Prime Minister: Being taxed is an opportunity to restructure the economy in a sustainable direction

Prime Minister chairs meeting - Photo: VGP

In his opening speech, the Prime Minister assessed that the world situation is complicated and unpredictable, with strategic competition becoming increasingly complex, stronger and more sensitive.

In particular, the US recently announced a very high tariff policy; escalating trade tensions could lead to supply chain disruptions.

The US is a big market but not the only one

Many solutions have been implemented, especially the phone call between General Secretary To Lam and US President Donald Trump; the Prime Minister met with investors, addressed the legitimate needs of the US side, studied import tax reduction...

This shows Vietnam's efforts based on harmonious benefits and shared risks. Whenever facing difficulties or external shocks, it responds with a creative, flexible, appropriate and effective spirit.

The government also recommended that diplomatic measures be taken to request the US to postpone the imposition of this tax while the two sides negotiate. In addition, ministries and sectors have also listened to the opinions of the business community in the spirit of putting national interests first and foremost.

The Prime Minister especially emphasized that we must place the Vietnam-US trade relationship in the overall trade relations with other countries, trade, and trade agreements that Vietnam participates in. Also because the US is Vietnam's largest export market but not the only market; therefore, we must consider it comprehensively to ensure national and ethnic interests.

He also acknowledged that this is also an opportunity for Vietnam to continue restructuring the economy in a fast and sustainable direction, digitizing, relying on science and technology, and innovation to rise up.

Restructuring export markets, upgrading product quality to better enter other markets with many opportunities such as the Middle East, Central Asia, East Asia, South America, India, and ASEAN countries.

During this process, the Government has always received close guidance from General Secretary To Lam. If we are always proactive, positive, and have effective solutions, we will limit disadvantages and have synchronous, comprehensive, and overall solutions to deal with them, not "jerky" or "do whatever we see".

Regarding the domestic situation, the Prime Minister said it is necessary to focus on implementing tasks to achieve the 8% growth target, creating momentum for double-digit growth in the coming years.

Along with that, reorganize the apparatus according to the direction of the Central Government, reorganize local governments at two levels; review congress documents and prepare to well organize Party Congresses at all levels towards the 14th National Party Congress...

Prime Minister Pham Minh Chinh - Photo: VGP

Focus on growth and organizational structure

According to the report, the growth rate in the first quarter of 2025 reached 6.93%, higher than the same period of the past 5 years, higher than the initial scenario but lower than the new growth scenario. Although this is considered a positive signal and a high growth rate, the Prime Minister said that we cannot be subjective, but need to see the limitations and inadequacies of the economy.

That is the pressure of managing exchange rates and interest rates is still high; purchasing power is recovering slowly. Land policies and the real estate market are still inadequate, requiring the rectification of land auctions, preventing real estate manipulation.

The Ministry of Public Security must intervene to handle this, the Ministry of Agriculture and Environment must have solutions and sanctions to handle this. It is necessary to clarify the lower disbursement rate of public investment capital compared to the same period last year, because this causes waste.

With economic growth lower than the new scenario, the Prime Minister requested further analysis of contextual factors, difficulties, challenges and solutions to be implemented. In particular, it is necessary to respond to the possibility of a trade war, strive to achieve growth of 8% or more; arrange and organize the administrative apparatus but must inherit the work being done.

At the same time, effectively implement Resolution 57 on promoting science and technology, innovation, removing institutional obstacles such as planning, reforming administrative procedures, reducing compliance costs, promoting public investment, and growth drivers. Regarding society, it is necessary to focus on eliminating temporary and dilapidated houses, policies on purchasing and renting social housing...

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Source: https://tuoitre.vn/thu-tuong-bi-ap-thue-la-co-hoi-co-cau-lai-nen-kinh-te-theo-huong-ben-vung-20250406092502787.htm