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Source: Socialist Republic of Vietnam

The increase in CPI was attributed to rises in food prices and medical costs as well as higher tuition fees.

Rice prices rose by 5.14% in 2020 as a result of increased domestic demand and strong exports, while the price of pork, the primary source of protein in Vietnam, shot up by 57.23%.

The cost of medicine and medical equipment climbed by 1.35% as demand rose due to the coronavirus pandemic while education costs climbed by 4.32% in accordance with a price hike roadmap.

In 2020 the upward trend of prices was restrained by a steep 23.03% decline in fuel prices while the demand for travel and tourism also fell by 6.24% due to the coronavirus.

Furthermore, the government’s measures to support businesses and people, such as lowering electricity prices, also helped with keeping inflation in check.

Domestic gold prices in December fell 0.83% from the previous month and increased 30.85% from the same month in 2019. Overall, the value of the precious metal in 2020 soared 28.5% over that in 2019.

In the meantime, in 2020 the US dollar fell by a slight 0.02% from a year earlier.

MIL OSI Asia Pacific News