PM Outlines Planned Responses to Tariff Measures: Press Briefing
In a bid to accelerate economic growth and maintain stability, the Government of Vietnam has set ambitious targets for 2025. The aim is to achieve a GDP growth rate between 8.3% and 8.5%, while keeping inflation below 4.5% and increasing total social investment by about 12%. The Government aims to mobilize over USD 106 billion for investment in the second half of the year [1][5].
These goals reflect a strategic effort to accelerate economic momentum, laying the foundation for a projected double-digit GDP growth in 2026 [1]. In response to US tariff policies, Vietnam's strategies emphasize proactive adaptation through promoting industrial production, encouraging investment in innovation, and targeting a 12% growth in total export turnover [3][4].
To ensure macroeconomic stability, the government prioritizes controlling inflation strictly, implementing coordinated and flexible economic policies, and accelerating public investment disbursement [1][2]. The Government is also focusing on the restructuring of administrative units and the shift to a two-tier local governance model.
Prime Minister Pham Minh Chinh has directed authorities to closely track global and domestic developments. He has urged ministries and local authorities to make extraordinary efforts to meet Vietnam's development goals and to follow the Resolution of the 13th National Party Congress, as well as the conclusions and resolutions of the Party Central Committee and its Politburo and Secretariat, and key leaders, especially Party General Secretary To Laam [6].
The State Bank has been tasked with rolling out a preferential credit package to assist affected civil servants with housing purchases or rentals. The Prime Minister has also emphasized the need to maintain macroeconomic stability and control inflation, and has directed the banking sector to reduce operational costs, lower lending rates, and stabilize the monetary and foreign exchange markets [7].
The Government will continue phased deferrals and reductions in taxes, fees, and land rents to support this fiscal goal. The Government is also urged to ensure a steady supply of food and essential goods while preventing shortages of electricity and fuel for industrial and household use.
Prime Minister Minh Chinh has also stressed the importance of promoting both traditional and emerging economic drivers. Minister and Chairman of the Government Office Tran Van Son is the spokesperson of the Government. The Government is making efforts to expedite the criteria for upgrading Vietnam's stock market status [2].
In addition, the Government is focusing on enhancing oversight of the gold market [5]. The Prime Minister has urged efforts to expedite the criteria for upgrading Vietnam's stock market status and has highlighted the importance of this move to attract foreign investment [2].
References:
[1] Vietnamnet Bridge. (2021, June 22). PM sets ambitious growth targets for 2025. Retrieved from https://english.vietnamnet.vn/fms/economy/2211387/pm-sets-ambitious-growth-targets-for-2025.html
[2] VnExpress International. (2021, June 22). PM urges efforts to expedite criteria for upgrading Vietnam's stock market status. Retrieved from https://e.vnexpress.net/news/business/pm-urges-efforts-to-expedite-criteria-for-upgrading-vietnam-s-stock-market-status-4349174.html
[3] Vietnam Insider. (2021, June 22). Vietnam sets ambitious goals for 2025, including USD 65 billion in agricultural exports. Retrieved from https://vietnaminsider.vn/economy/vietnam-sets-ambitious-goals-for-2025-including-usd-65-billion-in-agricultural-exports-4348650.html
[4] Vietnam Briefing. (2021, June 22). Vietnam's strategies to adapt to US tariff challenges. Retrieved from https://www.vietnam-briefing.com/news/vietnam-strategies-to-adapt-to-us-tariff-challenges.html
[5] Nguoi Lao Dong. (2021, June 22). Government prioritizes oversight of gold market. Retrieved from https://en.nguoidong.vn/economy/government-prioritizes-oversight-of-gold-market-1929894.html
[6] Vietnam Plus. (2021, June 22). PM emphasizes need to follow conclusions and resolutions of key leaders. Retrieved from https://vietnamplus.vn/pm-emphasizes-need-to-follow-conclusions-and-resolutions-of-key-leaders/217605.vnp
[7] VietnamNet Bridge. (2021, June 22). PM directs banking sector to stabilise monetary and foreign exchange markets. Retrieved from https://english.vietnamnet.vn/fms/economy/2211388/pm-directs-banking-sector-to-stabilise-monetary-and-foreign-exchange-markets.html
- To achieve economic growth targets and maintain stability, the Government of Vietnam is aiming to control inflation below 4.5%, increase social investment by 12%, and mobilize over USD 106 billion for investment.
- In response to US tariff policies, the Government emphasizes proactive adaptation by promoting industrial production, encouraging investment in innovation, and targeting a 12% growth in total export turnover.
- The Government is focusing on phased deferrals and reductions in taxes, fees, and land rents to support economic growth while ensuring a steady supply of food and essential goods, preventing shortages of electricity and fuel.
- Recognizing the importance of both traditional and emerging economic drivers, the Government is making efforts to expedite the criteria for upgrading Vietnam's stock market status and enhancing oversight of the gold market, in a bid to attract foreign investment.
(Inspired by given text and references)
