A recent government resolution highlighted the global economy’s struggles with a trade war, geopolitical tensions, and risks of supply chain disruptions.
Domestically, extreme weather threatens agricultural production and electricity supply.
“Unpredictable external and internal factors” are pressuring macroeconomic stability, inflation, and exchange rates, the government said.
However, it wants ministries, agencies, and local authorities to seize opportunities and tackle obstacles to meet the 8% GDP growth target while ensuring macroeconomic stability and controlling inflation.
In response to global uncertainties, particularly U.S. tax policies, ministries and sectors have been tasked with crafting contingency plans.
The Ministry of Finance is directed to propose support measures for businesses and workers affected by U.S. tariffs and to submit a draft extending the value-added tax reduction from July 1, 2025 through the end of 2026.
The State Bank of Vietnam is asked to adopt a flexible approach to exchange rate management, intervening when necessary, and prioritize credit allocation to production sectors.
It should provide short-term loans to businesses impacted by U.S. tariffs. The bank is exploring preferential loan programs, including packages for homebuyers under 35 and long-term credit for infrastructure and digital technology projects.
To stabilize production and drive economic growth, the government has tasked the Ministry of Industry and Trade with resolving bottlenecks in the national power plan to prevent electricity shortages.
It is ordered to intensify trade promotion, forge connections with new markets, finalize new free trade agreements and advance bilateral negotiations with the United States.
The government has called for accelerated disbursement of public investment, aiming to fully utilize the 2025 capital plan.
The Ministry of Construction is instructed to develop policies to boost domestic consumption of construction materials and propose tax reductions on clinker, a key cement component.
The government orders the tourism sector to gear up for a robust summer 2025 campaign, with plans to coordinate airfare management and stimulate domestic travel demand.
It also wants to simplify administrative procedures, especially for businesses.
