HCMC – Deputy Prime Minister Ho Duc Phoc has instructed ministries to keep the country’s consumer price index (CPI) within 4% in 2024.
During an October 30 meeting, Phoc, head of the Price Management Steering Committee, emphasized the importance of maintaining economic stability and controlling inflation, especially during the Lunar New Year (Tet) holiday.
Ministries were urged to allocate resources effectively, closely monitor market trends, and manage essential goods to ensure supply chain stability.
Vietnam’s CPI rose 3.88% in the first nine months of 2023, with September’s CPI increasing 2.63% year-on-year, according to the Finance Ministry. Inflation pressures were higher at the beginning of the year but later steadied.
To curb inflation, the Government has released goods from national reserves, aided regions facing economic difficulties, and introduced tax and fee relief. The Finance Ministry projected that the CPI would grow by another 0.98% to 1.95% in line with the 2024 target.
The State Bank of Vietnam has managed monetary policy to balance growth with inflation control. As of October 23, credit growth had reached 9.28% since the end of 2023 and 16.48% year-on-year. The Finance Ministry also developed two inflation projections for 2024, estimating CPI growth at 3.7% in one scenario and 3.92% in another.
