In his opening remarks, the leader pointed to the complex and unpredictable global developments, especially with the U.S. announcing massive reciprocal tariffs, which also include Vietnam, along with escalating trade tensions that may disrupt production and supply chains.
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Prime Minister Pham Minh Chinh speaks at the regular Cabinet meeting in Hanoi on April 6. |
He said right from the beginning of this year, Vietnam has taken all necessary measures to balance trade with the U.S., most notably the recent phone talks between Party General Secretary To Lam and U.S. President Donald Trump to discuss bilateral relations, especially in economy and trade.
Vietnamese authorities have also worked on cutting import tariffs and held meetings with U.S. associations, businesses, and scientists, added.
The PM emphasized efforts in expanding export markets, diversifying products, markets, and supply chains, and utilizing the 17 Free Trade Agreements (FTAs) and other cooperation frameworks in which Vietnam is member.
Right after U.S. President Trump’s tariff announcement, permanent Cabinet members convened a meeting to assess the situation and put forth solutions, he said, adding a rapid response task force has been established for this issue.
According to the leader, Deputy PM Ho Duc Phoc will travel to the U.S. to engage in discussions with the U.S. side.
On April 5 afternoon, permanent Cabinet members and representatives of various ministries and agencies also met to look into economic and trade cooperation with the U.S., and the implementation of the messages from Party General Secretary Lam and President Trump during their phone call.
“This should be seen as an opportunity for Vietnam to restructure its economy, foster rapid and sustainable development based on science, technology, innovation, and digital transformation, and restructure and diversify products, markets, and supply chains,” he said, referring to the tax issue.
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An overview of the regular Cabinet meeting in Hanoi on April 6 |
PM Pham Minh Chinh set forth main tasks for the time ahead, such as striving for a growth target of at least 8% based on the new scenario, towards double-digit growth in the coming time; continuing with the restructuring of the political system and local administration; preparing and organizing Party congresses at all levels leading up to the 14th National Party Congress; implementing the Politburo’s Resolution 57 on breakthroughs in science-technology development, innovation, and national digital transformation, and Resolution 59 on international integration in the new context; and preparing and organizing major national holidays.
Regarding socio-economic performance in the first quarter, the leader emphasized the growth rate of 6.93%, with achievements seen in industry, agriculture, and services, especially agriculture.
However, there remained limitations and difficulties, such as pressure on exchange rates, rising inflation; slow recovery in purchasing power; issues in the real estate market; a lower rate of public investment capital disbursement; and numerous risks and challenges, especially after the U.S. announced the new tariffs.
Against the backdrop, the PM said it is a must to clearly identify responsibility of each ministry, sector, and locality, to implement mechanisms and policies in order to resolve institutional obstacles, to boost public investment that would contribute 2% to growth, and to foster traditional growth drivers like investment, consumption, and exports.
Source: VNA