Keep prices stable to protect growth achievements
Vietnam's economy is recovering positively, but inflationary pressures are increasing from many essential items such as electricity, gasoline, food, construction materials, healthcare, and education. In this context, price management is not only an economic issue but also a requirement to maintain the stability of people's lives, strengthen social trust, and protect growth achievements.
Need to stay one step ahead in price management
In the first months of 2026, the economy continued to record many positive signals. Gross domestic product (GDP) in the first quarter of 2026 increased by 7.83%; the industrial production index increased by 9%. In the first four months of 2026, total export and import turnover reached over 344 billion USD, up 24.2% over the same period last year. State budget revenue reached over 1.1 million billion VND, about 44% of the estimate. This is an important foundation for the goal of high growth in 2026 and the following years. However, behind this recovery is the pressure of prices that cannot be overlooked. The consumer price index (CPI) in April 2026 increased by 5.46% over the same period last year. In the first four months of the year, inflation was affected by energy costs, food, housing, public services, and imported goods. This requires price management to be more proactive, not letting inflation erode growth achievements.
People shopping at a fair held in Hanoi in early 2026. Photo: KHANH AN
The notable issue is that inflation does not affect all population groups equally. For those with stable incomes, rising prices may only change spending patterns. But for workers, farmers, pensioners, poor and near-poor households, and policy families, each increase in electricity prices, gasoline, food, healthcare, and education directly affects daily life. Therefore, price management must put people at the center. Electricity prices need to be gradually calculated correctly and fully so that the power sector has resources to invest and ensure energy security, but the adjustment roadmap must be public, with impact assessments, and avoid shocking consumers. Gasoline prices must closely follow world markets, but tax, fee, stabilization fund, and commercial reserve tools need to be used flexibly to limit unusual impacts. For healthcare and education, adjusting service prices must be accompanied by social welfare policies, insurance, and support for vulnerable groups.
Another challenge is the risk of local price adjustments spreading into inflation expectations. When businesses worry about continued increases in input costs, they tend to raise selling prices. When people worry about prolonged price increases, hoarding psychology may emerge. If information and market sentiment are not well controlled, inflation can be amplified not only by actual costs but also by expectations. Therefore, price management must stay one step ahead. The authorities need to closely monitor world price fluctuations, especially crude oil, gas, fertilizer, food, and construction materials; and build monthly and quarterly management scenarios. For items managed by the state or with large spillover effects, avoid making multiple essential price adjustments simultaneously. Along with that, policy communication must be timely, clear, and consistent. The market not only needs right management decisions but also needs to be fully explained. A price increase policy with a roadmap, basis, and appropriate support plan will more easily create consensus. Conversely, a lack of transparency in information easily increases anxiety, creating room for speculation, hoarding, and price manipulation.
Price stability contributes to macroeconomic stability
In the long term, controlling inflation cannot rely solely on administrative measures. The fundamental solution is to reduce the costs that make up prices. To do so, we need to continue administrative reform, reduce logistics costs, and remove obstacles in land, investment, construction, customs, inspection, and goods circulation. Every intermediary step reduced, every unreasonable cost eliminated helps reduce pressure on product prices. For essential goods, it is necessary to improve storage, distribution, and market stabilization capacity; do not let local shortages create a pretext for unreasonable price increases. For energy, we must accelerate investment in power sources, grids, renewable energy, direct electricity purchase mechanisms, and energy storage systems. For food, we need to harmonize the interests of producers with the requirement to stabilize domestic price levels.
Price stability is an important part of macroeconomic stability. For a highly open economy like Vietnam, external fluctuations can be transmitted domestically through energy prices, exchange rates, interest rates, trade, and logistics. Therefore, keeping prices stable is not only an immediate task but also a requirement to ensure economic security, social welfare, and the "people's heart posture". High growth is an important goal, but growth is only truly meaningful when people's lives are ensured. We cannot let the achievements in production, exports, budget revenue, and investment be eroded by rapid price increases. In the current context, proactive, flexible, transparent, and people-centered price management is the key to protecting growth achievements, strengthening social trust, and creating a solid foundation for sustainable development.
Assoc. Prof., Dr. NGO TRI LONG
