At the October regular government press briefing, Deputy Finance Minister Nguyễn Đức Chi said average CPI for the first 10 months rose 4.57%, above the full-year 2026 target of around 4.5%. The Ministry of Finance proposed measures including monitoring and forecasting prices, ensuring supply of essential goods such as fuel, food and medical supplies, coordinating monetary and fiscal policy, cautiously managing state-set prices especially fuel and electricity, and tightening inspections against hoarding and price manipulation. The special consumption tax on gasoline is cut to 0% from Nov. 1, 2026 to March 31, 2027, which is expected to reduce state budget revenue by nearly 7,000 billion VND, while average retail electricity prices fall 2%. The ministry estimates these measures could lower CPI by about 0.5 percentage points in November 2026 versus October and by about 0.08 percentage points in the 2026 average CPI.
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Original headline: Bộ Tài chính nêu giải pháp điều hành giá, kiểm soát CPI khoảng 4,5%
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inflationfuel priceselectricitybudgettaxes
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Related tickers and likely impact
VNINDEX
• NeutralRelevance: low
| Market | Vietnam stocks |
|---|---|
| Close on 11/03/2026 | 1,699.62 |
| Change that session | -0.65% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
Related news
- From 1 November, all motorcycle and car users in Vietnam receive good news; compared with Laos, Cambodia and Thailand, there is a major surprise
Deputy Prime Minister Nguyen Van Thang signed Resolution No. 45/2026/NQ-CP, setting the special consumption tax on all gasoline types at 0% from 1 November 2026 to 31 March 2027. Under the Special Consumption Tax Law effective 1 July, rates were 10% for regular gasoline, 8% for E5 and 7% for E10. The same day, the Ministry of Industry and Trade set maximum prices of 24,223 VND/liter for E5 RON 92 (down 1,804 VND/liter) and 24,159 VND/liter for E10 RON 95 (down 1,575 VND/liter). The article notes that Vietnam's gasoline prices remain lower than those in Thailand (32,550 VND/liter), Cambodia (32,010 VND/liter), Laos (48,276 VND/liter) and China (36,125 VND/liter). The government also aims to keep inflation at 4.5%, and EVN has been directed to cut retail electricity prices by 2% until the end of March 2027.
- Why Are Electricity Prices and Gasoline Taxes Falling Together?
From November 1, the average retail electricity price falls 2% to VND 2,159.9 per kWh excluding VAT, while the special consumption tax on gasoline is cut to 0% from 10% for mineral gasoline; both measures apply until March 31, 2027. The moves aim to lower production and living costs and create room to contain inflation at year-end, as the nine-month average CPI rose 4.52% against a full-year target of about 4.5%. The government attributes the CPI increase mainly to higher oil prices from the Middle East conflict, with global oil above USD 110 a barrel in the third quarter. Nguyễn Tiến Thỏa, chairman of Hội Thẩm định Việt Nam, estimates the electricity cut could lower CPI by over 0.066 percentage points, though individual household bills depend on tariff tiers and consumption. E10 RON 95-III gasoline fell nearly VND 1,600 to VND 24,150 per litre but remains about 22% above the end of February.
- Electricity price cut and fuel tax reduction help curb inflation pressure at year-end
From November 1, 2026, the average retail electricity price drops 2% and the special consumption tax on petroleum is cut to 0%, which could lower fuel prices by about 1,500–1,700 VND per liter. Nguyen Tien Thoa, chairman of the Vietnam Valuation Association, says both measures will ease costs for businesses, with steel production costs down about 0.12%, cement about 0.3%, and textiles about 0.2%, while helping lower CPI and household spending. CPI in the first nine months of 2026 reached 4.52%, slightly above target, and year-end demand, credit growth, energy prices and the USD exchange rate remain inflation risks. He says keeping CPI within 4.5–5% would be a successful outcome. Ngo Tri Long of the Vietnam Financial Consulting Association agrees, saying the cuts help consumers and businesses and support both growth and inflation control.
- Good News on Electricity Prices and Fuel Excise Tax
Deputy Prime Minister Nguyễn Văn Thắng said the Government has directed Vietnam Electricity (EVN) to cut costs in order to reduce retail electricity prices by about 2% until 31 March 2027. From November to year-end, about 4,000 billion VND is planned for cutting the special consumption tax on petrol from 7% to 0%, on top of about 64,000 billion VND in fuel tax and fee reductions since the start of the year. GDP grew about 9.01% in the first nine months despite oil prices above USD 110 per barrel and additional US tariffs; reaching the 10% annual target requires 12.5% growth in Q4. Average CPI rose 4.52% in the first nine months, and the petrol tax cut and electricity price reduction are expected to create about 0.07 percentage points of room to keep inflation within the National Assembly's 4.5% target. As of 29 October, public investment disbursement exceeded 720,000 billion VND, above 75% of plan; full disbursement is expected to add about 2.5 percentage points to Q4 growth.
- Prime Minister: Cutting intermediary layers in fuel and electricity distribution
Prime Minister Lê Minh Hưng said the government will amend the fuel business decree and restructure the electricity sector to cut intermediary layers and lower input costs for the economy. The draft fuel decree would reduce trader categories to four, and the number of wholesalers is expected to fall to 14-15 under stricter rules, such as owning at least 40 retail stores and storage capacity of at least 15,000 m3. The PM said nine-month inflation was held at 4.52%, but world fuel prices rose 65% to nearly 90%, and without tax adjustments domestic fuel prices could rise 60-80%. Vietnam's fuel prices are low compared with regional peers, and the budget faces a major revenue shortfall, though the government still implements these measures to share the burden with the economy and consumers. The EVN restructuring plan is being submitted to the government, and land and property prices may fall once the amended Land Law is passed.
- Officially Effective Today (November 1), All Vietnamese People Receive Good News
Vietnam Electricity Group (EVN) announced a 2% cut in its average retail electricity price effective November 1, 2026, to VND 2,159.9037/kWh excluding VAT. The adjustment is based on Decree No. 72/2025/NĐ-CP as amended by Decree No. 278/2026/NĐ-CP, and follows a Deputy Prime Minister's conclusion on managing fuel and electricity prices, aimed at stabilizing the macroeconomy and supporting social welfare. The same day, the Government issued Resolution No. 45/2026, setting the special consumption tax rate on all types of gasoline at 0% from November 1, 2026 to March 31, 2027. The Ministry of Industry and Trade may propose shortening or extending this period if needed.
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