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The Saigon Times

Saigon Times Group is a leading Vietnamese media organization with prestigious business and consumer publications. After three decades of development, we have built a good reputation through our publications on economy, business and markets for Vietnamese and foreign readers.

Basic

Free

  • Free access to daily domestic news, podcasts and videos

Premium

$5 $1 /month
(VND 23,900)
Monthly Annual

  • Unlimited access to domestic news, podcasts, videos and magazine articles on current social / economic / trade / investment issues, commodity / financial/securities markets, M&A activity, FDI, local and foreign business communities and more.

AUTOMATIC RENEWAL REMINDER

  • Your payment method will then be automatically charged ₫ 899.000 every 365 days thereafter.
  • Your subscription will continue until you cancel.
  • You can cancel by using My account. Under My account, select "Unsubscribe" and then follow the instructions to cancel.
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28.9 C
Ho Chi Minh City
Friday, July 11, 2025

Surging fuel prices ratchet up pressure on other goods

By Van Phong

Must read

HCMC – The soaring prices of gasoline and other fuels have pushed up the prices of other goods and services, such as education, healthcare, construction materials and transport, Deputy Prime Minister Le Minh Khai, head of the steering committee for price management, told a meeting on June 13.

Speaking at the meeting chaired by the deputy prime minister, a Ministry of Finance official said that soaring global inflation had impacted the country’s inflation in the first five months of 2022. Between January and May, the consumer price index (CPI) increased by 2.25% year-on-year, driving inflation during the five-month period up 1.1% year-on-year.

The ministry attributed the hike in CPI to the spike in fuel prices induced by rising global prices, and a surge in the prices of construction materials, rice and the rising post-Covid demand for lodging, catering and traveling.

Some ministries and agencies said price management would be challenging in the coming months, leading to higher inflation. As such, it is necessary to balance supply and demand, ensure the supply of necessities, manage monetary policy and effectively regulate prices and control inflation.

The deputy prime minister asked the State Bank of Vietnam to work with the Ministry of Finance and other ministries and departments to harmonize monetary, fiscal and macroeconomic policies to bring inflation under control this year.

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