Vietnam CPI Likely to Rise 8%-8.3% in 2010

Vietnam’s consumer price index is likely to soar between 8% and 8.3% in 2010, compared to the National Assembly estimate of 7%, the Price Management Department under the Ministry of Finance said.

The CPI is expected to increase 0.3% a month between July and October and 1.2% a month in Nov-Dec on average.

The Vietnam Trade Information Center under the Ministry of Industry and Trade (MoIT), meanwhile, is more optimistic, predicting the prices to go up between 0.5% and 0.7% in Q3, resulting in a full-year rise of 8%.

The index will be averaged at between 0.1% and 0.2% in July and Aug, the center added.

Deputy Prime Minister Nguyen Sinh Hung has affirmed that the government will put growth on top priorities as the local economy is on recovery. The country’s CPI will be above 7% this year, he noted.

The MoIT is striving to ensure sufficient supply of essential commodities and stabilize domestic market prices, in a move to put inflation in check.

Local authorities must carry out promotional programs, focusing on selling Vietnamese goods to rural areas and industrial zones to stabilize domestic market, said the MoIT Minister Vu Huy Hoang at an online meeting on July 6.

Hoang also asked to set strict fines on any speculations on essential goods, spread of unclear information, and smugglings.

A government data showed that Vietnam’s consumer price index in June increased 0.22% from May and 4.78% from end-2009.

Tags: Vietnam CPI, Vietnam economic, Vietnam economy