The Official Letter of the Ministry of Finance on strengthening price management and stabilization

Published on 12 - 08 - 2022

On 10/8/2022, the Ministry of Finance issued the Official Letter No. 7955/BTC-QLG on strengthening price management and stabilization.

Accordingly, in order to promote the management and control of prices, stabilize the prices of essential goods and services, which have an impact on the consumer price index and affect people's lives, the production and business activities of the organizations and individuals in the context after the sharp drop in gasoline prices in the past operating periods; closely follow the measures of price management and administration under the direction of the Prime Minister in the Official Telegram No. 679/CD-TTg dated July 31, 2022, the Ministry of Finance proposed ministries, branches and the People's Committees of provinces and centrally-run cities to focus on immediately carrying out the following tasks:

- To direct local agencies, units, departments and agencies according to their assigned functions and tasks to closely monitor the market price movements, review and grasp the situation of goods and services supply-demand balance to actively advise the competent authorities on timely plans to stabilize the market; strengthen inspection and control of the observance of the law on prices, the measures to declare and list prices and strictly handle cases of abuse to raise prices unreasonably; well perform the work of preventing and combating smuggling and commercial fraud; strictly control quality, ensure food hygiene and safety. In case of necessity, based on the competence and actual conditions and financial capacity of the locality to advise and submit to the Provincial People's Committee for consideration and decision on the implementation of the market stabilization program in the locality or advise the competent authorities to add goods and services to the list of price stabilization (if necessary).

- To actively review legal documents on price management within its competence to promptly amend and supplement content that has problems or overlaps that are inconsistent with reality to facilitate the price management and administration in the area.

- To direct functional units, corporations, State corporations and enterprises:

+ For goods and services on the list of declared prices: It is recommended to actively review the declared price plan, strictly control production costs, and effectively carry out synchronous and effective cost reduction solutions to continue to reduce prices, support consumers, evaluate the price adjustment in accordance with the fluctuations of input factors, especially the cost of gasoline in the price-forming factor, in case the price can be reduced, request the unit to declare the discount in a timely manner.

+ For goods and services on the list of prices determined by the State: To request to review the price plan, in case the price-forming factors decrease, request competent authorities to adjust the price in accordance with developments and market price level in accordance with regulations

- To strengthen the work of information, propaganda and timely inform on the situation of market prices; publicize transparently price information, especially for raw materials, fuel, materials and essential goods that are inputs for production; medical supplies for epidemic prevention, agricultural products; freight charge... to minimize the impact of price increases due to psychological factors, inflation expectations, avoid false rumors that affect the market price level and people's lives. To publicize on the mass media the violating production and business enterprises.

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