cent.
The target was achievable, Độ said, adding that the Government must act to lower pork prices by importing pigs and promoting reproduction.
Vũ Vinh Phú, chairman of Hà Nội Supermarkets Association, said if oil prices did not see significant increases in the second half of this year, forecast at about US$40 per barrel, lowering pork prices would help control inflation.
Phú urged the Government to have strict measures to handle unreasonable increases in pork prices.
Economic expert Ngô Chí Long, however, noted that price management and inflation control would be more difficult this year as the COVID-19 pandemic was weighing on the economy. Risks existed, especially if the coronavirus were to start spreading in the country again, Long said, adding that caution in price management was vital. Long said it was also important to have a reasonable roadmap for a power price adjustment and increases in textbook prices.
The Government must also remove difficulties for businesses to accelerate economic growth, he added.
At the meeting with the Steering Committee on Price Management early this week, Prime Minister Nguyễn Xuân Phúc insisted inflation must be kept under 4 per cent this year without tightening fiscal and monetary policies to promote growth. — VNS
Read original article here
Newer News
21/09 Vietnam’s GDP to grow 2-3 percent this year: former GSO director
14/09 Construction steel sales projected to recover in year-end months
11/09 VN energy sector a magnet for foreign investors
05/09 HCM City maintains export growth in eight months
27/08 Import-export expected to drive credit growth
24/08 Việt Nam shrimp exports to South Korea to edge up: VASEP
19/08 Seafood exports increase after EVFTA comes into effect
18/08 Vietnam opposes Indonesia’s conclusions on anti-dumping investigation on steel sheets
14/08 Export set to hit 340 billion USD in 2025
07/08 Vietnamese consumers became the most avid savers globally
Older News
01/07 Administrative reforms would help unlock EVFTA's potential: EuroCham
01/07 Việt Nam highlights efforts to ensure human rights amidst COVID-19 pandemic
30/06 Vietnam’s trade surplus hits 4 billion USD in H1
29/06 Vietnam’s economy records decade-low H1 growth
27/06 US initiates investigation into Vietnamese tyre
18/06 Deals highlight VN-EU bilateral ties, global integration efforts
10/06 Tra fish industry strives to win over domestic consumers
04/06 Vietnamese economy bounces back in May: WB
29/05 May CPI shows slight reduction due to dropping petrol, power, rice prices
29/05 Foreign Ministry: Vietnam recovers economy during, after COVID-19
Newsletter Signup
Top Stories
Reference exchange rate down 5 VND on September 15
Construction steel sales projected to recover in year-end months
HVN: Vietnam Airlines increases flights from/to Da Nang
Local ETFs draw foreign attention
Plastics industry shrugs off pandemic, interests stock investors
Market Update
Last updated at 2:30:05 PM
VN-INDEX 906.20 -1.74/-0.19%
Real-time chart
Top 5 Actives
Top 5 Gainers
Top 5 Losers
My Favorite Quotes
Your most recently viewed tickers will automatically show up here if you type a ticker in the Get Quotes box on the top of the page.
Company Research
Type in the symbol above for thorough background information, key statistics and financial information.
Stock Sectors
We continuously improve our services, here are the latest updates...
Allow you to monitor a customised group of securities. You can set up multiple Portfolios to help you better manage your investments.
Trigger Alerts
Get up-to-date alerts delivered directly to your email address.
Stock Screener
Allow you to filter the market and find exactly what sort of company you are looking for.
Live Terminal
Get instant access to FREE REAL-TIME streaming quotes for hundreds of stocks from HOSE, HNX and UPCOM exchanges.