The Ministry of Finance (MoF) has asked relevant ministries and sectors to continue to stabilize the prices of goods from now until the end of the year and in the first quarter of 2023, especially before and during the Lunar New Year (Tet) at the end of January.

This is the main purpose of an MoF directive on strengthening the management and stabilization of goods and service prices during Tet.

Until the end of the year and in the first quarter of 2023, many complex and unpredictable changes are expected in supply and demand as well as prices of essential raw materials, requiring that the State adopt solutions for the management and stabilization of goods and service prices to control inflation, according to the ministry.

Price management and stabilization efforts are to focus on essential goods and services such as fresh food, foodstuffs, travel and transport services, and materials for production.

The directive instructs relevant agencies to closely monitor global economic performance and inflation affecting Vietnam and devise suitable solutions for coping with any effects.

They are also required to remain updated on the situation regarding supply and demand and on domestic market prices to suggest measures for managing and stabilizing local prices, especially before, during, and after Tet.

The fight against smuggling, trade fraud, and counterfeit goods should be intensified to prevent abnormal fluctuations affecting socioeconomic development.