Written by: Salma El-Sakka
The Ministry of Finance in Vietnam has called on ministries and local authorities to submit urgent proposals and solutions to deal with global oil price fluctuations, construction material shortages, and slow disbursement of public funds, as part of comprehensive government plans to support economic growth and control inflation rates in the coming period. These moves come at a time when global markets are facing ongoing challenges related to supply chains and fluctuating energy prices, which requires the concerned authorities to develop flexible response scenarios to deal with various possibilities.
Assessment of Fuel Supplies Amid Market Tensions
The ministry called on the concerned authorities to assess the current capacity to secure local fuel supplies, specifically diesel, in anticipation of any potential disruptions in global markets due to ongoing tensions in the Middle East and the decline in global supply. The demands stressed the need to study the impact of oil price movements on prices, and to use available stabilization tools to minimize potential repercussions on local goods and services.
Monitoring Energy Markets and Inventory Management
The government directives included a comprehensive review of the energy and petroleum products sector, assessing inventory levels and related activities to confront any emergency in the supply sector. The monitoring also included the construction materials sector and resources related to major infrastructure projects, with the development of plans to coordinate supplies and ensure the continuity of work in vital projects without delay or disruption in disbursement rates.
Monitoring Credit and Economic Growth Rates
The requested reports touched upon evaluating the performance of the banking sector, including credit policies, interest rates, and the cost of financing, with the aim of supporting productive and commercial activities and facilitating the access of institutions and individuals to the necessary liquidity. These regulatory measures seek to ensure the achievement of economic growth targets and overcome current challenges in various vital sectors.
