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Over 30% of Vietnamese households feel impact of rising prices: survey

The Saigon Times

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HCMC – Over 30% of households in Vietnam are grappling with the consequences of soaring prices of goods and services, according to data released by the General Statistics Office (GSO).

In a report covering the first eight months of 2023, the data showed that 30.1% of households are experiencing the impact of rising costs, while another 5.3% are facing negative effects due to the pandemic. An additional 2% of households report adverse effects of the pandemic on pets and crops.

The findings shed light on the economic challenges faced by many Vietnamese families, with nearly one-third feeling the pinch of escalating expenses. The GSO conducted the survey to assess the impact of adverse events on households across the country.

Income stability also came under scrutiny in the report. It showed that 94.2% of households reported either no change or an increase in their monthly incomes compared to the same period last year. However, 5.8% of households saw a decline in income.

Job loss or temporary unemployment was cited as the primary reason by 37.8% of these households. Another 22.9% of households attributed it to increased input costs for their business activities, while 21.9% others pointed to reduced prices for their products.

The survey also highlighted that 9.9% of households received assistance from various sources. Family and relatives contributed to support for 6.5% of households, while local programs and policies aided 3.4%, national policies helped 3.1%, and charitable initiatives from organizations and individuals assisted 1.6%.

As gasoline and rice prices reflect global trends and rental costs for housing surge due to high demand, they became the factors behind the economic turbulence. These factors contributed to a month-on-month increase of 0.88% in the Consumer Price Index for August.

In the first eight months of 2023, the CPI rose by 3.1% year-on-year, while core inflation increased by 4.57%.

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