Prime Minister Pham Minh Chinh works with the Policy Advisory Council – Photo: VGP
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On the afternoon of September 7, Prime Minister Pham Minh Chinh chaired a meeting with the Policy Advisory Council to seek advice on solutions to challenges in the region and the world, in conjunction with socio-economic development tasks, including macroeconomic stability, boosting consumption, and operating local administration at two levels.
In his conclusion to the meeting, the Prime Minister emphasized that economic governance requires fortitude, neither panic nor negligence. “When things are going well, we must anticipate potential difficulties; when things are calm, we must prepare for possible storms. The greater the pressure, the greater our efforts should be,” he said.
Regarding the impact of US tax policies, the Prime Minister agreed with the Council’s proposal to diversify markets, products, and supply chains. He also emphasized the need to restructure exports to fit the new context, improve product quality through greening, digitalization, and circular economy, encourage outward investment, retain and attract investors, and promote technology transfer to help Vietnamese businesses deeper into the global supply chain.
Real estate is a growth driver, but there are signs of deviation from expectations.
Concerning the real estate sector, the Prime Minister acknowledged its role as a growth driver but noted that there are signs that it is not performing as expected. To ensure sustainable market development, synchronized solutions are necessary, ranging from supply and demand to fiscal, land, and legal aspects. The government aims to continue promoting social housing, reducing administrative procedures, clearing inventories of high-end real estate, and enhancing preferential policies.
To achieve high and sustainable growth, there is a need to expand fiscal policies appropriately, while monetary policies must be proactive, flexible, and effective. The Prime Minister instructed the diversification of capital sources, the promotion of government bond issuance, and the balance between interest rates and exchange rates. Particularly, there should be a focus on expediting the disbursement of public investment capital, with the goal of completing 100% of the plan for this year.
Gold market management, exchange rate stability, and trade promotion
Regarding the management of the gold market, the Prime Minister shared that the government has directed active solutions, instructing the State Bank to immediately research and implement measures to increase supply while maintaining a balance and preventing policy exploitation. Additionally, steps are being taken to prevent investment and hoarding, combat speculation and smuggling, and enhance inspection and supervision.
On exchange rates, the Prime Minister underscored the task of stabilizing the Vietnamese dong’s interest rates and maintaining a trade surplus by increasing exports of goods and services, especially in logistics and tourism. In parallel, there is a need to boost domestic consumption, reduce input costs to enhance the competitiveness of Vietnamese goods, and actively promote trade, fairs, and supply-demand connections.
For the operation of the two-level administration, the Prime Minister agreed with the proposal to relieve pressure, enhance the capacity of grassroots-level officials, rearrange the team reasonably, increase training, and promote digital transformation. He requested that the administration shift from a managing state to an active, creative, and serving one, while also fostering innovation right from the grassroots level.
Concerning digital transformation, the Prime Minister emphasized the need to perfect the institution, develop synchronous infrastructure, train human resources, and raise awareness. He stated, “Digital government, digital administration must have digital citizens,” considering this a key condition for development.
Regarding small and medium-sized enterprises and business households, the Prime Minister requested that agencies and associations closely follow the practical situation to propose suitable policies, including tax policies, to support the development of this sector.
Tung Phong
– 05:13 08/09/2025
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