Over the past month, 10 out of 11 major consumer goods categories saw price increases.

The cut is necessary to help citizens weather inflation and support socioeconomic recovery.

Economic reform is key for Vietnam to support growth and curb rising inflationary pressure.

Government agencies are tasked with addressing any overlapping laws and regulations that prove to be a hurdle in mobilizing resources for sustainable economic development.

Vietnam continues to benefit from its broad re-opening strategy, which saw a huge crowd flocking to tourist hotspots in the country and household spending rebound.

The timely shift of the pandemic containment strategy helped Vietnam restore economic activity and reduce bottlenecks in the business environment.

With rising transport fees impacting the prices of consumer goods, there has been growing concern over the high inflationary pressure.