Prime Minister Pham Minh Chinh has issued a directive emphasizing the prioritization of macroeconomic stability and export promotion.
The directive calls on ministries, agencies, and local authorities to consistently pursue the goal of maintaining macroeconomic stability, controlling inflation, and ensuring the economy’s major balances. These efforts aim to create a favorable business environment and foster rapid, sustainable growth.
It stresses the importance of harmonizing monetary, fiscal, and other macroeconomic policies to effectively manage inflation, targeting a consumer price index (CPI) increase of approximately 4.5-5% by 2025.
Prime Minister emphasizes inflation control in line with set targets.
The Ministry of Industry and Trade is tasked with vigorously implementing measures to boost exports, particularly during the year-end and New Year periods, to meet increased international demand during Christmas and New Year celebrations. They are also to continue negotiations on a reciprocal trade agreement with the United States as directed by competent authorities.
The Ministry of Finance is instructed to review and establish appropriate export and import tax rates aligned with international and regional integration timelines. This aims to facilitate export growth and domestic production. They are also to develop specific support plans for businesses affected by U.S. countervailing duties, with completion expected by November 2025.
The State Bank of Vietnam is to strengthen inspections, audits, and credit control, directing capital towards production, priority sectors, and growth drivers while ensuring credit quality and managing bad debts. Exchange rate and interest rate management should be market-responsive, flexible, and efficient, supporting business operations and investment attraction.
The Ministry of Agriculture and Environment is to lead the implementation of tasks and solutions assigned by the Prime Minister to combat IUU fishing, remove the “yellow card” warning, invest in fisheries infrastructure, and promote digital transformation for sustainable fisheries development.
The Ministry of Foreign Affairs is to enhance economic diplomacy, market expansion, and support for businesses in export, investment, and effective overseas operations. They are to guide Vietnamese representative agencies abroad in strengthening connections with local authorities, businesses, and associations to promote goods exports.
The Prime Minister directs provincial and city leaders to proactively address challenges faced by local businesses in production and export, providing timely solutions within their authority and legal frameworks to boost exports.
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