Update news CPI
The Consumer Price Index (CPI) for the first eight months of 2021 picked up 1.79 percent year-on-year, the lowest increase for the same period since 2016, the General Statistics Office (GSO) announced on August 29.
If Vietnam could control inflation cautiously and proactively, the CPI for the whole of 2021 would rise by below 3 per cent, said an expert in Hanoi last week.
On the back of reopening global economies and a rising crude oil price, Vietnam’s inflation target for 2021 may be harder to achieve, with regulating government bodies attempting to manoeuvre through the year while keeping inflation pressure at bay.
With the consumer price index (CPI) increasing by 1.47% during the first half of the year, the lowest rise since 2016, it remains entirely feasible for the country to keep inflation below 4% this year.
A GDP growth of 5.8% in 2021, nearly double the 2.9% growth last year, would boost credit demand.
Due to the complicated Covid-19 situation, MOF has written to the governments of provinces and cities asking them to enhance price stabilization and management following Deputy PM Le Minh Khai’s directive on price governance in 2021.
Vietnam’s consumer price index (CPI) is set to average 2.89% in 2021, below the government’s target of 4%.
Vietnam’s economy with high level of openness could be susceptible to rising inflation as a result of growing global commodity prices.
The National Centre for Socio-Economic Information and Forecasting (NCIF) has released a forecast on Vietnam’s economic performance in 2021, with GDP growth of 6.72 percent and CPI of 4.2 percent under an optimistic scenario.
Despite suffering a slowdown in production and business activities as a result of the impact caused by the novel coronavirus (COVID-19) pandemic, the Vietnamese economy enjoyed positive annual growth of 2.91% in 2020, according to economic experts.
The gross domestic products (GDP) of Vietnam grew 2.12 per cent in the first nine months of this year, the lowest nine-month growth rate in the 2011-2020 period, the General Statistics Office said.
With huge inflation pressure on the way in the remaining months of this year, a close watch must be kept on the prices of key products like oil and pork to hit the goal of keeping inflation below 4 per cent, experts have said.