News about Le Minh Hung

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.

Prime Minister Lê Minh Hưng said the government will cut intermediary stages in fuel distribution, electricity and healthcare to lower input costs for the economy. The draft new fuel-business decree would reduce the main trader types to 4 and tighten conditions for wholesale traders, with their number expected to fall to 14-15. In healthcare, the government will amend the Law on Medical Examination and Treatment and the Pharmacy Law to remove intermediaries, as medical equipment and drugs have been marked up through overseas intermediary transactions. According to the government's report, inflation was held at 4.52% after 9 months, but world oil prices rising 65% to nearly 90% could push domestic fuel prices up 60-80% without tax adjustments.

Prime Minister Lê Minh Hưng said intermediary stages in healthcare, electricity and petroleum distribution will be cut so people do not pay high prices. Under a draft decree on petroleum trading, the number of key petroleum traders is expected to fall to 14-15, with requirements of at least 40 retail stores and storage capacity of at least 15,000 m3. In healthcare, the government will propose amending the Law on Medical Examination and Treatment and the Pharmaceutical Law to cut intermediaries in drug and medical equipment distribution. Inflation was held at 4.52% over nine months, but he said keeping it there will be hard without responsive management, as world fuel prices have risen between 65% and nearly 90%.