Prime Minister enacts measures to secure agricultural output and exports in response to global trade fluctuations.
Well, here's a more casual, unfiltered take on the whole shebang:
PM Chinh's Call to Action
Hey there! So, our Prime Minister, PM Chinh, has issued an all-hands-on-deck directive to keep the agricultural and forestry game strong and steady in the face of global trade chaos. This comes after some countries tweaking their trade policies in a way that could make things tough for both production and exports, particularly for agro stuff. However, PM Chinh sees this as an opportunity to shake things up, push for changes, and expand the market.
Getting the Info to the Right People
PM Chinh's orders have gone out to several key players, including the Ministers of Agriculture, Environment, Industry and Trade, Finance, Foreign Affairs, Science and Technology, Defence, Public Security, and the State Bank's boss. He's also roped in the chairpersons of the People's Committees in provinces and centrally-run cities.
Agriculture Boosting Agenda
In 2024, Vietnam's agro-forestry-fishery sector hit a record export value of $62.5 billion, which is pretty dang impressive. But with these global trade uncertainties, there's a chance that tariff policy changes could mess things up. The government leader wants the relevant ministries and local authorities to keep a close eye on global trade trends and adapt quickly if need be. They should also provide businesses with the latest info about import and tariff policy shifts from overseas markets.
What's the Game Plan?
The Ministry of Agriculture and Environment has been tasked with beefing up domestic food production and maintaining exports to ensure national food security. They're also supposed to team up with other sectors and localities to keep the flow of agricultural goods going and prevent disruptions to supply chains.
Efforts are focused on scaling up large-scale, green, and sustainable agricultural practices. This includes the continued rollout of the plan to cultivate one million hectares of high-quality, low-emission rice in the Mekong Delta by 2030.
To revise production plans, authorities are encouraged to coordinate with business associations and local governments, ensuring product and market diversity, expanding geographical indication and brand building, and tightening traceability systems. They should also invest in more research and technology in agriculture, focusing on climate-resilient crops and livestock, smart farming, and digital transformation.
Making Things Easier for Businesses
The Ministry of Industry and Trade is responsible for ramping up trade promotion and negotiations with key FTA partners. They're also supposed to organize agricultural product weeks, domestic trade fairs, and overseas promotion campaigns. They'll deploy suitable defensive measures to protect domestic producers as needed.
The Ministry of Finance is handling customs and VAT refund procedures, land rental and tax obligations, and proposing tax policies tailored to the agricultural sector to boost competitiveness.
The State Bank of Vietnam has been instructed to maintain and possibly expand concessional credit packages to support production, secure jobs, and stabilize farmers' incomes.
Keeping the Locals in Check
Leaders of provinces and centrally-run cities are expected to ensure stable production and distribution and clamp down on fake goods and false origin claims. They need to strengthen post-harvest safety and quality control, and harsh penalties will be meted out for fraud, price manipulation, or market disruptions.
What's a Business' Role?
Companies in the agriculture, forestry, and fishery sectors should monitor international trade developments, especially key market tariff changes, and tweak their production and export strategies accordingly. The PM emphasized the importance of building supply chain connections, investing in raw material zones, adopting modern technology, and expanding storage and processing capacity.
For maximum impact, companies are advised to buy and stockpile produce during peak harvests to aid farmers and prepare for value-added processing.
Keeping an Eye on Things
Workers process aquatic products for export in Bạc Liêu southern province. - VNA/VNS Photo Lê Tuấn Kiệt
Finally, the Government Office will oversee the implementation of the directive and promptly report any issues to the PM and relevant Deputy PMs.
- PM Chinh's call to action aims to strengthen Vietnam's agriculture, forestry, and fishery sector, especially in the face of global trade chaos caused by policy shifts.
- The government is seeking quick adaptation to international trade trends and informing businesses about import and tariff policy changes from overseas markets.
- The Ministry of Agriculture and Environment is focusing on increasing domestic food production, maintaining exports for national security, and promoting sustainable agricultural practices.
- The Ministry of Industry and Trade is responsible for trade promotion, FTA negotiations, and organizing agricultural product weeks to boost exports.
- The Ministry of Finance is handling tax policies, customs procedures, and land rental obligations to support the agricultural sector's competitiveness.
- The State Bank of Vietnam has been instructed to expand concessional credit packages to support production, secure jobs, and stabilize farmers' incomes.
- Provincial and city leaders are expected to maintain stable production and distribution, curb fake goods, and enforce strict penalties for fraud, price manipulation, or market disruptions.
- Companies in these sectors should monitor trade developments, adjust production and export strategies, and invest in modern technology, raw material zones, and storage capacity.
- In addition to this, companies are encouraged to buy produce during peak harvests to aid farmers and prepare for value-added processing.
- The Government Office will oversee the implementation of the directive and report any issues to PM Chinh and relevant Deputy PMs in 2024. This proactive approach aims to keep Vietnam's agro-forestry-fishery sector competitive and resilient, even in the face of climate change and AI-driven advancements in the environmental, science, technology, finance, trade, and business sectors.
