Vietnam is facing significant inflationary pressures as it approaches the end of 2026. Recent reports indicate that the average inflation rate is expected to rise between 4.2% and 5.5% due to various economic factors. At a meeting of the Price Management Steering Committee on October 9, Deputy Minister of Finance Tran Quoc Phuong provided insights into the current economic climate, highlighting a 4.52% increase in the Consumer Price Index (CPI) over the past nine months compared to the same period last year, with core inflation rising by 4.26%.

The fourth quarter is anticipated to bring continued pressure on prices, influenced by international energy market risks, supply chain disruptions, and increased demand for public investment and consumer spending during the year-end festive season. Deputy Prime Minister Nguyen Van Thang emphasized the importance of preventing unreasonable price hikes in commodities.

The Ministry of Finance has outlined two scenarios for inflation in 2026: a rise of approximately 4.5% or 4.8%. The State Bank of Vietnam also forecasts an average inflation increase in the range of 4.5% to 5.0%. In light of these predictions, the Deputy Prime Minister noted that local price management efforts are inconsistent, with some areas effectively controlling prices while others struggle.

To stabilize the economy and keep inflation in check, the Deputy Prime Minister called on various ministries and local authorities to manage the pricing of state-regulated goods and services appropriately and to assess the impact on the CPI. There is a strong emphasis on monitoring price declarations and ensuring compliance, particularly for essential goods.

Furthermore, the government plans to implement stricter controls on price speculation and hoarding, especially during natural disasters and festive periods. Businesses are urged to adjust their prices in accordance with the reduction in input material costs to protect consumer rights.

Looking ahead to 2027, the government intends to assign specific CPI control targets to localities to ensure a more uniform approach to price management across the country. Local authorities will also be required to publicly disclose their revenue and expenditure for the school year to prevent unauthorized charges.

In conclusion, the Deputy Prime Minister reiterated the necessity of utilizing all available policies to effectively control the CPI and monitor the fluctuations in global energy prices, ensuring that domestic prices remain stable and supply chains are not disrupted.