Inflationary pressure for Vietnam's economy in 2023 is "huge" and comes from many factors, he said in an interview with the Vietnam News Agency (VNA). Demand for petrol and electricity – the two important commodities for production and consumption – will increase in 2023. It is calculated that if the electricity price rises by 8%, the GDP will decrease by 0.36% and inflation will be up by 0.5%. If the electricity price increases by 10%, the GDP will decline by 0.45% and inflation will be up 0.61%, Lam said. The business community needs to make thorough preparations to boost production and business, ensuring the supply and circulation of goods.

Source: Viet Nam News February 05, 2023 03:36 UTC