Prime Minister Pham Minh Chinh chairs the regular Government meeting in March 2025. Photo: Duong Giang/VNA

This was the statement of Prime Minister Pham Minh Chinh at the regular Government meeting in March 2025 and the Government's online conference with localities to assess the socio -economic development situation in March and the first quarter of 2025; the implementation results of Resolution No. 01/NQ-CP, Resolution No. 25/NQ-CP; the allocation and disbursement of public investment capital, the implementation of 3 National Target Programs; the implementation of the 2025 Socio-Economic Development Plan and other important issues held on the morning of April 6.

The conference was held directly at the Government Headquarters, online with the bridgeheads of 63 provinces and centrally run cities. Attending the conference were Deputy Prime Ministers; Ministers, Heads, leaders of Ministries, ministerial-level agencies, Government agencies, agencies of the Central Party Committee, the National Assembly ; leaders of provinces and centrally run cities; leaders of a number of large economic groups.

Proactive, flexible, timely and effective response

In that context, countries have had different reactions; international stock markets have fallen; strongly affecting global economic growth and stability. For Vietnam, since the beginning of the year, we have taken all measures to balance trade with the United States. In particular, Party and State leaders and ministries and branches have worked with the US side, especially General Secretary To Lam had a phone call with US President D. Trump to discuss relations, especially economic and trade relations between the two countries.

Domestically, we have implemented many solutions related to Vietnam-US trade relations, such as continuing to study import tax reduction, purchasing goods, creating favorable conditions for businesses of other countries in Vietnam, including US businesses; resolving legitimate requests from the US on the basis of harmonious benefits and shared risks.

Along with that, promote the search and expansion of export markets, diversify products, diversify markets, diversify supply chains; effectively exploit 17 Free Trade Agreements (AFTA) and other cooperation frameworks that Vietnam participates in.

On the morning of April 3, immediately after the US President announced the new tariff policy, the Government Standing Committee convened a meeting to assess the situation, as well as propose tasks and adaptive solutions; established a special task force for rapid response; reported to the Politburo for direction and in the near future, Deputy Prime Minister Ho Duc Phoc will go to the US to discuss with the host country.

On the afternoon of April 5, the Government Standing Committee and leaders of ministries, branches and central agencies continued to meet on balanced and sustainable economic and trade cooperation with the United States; implementing the message of the phone call between General Secretary To Lam and US President D. Trump after the United States announced a new tariff policy.

At the same time, Vietnam shares with other partners, especially cooperation to promote diversification of markets, products, and supply chains; placing economic and trade relations with the United States in the overall economic and trade relations of Vietnam with other countries, especially countries that have signed free trade agreements with Vietnam and other international treaties.

The Prime Minister noted that it is necessary to place the Vietnam-US trade relationship in the overall foreign economic relations of Vietnam; identify the US as a major trade partner of Vietnam, but not the only partner; at the same time, consider this an opportunity for Vietnam to restructure its economy, develop rapidly and sustainably, based on science, technology, innovation, digital transformation; restructure and diversify products, markets, supply chains, restructure and improve the quality of goods to penetrate other markets with great potential, such as the Middle East, Eastern Europe, Central Asia, Latin America, India, ASEAN, etc.

Prime Minister Pham Minh Chinh emphasized: The spirit of proactive, flexible, timely and effective response to the external situation; the more difficult the situation, the more we must remain calm, courageous, steadfast, confident, turn difficulties and challenges into opportunities, make efforts, the more pressure we have, the more motivated we are to rise up, assert ourselves, and overcome our limits. When the incident occurred, Vietnam demonstrated a calm spirit, resilient courage, efforts to overcome difficulties, proactive, timely, flexible, appropriate and effective response.

The Prime Minister emphasized that we share with partners, diversify markets, diversify balance with partners around the world while ensuring national interests. The United States is Vietnam's largest export market, but we also diversify markets, ensuring harmony of interests with the United States but also ensuring interests with other partners. Putting the US-Vietnam relationship in the overall interests of the country as well as with other partners with whom we have signed free trade agreements (FTAs).

