Inflationary pressure is great, but it also opens up opportunities to export food and food for Vietnam

Asking questions at the questioning session of Minister of Finance Ho Duc Phuc before the National Assembly on the morning of June 8, Delegate Hoang Van Cuong – Hanoi City National Assembly Delegation raised the issue of rapid inflation, our country imports a lot, Gasoline prices increase, the disbursement of support packages will also put pressure on inflation. What solution does the minister have for this problem?

In response to the above question, Finance Minister Ho Duc Phuc said that high inflation will cause instability in social security, not ensure development plans and will cause a lot of difficulties for people’s lives. of people. Therefore, we must focus on fighting inflation.

Currently, the US has 8.3% inflation, Europe 8%, Singapore 5.4%. South Korea is 4.8%, Thailand is 4.6%, but Vietnam’s CPI has remained stable at 2.25%, lower than the target assigned by the National Assembly of 4.5%.

Vietnam is an open economy, raw materials that cannot be produced domestically are imported. Currently, the world price of raw materials is increasing, leading to an increase in prices in the domestic market as well as for petroleum products. steel, fertilizer,…

However, Vietnam has the strength of being self-sufficient in food, which accounts for 40% of the basket of goods. Therefore, inflation pressure on this commodity group in Vietnam is less affected.

“This is also a golden opportunity for Vietnam to make a breakthrough, if we can take advantage of it. Inflationary pressure is great but there is a delay and Vietnam is self-sufficient in domestic consumption,” the minister said.

Regarding the solution to the problem of high inflation, the Minister said that it is necessary to continue to implement a proactive and flexible monetary policy in close coordination with fiscal policy and other macroeconomic policies to control the inflation rate. control inflation according to the set target.

The Minister also said that the Government will continue to control core inflation in 2022 to create a basis for general inflation control; continue to closely monitor the world economic situation and inflation, price movements of fuels and strategic materials.

“On that basis, step up the work of synthesis, analysis, forecasting, and pre-elaboration of scenarios and response plans for each commodity in case goods on the world market continue to increase. to manage domestic production, balance and control supply and demand, and stabilize prices appropriately,” said Minister Ho Duc Phuc.

Governor of the State Bank of Vietnam Nguyen Thi Hong

Regarding this issue, Governor of the State Bank of Vietnam Nguyen Thi Hong also said that this is a global issue, our economy has a very large openness, domestic production is highly dependent on the import of raw materials from abroad, should also be under pressure of inflation.

Currently, the Government is directing very strongly on this issue, in the first months of the year, our country’s inflation is still under control, the price increase is related to world commodity prices.

However, according to the Governor of the State Bank of Vietnam, in the coming time, monetary policy will also have to closely follow macroeconomic and monetary developments as well as the disbursement progress of support packages for recovery and development. economic development to come up with practical management measures, especially the need to combine monetary, fiscal and price control policies.

The Governor of the State Bank of Vietnam said that through the Price Management Steering Committee, the Government is directing ministries and branches to closely analyze the developments and causes of inflation to come up with appropriate policy combinations. fit.

Nguyen Tham