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Vietnam Focuses on Economic Stability, Business Support Amidst Inflation Concerns
🇻🇳 Vietnam /Economy & Trade

Vietnam Focuses on Economic Stability, Business Support Amidst Inflation Concerns

From Thanh Niên · () Vietnamese

Translated from Vietnamese, summarized and contextualized by DistantNews.

At a glance

News Official statement New plan
  • Vietnam's economy shows positive signs, with the Consumer Price Index (CPI) rising 0.3% in May, the lowest in three months.
  • However, the year-on-year CPI increase was 5.6%, with an average of 4.31% for the first five months.
  • The government is focusing on simplifying administrative procedures, stabilizing interest rates, and providing tax relief to support businesses.

Vietnam's economic performance is showing encouraging signs, according to Minister of Finance Ngo Van Tuan. The Consumer Price Index (CPI) in May saw a modest increase of 0.3% compared to the previous month, marking the lowest rise in three months. Despite this short-term moderation, the year-on-year CPI in May increased by 5.6%, and the average for the first five months of the year stands at 4.31%.

To bolster the economy, the government is implementing measures to simplify administrative procedures, including business registration and reducing conditional business sectors. Prime Minister Le Minh Hung emphasized the need for more detailed macroeconomic management scenarios and policy solutions to cushion external shocks. The State Bank of Vietnam is actively managing market liquidity to maintain stable interest rates, while the Ministry of Finance is pursuing an expansionary fiscal policy, including tax deferrals and fee reductions.

Trong bối cảnh khó khăn, bên cạnh việc đánh giá kỹ tác động với thu ngân sách thì việc khoan sức dân, hỗ trợ doanh nghiệp cũng rất quan trọng; còn trong điều kiện bình thường thì chúng ta áp dụng trở lại

— Prime MinisterOn the importance of supporting businesses during difficult economic times.

The Prime Minister stressed the importance of "drilling the people's strength" and supporting businesses, especially during challenging times. He called for careful consideration of the impact on state revenue before implementing price adjustments for services like healthcare and education, suggesting these might be temporarily stabilized if necessary. The government is also working on developing the stock market, attracting investment funds, and accelerating the equitization of state-owned enterprises.

Furthermore, the Ministry of Health is tasked with assessing the current healthcare situation and proposing solutions for patient treatment, aiming to operationalize key hospital facilities like Bach Mai and Viet Duc by the end of the second quarter of 2026. Regarding fuel quality, the Ministry of Industry and Trade affirmed strict quality control measures for E10 gasoline, from production to retail, and encouraged public feedback.

việc kiểm tra, kiểm soát chất lượng được thực hiện từ khâu sản xuất, phối trộn cho đến hệ thống phân phối, bán lẻ…

— Deputy Minister of Industry and Trade Nguyen Sinh Nhat TanOn the quality control measures for E10 gasoline.
DistantNews Editorial

Originally published by Thanh Niên in Vietnamese. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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