Chairing a meeting between standing cabinet members and leaders of ministries, sectors, and localities on April 10, PM Chinh noted that the U.S. has agreed to initiate trade negotiations with Vietnam regarding a reciprocal trade agreement.
He directed the immediate formation of a negotiating team led by the Minister of Industry and Trade to engage with the U.S. on a balanced and sustainable reciprocal trade agreement, stressing the need to closely monitor developments and propose timely, flexible and effective adaptation solutions.
He underscored that negotiations with the U.S., following President Donald Trump’s announcement of a 10% tariff on various trading partners, including Vietnam, with a 90-day delay, must be considered within the broader context of the Vietnam – U.S. relations.
He noted that the negotiations must also be placed in Vietnam’s global trade relations, including the 17 signed free trade pacts, adding this is also an opportunity for Vietnam to restructure its economy for rapid and sustainable growth, reorganize enterprises, and diversify products, markets, and supply chains.
The Prime Minister instructed ministries, agencies, and localities to consider increasing purchases of U.S. products that Vietnam has demand for, such as liquefied natural gas (LNG) and aircraft. He called for effectively resolving issues of concern to U.S. businesses, addressing non-tariff barriers, reviewing intellectual property regulations, and combating counterfeit goods and products falsely labeled for third-country export.
Chinh highlighted the importance of maintaining domestic stability, investor confidence, and political security, contributing to peace, stability, cooperation, and development in the region and the world. He urged continued prudent macro-economic policy management to ensure stability, promote growth across industrial, service and agricultural sectors, renew traditional growth motives and develop new ones, control inflation, and manage public debt and fiscal deficits.
The Prime Minister called for adopting active and flexible fiscal and monetary policies, maintaining sufficient foreign exchange reserves, reducing lending interest rates, and expanding credit packages to support businesses, while cutting unnecessary business costs and conditions by at least 30%, rescheduling debt payment deadlines for affected entities, and accelerating public investment disbursement to create jobs and contribute to growth.
He also emphasized the need to improve the investment and business environment, support companies in adapting to new conditions, establish a national investment fund and portal, and capitalize on existing free trade agreements. Besides, he noted market expansion in the Middle East, South Asia, Egypt, and South America, as well as diversification of products and supply chains.
