The petrol price hike, which has led to an increase in nearly all goods and services, from food to medicine to fertilizer, has caused consumers constant anxiety.

If petrol and DO prices continue to stay high, transport firms may have to reduce services and routes, or stop operation temporarily.

Vietnam’s consumer price index (CPI) in January edged up by 0.19% month-on-month, fueled by high consumer demand for the upcoming Lunar New Year or Tet, according to the General Statistics Office.

The severity and persistence of inflation worldwide have surprised most central banks and organizations that offer economic forecasts. 

Despite facing various difficulties, it remains entirely possible to be optimistic about the outlook for foreign investment attraction moving into 2022, with many commitments regarding investment in major projects being made by foreign investors.

Vietnam's Consumer Price Index (CPI) edged up 1.84 percent year-on-year in 2021, the lowest ever recorded since 2016, according to the General Statistics Office (GSO).

The gas price on October 31 increased by another VND17,000, raising the price to VND500,000 for a 12 kilogram tank.

Taxes and fees make up nearly 40 percent of the petrol price. The environmental protection tax is now at the ceiling level.

The prices of goods and services have begun escalating following a shocking hike in petrol price, reaching a 7-year high, announced by petroleum distributors on October 25.

If all barriers are removed, Vietnam’s GDP (gross domestic product) in 2021 may reach 2-2.5% in accordance with the optimistic projection.

The sharp increase in gas prices recently will surely affect the speed of economic recovery and increase prices of goods.