The conclusion notice clearly stated that in the first quarter of 2026, the global economy slowed down, accompanied by increasing risks from geopolitical, energy, and global financial fluctuations. Notably, the conflict in the Middle East among the United States, Israel, and Iran disrupted key transport routes, causing a surge in oil prices in the global energy market and significantly increasing logistics costs. The risk of inflation returning has increased, especially as energy prices rose sharply at the end of the quarter, prompting central banks to maintain cautious monetary policies and keep policy interest rates unchanged to balance inflation control and growth support.

Domestically, the price level rose in the Lunar New Year month due to increased demand for shopping and travel during the peak period of the Bính Ngọ Lunar New Year. Implementing the directives of the Government and the Prime Minister, localities proactively developed and implemented plans to ensure adequate reserves of food, foodstuffs, and essential goods, thereby ensuring abundant supply for the market.

By March 2026, contrary to the usual trend of prices decreasing after the Lunar New Year, the price level faced significant pressure from international fluctuations, particularly the conflict in the Middle East, which pushed domestic fuel prices higher and had spillover effects on production costs, input materials, and transportation costs. The consumer price index (CPI) compared to the previous month increased by 0.05% in January 2026, 1.14% in February 2026, and 1.23% in March 2026. On average, in the first quarter of 2026, CPI increased by 3.51% compared to the same period last year, while core inflation rose by 3.63%.

Since the beginning of the year, the Government and the Prime Minister have focused on price management and administration, contributing to inflation control, macroeconomic stability, and social welfare. The management work has been carried out proactively and flexibly, closely monitoring market developments and ensuring the balance of supply and demand for goods, especially essential items. Price stabilization measures have been implemented synchronously, focusing on managing fuel prices in line with global prices combined with the use of the fuel price stabilization fund and tax reductions on fuel products.

At the same time, inspection and supervision have been strengthened, with strict handling of acts of speculation, hoarding, unreasonable price increases, and violations of price regulations. Adjustments to prices of state-managed services have been carried out cautiously, in close coordination with fiscal and monetary policies to reduce inflationary pressure and support economic recovery and development.

In the remaining months of 2026, the global economy is forecast to continue facing many uncertainties such as prolonged geopolitical conflicts, rising trade protectionism, and unpredictable changes in the monetary policies of major economies. These developments may cause fluctuations in energy prices and key input goods, thereby affecting domestic price levels....

To achieve the goal of “double-digit” economic growth, control inflation targets for 2026, support production and business activities, ensure social welfare, and strengthen the confidence of businesses and investors, Deputy Prime Minister Nguyễn Văn Thắng requested ministries, sectors, and localities, according to their assigned functions and tasks, to proactively closely monitor and promptly and effectively implement tasks and solutions set out in Government resolutions and directives of the Prime Minister and Deputy Prime Minister, focusing on the following key tasks and solutions:

Do not take advantage of cost fluctuations to increase prices unreasonably

Ministries, sectors, and localities, according to their assigned functions and tasks, should strengthen monitoring and analysis of supply-demand developments and prices of essential goods, especially in sectors directly affected by fuel costs such as transport, logistics, construction materials, and food. On that basis, enterprises must strictly comply with regulations on price declaration and listing, and must not take advantage of cost fluctuations to increase prices unreasonably or profiteer from State policies.

At the same time, attention should be paid to solutions to ensure and balance supply and demand, especially for essential goods such as fuel, electricity, food, foodstuffs, and production inputs. Promptly regulate supply and demand of goods serving domestic needs, among regions, localities, and export demand to stabilize market prices. Implement solutions to diversify export markets while developing the domestic market and promoting the movement of producing and consuming Vietnamese goods.

Provincial People’s Committees shall proactively implement market stabilization programs for essential goods in line with local conditions, thereby contributing to stabilizing prices and supply-demand of essential consumer goods.

Promote inspection, examination, and market supervision, inspect compliance with price laws to promptly detect and strictly handle acts of speculation, hoarding, price manipulation, or violations of price laws, cases of failure to promptly reduce prices for goods whose input costs have decreased in line with global prices; inspect and strictly handle violations in the trading and transportation of fuel in border areas to benefit from price differences.

Flexibly and effectively use tools and measures for price regulation in accordance with price laws to control and stabilize the market. Strengthen the effective implementation and supervision of price declaration, price listing, and public disclosure of price information, inspect compliance with price laws, and strictly handle violations.

Ministries, sectors, and localities are responsible for issuing pricing documents within their authority and organizing the implementation of price management tasks in accordance with the Law on Prices No. 16/2023/QH15, as amended and supplemented by Law No. 140/2025/QH15 and guiding documents; proactively review and issue economic-technical norms within their authority to ensure transparency, efficiency, and effectiveness in pricing activities.

