Vietnam’s consumer price index (CPI) is projected to grow between 3.2% and 3.6% this year. (Photo: VNA)

Meanwhile, the General Statistics Office (GSO) forecast that the index, a main gauge of inflation, will expand from 3.3-3.6%. The State Bank of Vietnam said inflation is expected to rise about 3.4%.

The finance ministry held that from now until the end of 2023, price management should be flexible to tame inflation for the whole year in line with the Government's target, and reduce pressure, thus facilitating inflation control in 2024.

It also stressed the need to further roll out the monetary policy proactively, flexibly and effectively in combination with the fiscal policy and other macro policies, manage exchange rates based on the situation, and control credit growth.

Ministries, agencies and localities should proactively review plans to adjust prices of State-managed goods, and public services, the ministry said, noting that there needs to be a plan to minimise negative impacts of price adjustments on the poor and vulnerable groups.

The ministry highlighted ensuring goods for the end of the year and the Lunar New Year, and stabilizing their prices, especially essential goods like oil and gas and food.