Exports will be at risk of being affected by the trade war and the US government's tax policy, according to Deputy Minister of Planning and Investment Tran Quoc Phuong.
Deputy Minister of Planning and Investment Tran Quoc Phuong answers at the press conference - Photo: NGUYEN KHANH
At the regular Government press conference on the afternoon of February 5, Deputy Minister of Planning and Investment Tran Quoc Phuong gave the above information.
Answering questions about breakthrough solutions to achieve the 2025 growth target of 8%, creating the premise for double-digit growth.
Proactive solutions to promote growth
Mr. Phuong commented that this is a heavy and challenging task, in line with the goals and future stages, striving to become a high-income country by 2045.
Specific and comprehensive solutions, Mr. Phuong said, will focus on perfecting institutions and laws. This is an urgent need to remove bottlenecks in investment institutions to unblock blocked resources.
On the demand side, investment will be increased, regular expenditure will be saved to reserve capital for public investment, especially some important projects that must be implemented soon such as the Lao Cai - Hanoi - Hai Phong standard gauge railway project; Hanoi - Lang Son - Mong Cai...
In the future, state-owned enterprises will also be reorganized, creating space for development, creating investment with leading, leading and spreading enterprises.
Along with that is promoting private investment, attracting foreign investment on the basis of removing institutional and legal obstacles, creating more attractiveness in investment, implementing green channel policies to attract investment in high-tech projects in technology parks.
Attracting domestic private enterprise investment on the basis of improving the business investment environment, increasing and establishing new enterprises, removing and unblocking the real estate market, corporate bonds and stock market...
Particularly regarding exports in 2025, Mr. Phuong said that there may be relatively large challenges related to US protection policies and tax policies.
Along with that are the risks to the world trade market that may arise from trade retaliation by countries. Therefore, it is necessary to analyze and grasp the situation, and respond to the trade war.
Accordingly, the Prime Minister directed to effectively exploit signed FTAs, exploit new markets such as the Middle East, Africa, Latin America, and ensure input and output connections...
Linked to promoting consumption, linked to the purchasing power of the domestic market, when the total retail sales of domestic consumer services in January increased sharply by 9.5%. Therefore, it is necessary to take advantage of this next month to contribute to growth.
On the supply side, production and business motivation needs to be promoted more strongly, especially in the processing and manufacturing industry and attracting tourism. Promoting new growth drivers, taking advantage of Vietnam's very good position on the world technology map, in the field of AI.
Boost growth, lower interest rates
Deputy Governor of the State Bank Dao Minh Tu answers at the press conference - Photo: NGUYEN KHANH
Regarding promoting credit growth, Mr. Dao Minh Tu, Deputy Governor of the State Bank, said that to have growth, there must be investment. The growth rate of 8% is positive, but there must be efforts, synchronous and drastic solutions.
To have an 8% growth rate, credit must double. That is, two percent credit growth is one percent GDP growth, requiring investment and investment efficiency of social resources. With an 8% growth rate, growth must be 16%, even 18 - 20%.
“This year, how can we have enough capital for the economy, for both medium and long-term investment, when the stock market, bond market and real estate market have not really flourished. Therefore, capital supply is a heavy responsibility,” said Mr. Tu.
To achieve the above goals, the State Bank will operate to ensure macroeconomic stability, control inflation, and have flexible policies with other policies.
That is to ensure liquidity for the economy, for commercial banks, promote idle capital into the economy, and have a reasonable interest rate policy. When investment capital is needed, capital supply and refinancing tools will be used. Interest rates will be managed stably, in accordance with the general interest rates of the economy and other macroeconomic requirements, in the direction of gradually reducing interest rates.
The credit limit is set at 16% but can be higher if inflation is controlled and growth targets are achieved. Therefore, the State Bank will create the initiative for commercial banks to increase credit limits and control overall credit.
Regarding exchange rates, foreign currencies will remain stable, with intervention measures when necessary, ensuring reasonable exchange rates, avoiding hoarding and coping. There will be policies to effectively implement preferential credit packages in the coming time...
Source: https://tuoitre.vn/nguy-co-chien-tranh-thuong-mai-tac-dong-xuat-khau-ra-sao-20250205174332961.htm
Comment (0)