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Consumer price index increased in Hanoi and HCMC 

 Wednesday, March 13,2019

AsemconnectVietnam - Vietnam’s consumer price index (CPI) in February rose by 0.8 percent over the previous month, and 2.64 percent year-on-year, according to the General Statistics Office (GSO).

The two-month index inched up 2.6 percent compared with that of the same period last year.
The CPI in Hanoi and Ho Chi Minh city saw slight increase in February.
 
Price of several commodity groups increased slightly
 
Among the 11 main commodity groups, nine reported increases in prices, with food and catering services experiencing the highest at 1.73 percent – driven by high demand during the Tet (Lunar New Year) holidays.
The price of housing and building materials rose by 0.69 percent; culture, entertainment, and tourism by 0.66 percent; and drinking and tobacco by 0.35 percent.
Decreases were seen in prices of education (0.47 percent) and post and telecommunications (0.03 percent).
 
During the month, gold prices were up 1.53 percent month-on-month, but down 0.16 percent year-on-year. In contrast, the price of the US dollar fell 0.09 percent against the previous month, but rose by 2.24 percent from the same period last year.
According to the GSO, February’s inflation inched up 0.48 percent compared with that of January, and 1.82 percent year-on-year, pushing the two-month inflation up 1.82 percent year-on-year.

CPI in Hanoi increased by nearly 0.9 per cent
Hanoi’s consumer price index (CPI) in February rose by 0.89 percent month-on-month and 3.89 percent from the same month last year, according to the city’s Statistics Office.
The office attributed the rise to the Lunar New Year festival during the month, which pushed up the prices of food and catering services.
The prices of food dropped after Tet, but still stood at a higher level than in January.
In addition, the prices of cultural, entertainment and tourist services also increased in the period after Tet.

Total retail sales and service revenues in the first two months of 2019 were estimated at 93.45 trillion VND (4.02 billion USD), up 9.7 percent year on year, of which retail sales accounted for nearly 56.6 trillion VND, up 10.8 percent.
Meanwhile, Vietnam’s consumer price index (CPI) in February rose by 0.8 percent over the previous month, and 2.64 percent year-on-year, according to the General Statistics Office (GSO).

The two-month index inched up 2.6 percent compared with that of the same period last year.
Among the 11 main commodity groups, nine reported increases in prices, with food and catering services experiencing the highest at 1.73 percent – driven by high demand during the Tet (Lunar New Year) holidays.

CPI in Ho Chi Minh city increased by 0.47 percent in February
The consumer price index (CPI) of Ho Chi Minh City rose 0.47 percent month-on-month in February and 3.58 percent over the same period last year, reported the city’s Statistics Office on February 28.
According to the office, among 11 goods groups, education was the only group that saw a decrease in price compared to January at 2.89 percent.
 
Meanwhile, the prices of two other groups – beverages and tobacco, and medicine and medical services – were kept unchanged.
The highest rise in price was seen in goods and other services at 1.32 percent; followed by food and catering services at 1.15 percent; housing, electricity, water, fuel, and construction materials at 0.7 percent; garments, headgear, and footwear at 0.54 percent; equipment and household appliances at 0.6 percent; post and telecommunications at 0.41 percent; and transportation at 0.25 percent.

A representative from the HCM City Statistics Office said that in the group of food and catering services, the prices of food and foodstuff rose 1.67 percent and 0.32 percent respectively, while that of catering services increased just 0.55 percent over the previous month.
In February 2019, the price of gold was up 0.71 percent, and that of US dollar rose 0.09 percent compared to January 2019.
The National Assembly (NA) has set the nation’s gross domestic product (GDP) growth for 2019 at 6.6-6.8 per cent, as stated in the Government’s draft resolution on the nation’s socio-economic development plan.

GDP growth rate in 2018 is estimated at 6.5-6.7 per cent.
The consumer price index (CPI) growth rate for 2019 is set at 4 per cent and 3 per cent for 2020. Export turnover growth is forecast at 7 to 8 per cent. The percentage of trade deficit over export turnover is below 3 per cent, and socio-economic development capital accounts for a third of the country’s total GDP.
The draft resolution was approved by the NA on Thursday morning.
According to the NA’s Economic Committee Chairman Vũ Hồng Thanh, the GDP growth rate is estimated upon the calculation and review of international organisations and other economies.

The rate is considered a balance between the economic growth expectation and inflation control, providing a foundation for the country to settle its social issues and macroeconomic conditions, Thanh told the NA deputies.
Inflation is forecasted to be weighed down by pressures from rising oil prices, increases of foreign exchange and lending rates, potential risks to the global financial and monetary markets and trade tensions between the biggest economies, he said.

Among internal factors that could affect the inflation rate in 2019 are market-based pricing for electricity, education, healthcare and higher basic salaries, Thanh added.
“The CPI growth rate of 4 per cent set for 2019 is appropriate and should help the Government stabilise macroeconomic conditions, improve control of monetary policies and boost economic growth,” Thanh said.
Other targets approved by the NA include the poor household and district percentages – which are expected to fall 1 to 1.5 per cent and 4 per cent, respectively.
The unemployment rate in urban areas should stay below 4 per cent as the percentage of trained labour reaches 60-62 per cent with certified labour rate of 24-24.5 per cent.

The percentage of the population with health insurance for 2019 is 88.1 per cent, the percentage of industrial and processing zones with collective waste water treatment systems is 89 per cent, and the rate of covered forest area is 41.85 per cent.
Under the draft resolution, the Government must analyse and forecast developments in domestic and international conditions to issue timely policies. Monetary policies must be run proactively and carefully, and be connected with other policies to make sure macroeconomic conditions are stable and inflation is controlled.
The Government must also improve business and investment conditions and increase the competitiveness of Vietnamese companies and products in the world. It must review and improve its policies to benefit key sectors.
In addition, the NA also asked the Government to work on its legal framework to meet the requirements of the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) agreement, and to sign and approve the Europe-Vietnam Free Trade Agreement (EVFTA).
CK
Source: VITIC/VNS/Vietnamplus.vn

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