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No big fluctuations in market prices till the year’s end

In Uncategorized on June 29, 2008 at 10:39 am

There will be no major fluctuations in the market in the second half of this year following good signals in the economy during June, said Hoang Tho Xuan, head of the Domestic Trade Policy Department.

According to Mr Xuan, the Government’s measures to curb runaway inflation have begun to pay off, with the consumer price index increasing by only 2.14 percent in June compared to the record high of 3.95 percent in May.

Mr Xuan told the media in Hanoi on June 27 that the Government’s tight monetary policy has proved effective, with total modes of payments falling dramatically. In addition, Vietnam has announced a bumper winter-spring rice crop this year, refuting rumours that the country had run short of food for local consumption. As a result, food prices have fallen gradually, and the Government has also agreed to increase the export rice volume to 4.5 million tonnes this year instead of 3.5 million tonnes announced earlier.

Many capital construction projects have been halted, causing building material prices to fall.

Mr Tho said that the Government’s recent decision not to raise the prices of electricity, safe water and public transport this year will help the market maintain the stable pace until the end of the year.

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