Efforts to reduce the trade deficit between Vietnam and the United States in a balanced, sustainable and long-term manner

In his concluding remarks at the meeting, the Prime Minister assessed that we have grasped the situation, responded to policies, and implemented policies up to this point in a timely, flexible, appropriate, and effective manner with a calm, clear-headed, and courageous spirit; not being perfectionist, not being hasty; valuing time, intelligence, and timely and effective decisions. Next, Japan, South Korea, and the United States agreed to declare negotiations on an agreement with Vietnam with the goal of reducing the trade deficit between the two countries in a balanced, sustainable, and long-term direction.

Regarding upcoming work, the Prime Minister requested that ministries, branches and localities must closely follow and grasp the current complicated situation, promptly and promptly propose appropriate policies.

The Prime Minister requested that we must set the goal of continuing to stabilize the domestic situation, stabilize the people and investors, stabilize politics , ensure social order and safety, thereby contributing to regional and world stability, contributing to the goal of peace, cooperation and development; still have to promote development, only with development can we have potential, protect the Fatherland, have a voice in international relations; improve the material and spiritual life of the people.

Regarding specific goals, the Prime Minister especially emphasized that it is necessary to maintain macroeconomic stability, ensure economic growth, control inflation, ensure major balances of the economy; control budget deficit, public debt, foreign debt, and government debt; stabilize investor sentiment, help people and businesses adapt flexibly to the new situation, reduce dependence on one market; promote and attract higher quality FDI investment.

Prime Minister Pham Minh Chinh delivered his concluding remarks at the meeting. (Photo: TRAN HAI)

The Prime Minister emphasized that we put this matter in the overall development of the country, in the general relationship of international relations; solving this problem without affecting other problems, solving for this partner without affecting other partners; solving this work without affecting the Free Trade Agreements (FTAs) that Vietnam has signed.

We also see this as an opportunity to restructure the economy towards green, digital, circular, fast and sustainable development; restructure enterprises to promote science, technology, innovation, high-quality investment; diversify markets, products, supply chains; contribute to promoting Vietnamese enterprises to rise up, participate in large markets and large supply chains in the world.

Deputy Prime Minister Tran Hong Ha speaks at the meeting. (Photo: TRAN HAI)

The Prime Minister noted that unemployment should not occur; review the most affected subjects, especially in industries such as textiles, footwear, wood products, seafood, etc.; design appropriate policies, inheriting previous policies, ensuring appropriate timing, accurate policy subjects, with focus and key points; clearly define the scope, subjects, support level, time, duration of support, and support resources.

On that basis, the Deputy Prime Ministers in charge and the Ministers, based on their assigned functions, tasks and powers, direct the ministries and branches to implement solutions quickly, promptly, consistently, ensuring flexibility, suitability and effectiveness; any immediate tasks that need to be done must be done immediately, and any tasks that need to be done in the long term must be done step by step.

Meeting scene. (Photo: TRAN HAI)

Regarding specific tasks and solutions: Accordingly, regarding fiscal policy, the Prime Minister requested that tax deferrals and postponements under the authority of the Government and ministries and branches must be done immediately; regarding tax exemptions, it is necessary to continue to collect laws and propose the National Assembly to issue a Resolution because this is a specific task; VAT reduction, exemption, postponement and refund must be quick and timely, eliminating administrative procedures.

Regarding fees, charges, and land rent, each type must be clarified, in which land rent must be completely resolved, the subjects must be expanded, and the implementation period must be extended.

Accelerate disbursement of public investment capital, inject more resources into the economy, create jobs, and promote growth.

The Ministry of Finance reviews public investment in recent years, clearly defines the responsibilities of ministries, branches and localities. If they fail to complete their tasks, there must be sanctions to deal with the heads. Review import and export items to reduce taxes; ensure appropriate and balanced ground.

Deputy Prime Minister Nguyen Chi Dung speaks at the meeting. (Photo: TRAN HAI)

Regarding monetary policy, the Prime Minister requested the State Bank to ensure stable exchange rates and interest rates, strive to reduce costs, increase the application of science and technology, and digital transformation to reduce lending rates, especially prioritizing lending to affected subjects; debt cancellation, debt repayment, and debt deferral; propose related solutions such as lending and incentives such as policies for aquaculture farmers; have credit packages for investment in infrastructure development, science, technology, and transportation to stimulate domestic consumption; expand current credit packages to continue lending.

