HSBC predicts Vietnam’s inflation to be capped under 4 percent
The HSBC has forecast that Vietnam's inflation will increase 3.7 percent, still below the inflation ceiling of 4 percent set by the State Bank of Vietnam (SBV).
HCM City (VNA) – The HSBC has forecast that Vietnam's inflation willincrease 3.7 percent, still below the inflation ceiling of 4percent set by the State Bank of Vietnam (SBV).
In its "Vietnam at a glance" report in May, HSBCVietnam said that inflation pressure in Vietnam remains low in the ASEANregion.
According to the HSBC, in April, headline inflation rose by only 0.2 percent month-on-month, leading to a modest increase of 2.6 percentyear-on-year, still within the market's expectations. The main cause of this is the low transport costs, partly thanks to the drop in world oil prices in the month andthe reduction of tax on environmental protection of Vietnam.
The report also said that Vietnam is benefiting fromthe reopening strategy. With the official reopening of its border on March 15, Vietnamwelcomed over 100,000 foreign tourists in April, a threefold increase comparedto that of March.
For domestic tourism, people's travel needs have exceeded thepre-pandemic level since the beginning of April, which has contributed to therecovery of the retail industry, helping it grow by 5 .8 percent in April.
Goods sales increased by 2 percent month-on-month, and spendingon services and the travel-related segments also rose by 7 percent month-on-month,signaling a good start for the recovery in the service sector./.
Fiscal policies have worked to promote economic growth and control inflation in the first months of this year, Deputy Minister of Finance Vo Thanh Hung said, adding that close watch would be placed on the market to ensure inflation was within the National Assembly’s target.
Vietnam is likely to complete its target of 6.5 percent in economic growth for 2022, but the goal of keeping the inflation rate under 4 percent is tough, according to Assoc. Dr. To Trung Thanh from the National Economics University (NEU).
The consumer price index (CPI) in April rose 0.18 percent over the previous month and 2.64 percent year on year, according to the General Statistics Office (GSO).
Prime Minister Pham Minh Chinh emphasised specific tasks for maintaining macro-economic stability, controlling inflation and managing monetary and fiscal policies flexibly while addressing a regular Government meeting in Hanoi on April 29.
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Illustrative image (Photo: VNA) 
