Vietnam pledges to keep more stable market prices in 2014

Vietnam has pledged to keep domestic market prices of petroleum and essential commodities stable in 2014, especially as the Lunar New Year holiday approaches. Vietnamese Minister of Finance (MoF) Dinh Tien Dung made the remarks at a television program named "People ask, Ministers answer", MoF website reported Monday. Dung said MoF attaches great importance to the work of controlling essential commodity prices, adding that it would contribute to ensuring stability of macro-economy. The government needs to harmonize interests among the governments, businesses and people as well as respect the rights of businesses in valuating, said Dung. Dung highlighted that the work of price control is expected to eliminate step by step cross compensation in the economy, in which commodity can be sold at market prices instead of state subsidizes. "The control of prices of essential commodities including petroleum, electricity, coal and gas among others will help avoid sudden and unreasonable price increases, aiming at stabilizing macro-economy, restraining inflation and bringing about more benefits for companies as well as people," the minister told the TV program aired Sunday.