Harmoniously combine monetary policy with fiscal policy; proactively ensure foreign currency for import and export, ensure the safety of foreign exchange reserves.

Strengthen the reduction of unnecessary administrative procedures, enhance decentralization and delegation of power; strictly implement the spirit of the Government's Resolution to cut 30% of costs, implementation time and number of administrative procedures.

Regarding the group of trade policy solutions, the Prime Minister requested to take advantage of and effectively exploit 17 FTAs ​​with over 60 partners; continue to open new markets such as the Middle East, Eastern Europe, Central Asia, South America, etc.

Maximally and satisfactorily resolve the trade issues that the US is most concerned about, such as non-tariff barriers, origin of goods, etc.; continue to open markets to other countries and regions; effectively exploit potential and traditional markets.

Actively exchange goods with other countries, balancing goods with the United States, especially aircraft and LNG, promoting military and security trade.

Governor of the State Bank of Vietnam Nguyen Thi Hong speaks at the meeting. (Photo: TRAN HAI)

Regarding stimulating domestic consumption, the Prime Minister requested that the Ministry of Construction urgently submit regulations on clinker tax reduction to promote cement production, removing bottlenecks in production, consumption and export.

Promote production and business, support long-term transformation for enterprises to adapt to the new situation, support timely resolution of immediate difficulties; promote development of all three sectors: industry, agriculture, services, business, services; promote start-ups, improve the investment and business environment, reduce administrative procedures, and reduce hassles.

Request the Ministry of Finance to establish an investment support fund and ensure effective implementation; build a national single-window investment portal and deploy it to provinces and cities; promptly review and amend legal documents that hinder production and business; administrative procedure reform must be substantive; ministries and branches must immediately propose and request the National Assembly to use one law to amend many laws.

Government members attending the meeting. (Photo: TRAN HAI)

Regarding the social security group, supporting workers, the Prime Minister requested to review the number of affected workers, immediately propose support solutions as during the Covid-19 pandemic, especially support for meritorious people, the poor, and those in difficult circumstances regarding housing, social insurance, and unemployment insurance; support for affected workers; support for workers and employers; connect labor supply and demand to support job creation; study and supplement support policies such as minimum living expenses for workers; Labor Insurance Fund; promote the program to eliminate temporary and dilapidated houses for poor and near-poor households; promote the development of social housing; promptly submit the Labor Law; provide immediate support for affected industries, provide loans to support job creation; request the Vietnam General Confederation of Labor to support union members in industries heavily affected by the US tariff policy.

Enterprises must proactively and actively transform and adapt to the new situation; actively apply science, technology, and innovation. This requires support in capital, science, technology, management, packaging design innovation, copyright protection, and intellectual property.

Regarding the upcoming negotiation delegation, the Prime Minister assigned the Minister of Industry and Trade to be the Head of the delegation, with members including officials and experts from ministries and branches who must be professionally competent and have a high sense of responsibility; promptly update the situation of the negotiation delegation in the US; the Minister of Industry and Trade will promptly submit a list of the negotiation delegation, develop a specific scenario and plan, ensuring maximum national and ethnic interests; the negotiation process must ensure the spirit of "harmonious interests, shared risks"; ensure overall benefits; mobilize more good and experienced experts from outside to join the negotiation delegation.

Ministries and sectors, especially the Ministry of Industry and Trade, the Ministry of Finance, and the Ministry of Foreign Affairs, should consult with international friends for their opinions and experiences, especially through phone calls between our Government leaders and other countries; consult with partner countries and friends; ensure international commitments, "promised, committed, must be done"; not allow trade fraud to occur...; review laws related to foreign economic activities in general; discuss solutions to promptly pass important laws, use one law to amend many laws...

Source: https://nhandan.vn/no-luc-giam-tham-hut-thuong-mai-giua-viet-nam-va-hoa-ky-can-bang-ben-vung-lau-dai-post871486.html