GDP growth in the first quarter is higher than the same period in the past 5 years

According to the Prime Minister, in that context, the whole country has been focusing on 5 major tasks including: Striving to achieve the growth target of 8% or more according to the new scenario, creating momentum, creating position, creating force, and foundation for the double-digit growth target in the coming years to achieve the 2 set 100-year goals; continuing to organize the apparatus of the political system and local authorities; reviewing and perfecting the documents of the 14th National Party Congress, preparing and organizing party congresses at all levels towards the 14th National Party Congress; implementing Resolution 57-NQ/TW dated December 22, 2024 of the Politburo on breakthroughs in science, technology, innovation and national digital transformation and Resolution 59-NQ/TW dated January 24, 2025 of the Politburo on international integration in the new situation; preparing and organizing major national holidays...

Under the leadership of the Party, directly the Politburo, the Secretariat, and directly General Secretary To Lam, with the drastic participation of the entire political system, the community and the people, the socio-economic situation is better month after month, and the first quarter of 2025 is better than the same period last year in most areas.

In particular, GDP growth in the first quarter reached 6.93%, higher than the same period of the past 5 years and higher than the initial growth scenario, although still lower than the new growth scenario. Vietnam's growth is among the highest in the region and internationally, which is a positive sign in the current context. The macro economy is stable, inflation is controlled, major balances are ensured, budget deficit, government debt, public debt, and foreign debt are controlled; the 3 sectors of industry, agriculture, and services have grown positively, especially agriculture...

However, there are still limitations, difficulties and shortcomings such as: Pressure on exchange rates and interest rate management is still high, purchasing power is slow to recover; the real estate market has shortcomings; land policies and the real estate market are still inadequate; the disbursement rate of public investment capital is lower than the same period; there are still many risks and challenges, especially after the United States had a new tariff policy. Regarding the disbursement rate of public investment capital being lower than the same period, the Prime Minister requested a clear analysis of when there is money but it is spent slowly, some ministries and sectors are doing well, some ministries and sectors are not doing well.

According to the Prime Minister, the whole country has been focusing on 5 major tasks including: Striving to achieve the growth target of 8% or more according to the new scenario, creating momentum, creating position, creating force, and foundation for the double-digit growth target in the coming years to achieve the 2 set 100-year goals; continuing to organize the apparatus of the political system and local authorities; reviewing and perfecting the documents of the 14th National Party Congress, preparing and organizing party congresses at all levels towards the 14th National Party Congress; implementing Resolution 57-NQ/TW of the Politburo on breakthroughs in science, technology, innovation and national digital transformation and Resolution 59-NQ/TW of the Politburo on international integration in the new situation; preparing and organizing major national holidays...

The Prime Minister requested that at the conference, delegates focus on analyzing the context and situation; the direction and administration of the Government, the Prime Minister; ministries, branches and localities; assessing the socio-economic development situation in the first quarter of 2025; analyzing the current context and situation and forecasting the second quarter; proposing tasks and solutions for socio-economic development in April, the second quarter and the whole year of 2025.

The Prime Minister requested that at the conference, delegates focus on analyzing the context and situation; the direction and administration of the Government, the Prime Minister; ministries, branches and localities; assessing the socio-economic development situation in the first quarter of 2025; analyzing the current context and situation and forecasting the second quarter; proposing tasks and solutions for socio-economic development in April, the second quarter and the whole year of 2025.

To cope with the current situation in the world, especially the possibility of a trade war, Prime Minister Pham Minh Chinh directed that it is necessary to clearly define the tasks that each ministry, sector and locality must do to achieve a growth rate of 8% or more; to arrange and organize the administrative apparatus but must inherit the work being done; to well implement Resolution 57-NQ/TW and Resolution 59-NQ/TW of the Politburo; to have mechanisms and policies to remove institutional obstacles such as planning, reforming administrative procedures, reducing compliance costs for the people; to strongly promote public investment because public investment will contribute 2% of growth points; to promote traditional growth drivers such as investment, consumption and export...

According to baotintuc.vn