Prime Minister Pham Minh Chinh Takes Proactive Steps to Address Economic Challenges in Vietnam

In a bid to ensure a stable supply of gasoline, Prime Minister Pham Minh Chinh has issued directives to regulate gasoline prices according to market regulations. The Ministry of Industry and Trade has been tasked with ensuring domestic fuel supply, with around 300 gasoline and oil distributors currently operating in the market.

The Ministry stated that 16 distributors had returned their petroleum trading licenses voluntarily after failing to meet business conditions. Total imports and domestic purchases of petroleum in the second quarter were approximately 6.35 million m3, with consumption at around 6.3 million m3. The Ministry confirmed that there is enough petroleum inventory to meet demand for both consumption and production.

Apart from petroleum, the Prime Minister has also addressed issues related to electricity prices, medical services, and food supply. The Ministry of Transport has been required to stabilize air transport capacity during the upcoming summer peak period.

The Prime Minister has emphasized the importance of monitoring the production and supply of essential goods to prevent shortages. Strict measures must be taken against cases involving the spread of false information that could disrupt the market.

In May, the consumer price index increased by 4.4% over the same period last year, with food and housing being the main contributing factors. The World Bank has highlighted the need for support for domestic demand as international demand recovers but remains weak. Proposed solutions may put pressure on exchange rates in light of a stronger USD.

Overall, it is clear that Pham Minh Chinh is taking decisive action to address a range of economic challenges facing Vietnam at present, including ensuring a stable supply of gasoline while also addressing issues related to electricity prices, medical services, food supply