Promote administrative procedure reform, resolutely cut unnecessary administrative procedures to reduce costs for people and businesses, thereby contributing to lowering the prices of products and services.

Closely monitor supply-demand developments and market prices of goods

The Deputy Prime Minister also requested ministries, sectors, and localities to strengthen their responsibility for state management of prices of goods and services within their management scope.

Ministries, sectors, and localities are responsible for organizing and closely monitoring supply-demand developments and market prices of goods within their management sectors to adopt appropriate management measures, especially for goods that directly affect people’s lives such as food, foodstuffs, electricity, construction materials, education, and healthcare; at the same time, closely monitor price fluctuations of indirectly impactful groups such as gold, foreign currencies (USD), and real estate. Specifically:

For goods and services priced by the State that are expected to be adjusted: ministries, sectors, and localities should focus on reviewing cost factors and coordinate with the Ministry of Finance to carefully assess impacts on local and national price levels, avoiding increases when conditions are not appropriate. At the same time, direct enterprises to strictly control input costs, reduce production costs, improve operational efficiency, and enhance responsibility for sharing difficulties, ensuring harmonization of interests among the State, enterprises, and consumers, promptly reducing selling prices when input costs decrease; if increases are necessary, carefully consider the timing and extent of price adjustments, avoiding simultaneous adjustments of multiple state-managed service prices to help stabilize market prices and control inflation targets.

Proactively reserve fuel to flexibly regulate and stabilize the market

The Ministry of Industry and Trade shall take the lead and coordinate with relevant agencies to implement solutions to ensure the supply of fuel and LPG for the domestic market in all situations and manage fuel prices in accordance with regulations; at the same time, study diversification of supply sources; urgently implement the introduction of E10 biofuel when conditions are met; proactively manage fuel reserves to flexibly regulate and stabilize the market when fluctuations or supply disruptions occur; strengthen market inspection and supervision, strictly handle violations; ensure no shortage or disruption of fuel supply; promptly adjust policies when the fuel market stabilizes to avoid impacts on the state budget and minimize fuel smuggling across borders.

The Ministry of Agriculture and Environment shall take the lead and coordinate with the Ministry of Industry and Trade and localities to closely monitor production, consumption demand, and price developments of essential agricultural products such as rice and pork; focus on ensuring import supply and supervising price declaration and listing of animal feed and fertilizers, preventing speculation, hoarding, and unreasonable price increases; regulate supply and demand of goods serving domestic needs, among regions and localities, and export demand to stabilize market prices.

The Ministry of Construction shall take the lead and coordinate with People’s Committees of provinces and centrally run cities to effectively implement the Prime Minister’s directives in Document No. 948/VPCP-CN dated January 29, 2026 of the Government Office on strengthening solutions to manage and stabilize construction material prices and effectively manage supply, and Official Dispatch No. 25/CĐ-TTg dated March 21, 2026 on strengthening solutions to manage and stabilize fuel, raw material, and construction material prices; remove difficulties and obstacles, accelerate site clearance and construction progress of important national projects and key transport projects; promptly handle cases of hoarding, stockpiling, disrupting supply chains, and unreasonably driving up prices affecting the progress of construction works and investment projects, especially key national projects; continue to direct Departments of Construction to effectively and synchronously implement solutions to improve the quality of construction material price announcements.

Focus on developing the social housing segment and housing for middle-income earners

The Ministry of Agriculture and Environment and the Ministry of Construction shall coordinate with People’s Committees of provinces and centrally run cities to develop solutions to ensure a healthy real estate market operation, suitable to actual conditions and needs of the people, focusing on developing the social housing segment and housing for middle-income earners to effectively serve housing needs and social welfare.

For accommodation and tourism services, People’s Committees of provinces and centrally run cities shall direct and regularly organize reviews of price declarations, inspect compliance with price laws, and ensure proper price listing in accordance with regulations. Strictly handle acts of taking advantage of peak periods and fuel price fluctuations to increase prices unreasonably.

The Ministry of Health shall coordinate with People’s Committees of provinces and centrally run cities to direct and strengthen monitoring of prices of medicines and medical equipment declared in accordance with pharmaceutical and price laws; ensure adequate supply of medicines and medical supplies at reasonable prices to meet needs for medical examination, treatment, and disease prevention.

For the management of prices of other important and essential goods, ministries, sectors, and localities are responsible for organizing and closely monitoring supply-demand developments and market prices of goods within their management scope to adopt appropriate management measures, proactively forecast and develop plans to ensure supply-demand balance, especially during periods of high market demand, avoiding shortages or supply disruptions that cause sudden and unreasonable price increases.