The Official Lettter of the Ministry of Finance on accelerating the implementation of cost management and control, inflation control

Published on 03 - 06 - 2022

On 02/6/2022, the Ministry of Finance issued the Official Letter No. 5079/BTC-QLG on accelerating the implementation of cost management and control, and inflation control.

According to the Official Letter, the Ministry of Finance requests that agencies and units continue to pay attention to and promote the implementation of cost management and control in the coming time as follows:

- To continue to carry out proactive and flexible monetary policy in close coordination with fiscal policy and other macroeconomic policies in order to control inflation according to the set target. With regard to the prices of a number of items on the list of goods that are set by the State, the ministries in charge of industries shall actively coordinate with the Ministry of Finance and the Ministry of Planning and Investment (GSO) to review and calculate price options, assess the impact on the socio-economic and inflation control target, report to the Government, Prime Minister, Deputy Prime Minister - Head of the Steering Committee on cost control and take appropriate management measures.

- To closely monitor the world economic developments, general inflation, price movements of fuels and strategic materials to promptly take specific measures to control domestic production, regulate, balance the supply and demand of domestically produced and imported goods appropriately, create favorable conditions for cost management and control in order to control domestic inflation. In case of large fluctuations in prices, based on the provisions of the Law on Prices to propose and organize the implementation of appropriate price stabilization measures.

- To strengthen the inspection and supervision of the implementation of price declaration and price listing measures; publicize information on prices; inspect the observance of the law on prices, strictly handle cases of speculation, hoarding and unreasonable price increase; promptly handle violations, cases of taking advantage of volatile market conditions to increase prices unreasonably, cases of misinformation causing instability in the market and prices.

- To disseminate fully, promptly, objectively, publicly and transparently information on prices of goods and services, especially important materials related to production and people's life to stabilize consumers' psychology, control expected inflation.

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