The Hanoitimes - According to Official Letter 11050/VP-KT dated November 21, the Office of Hanoi People’s Committee requests agencies and sectors to realize instruction of Deputy Prime Minister Vuong Dinh Hue at the meeting of Steering Committee for Price Management at July 13, 2017.
Instruction and orientation for the future are indicated as following:
For monetary policy: continue launching flexible monetary policy in association with fiscal policy to fulfill the target of curbing inflation; consider and manage credit growth according to absorption capacity of the economy, thus supporting the growth and avoiding the creation of expected inflation for 2018, and maintaining inflation rate of around 1.6%; take comprehensive measures to stabilize exchange rate and foreign currency market; consider measures to manage mobilization interest rate and loan interest rate in accordance with market movement to support growth, and utilize favorable conditions to reduce rate if possible;
Review and complete price management mechanism for the services of which fees are changed; proactively grasp the situation of price building for services issued by People’s Committees of cities, provinces under the Central Government yet put under the management of ministries; grant documents on economic, technical cost norms, and legal documents to create basis for prices under market mechanism, and report to the Steering Committee at fourth quarter meeting.
People’s Committees of cities, provinces under the Central Government ask competent authorities to release economic, technical cost norms and list of public services, auction services, orders, task assignment; build scenarios and estimate effect of amending prime product prices on average annual price index, thus curbing the inflation and supporting the growth.
In response to the document, the Municipal People’s Committee requests Department of Finance in cooperation with relevant units to realize the instruction, and report to the People’s Committee according to regulations.