Prime Minister: Economic cooperation with the United States on the principle of mutual benefit

Prime Minister Pham Minh Chinh chairs a meeting on the US imposing reciprocal tariffs on goods imported from Vietnam. (Photo: Duong Giang/VNA)

On the afternoon of April 5, Prime Minister Pham Minh Chinh chaired a meeting of the Government Standing Committee and leaders of ministries, branches and central agencies 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 Donald Trump after the United States announced a new tariff policy.

Also attending were: Permanent Deputy Prime Minister Nguyen Hoa Binh ; Deputy Prime Ministers Le Thanh Long, Ho Duc Phoc, Bui Thanh Son, Nguyen Chi Dung, Mai Van Chinh; Ministers, Heads of ministerial-level agencies; leaders of ministries, branches and central agencies.

Previously, 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 and propose tasks and solutions. The Prime Minister directed the establishment of a special rapid response task force headed by Deputy Prime Minister and Foreign Minister Bui Thanh Son to focus on this work; at the same time, it reported to the Politburo for direction.

At the meeting, delegates assessed the world situation after the US President announced the new tariff policy; the impact of the US tariff policy on the world economy in general and Vietnam in particular.

Delegates said that in recent times, Vietnam has been very willing, proactive and active in balancing trade with the United States; promoting many high-level and all-level contacts, including sending Minister of Industry and Trade Nguyen Hong Dien directly to the United States to discuss trade and investment cooperation between the two countries.

Government leaders have meetings with US businesses and experts to listen to and resolve difficulties and obstacles, and resolve proposals from US businesses; promote the implementation of US projects in Vietnam; promote negotiations to import more goods from the US; adjust some taxes on imported goods from the US...

Along with continuing the above solutions, delegates proposed to continue close dialogue, requesting the US to review and adjust its tariff policy towards Vietnam. Ministries and sectors proposed to have solutions, timely support for businesses and industries in case they are affected by the US tariff policy; strengthen the fight against trade fraud, especially against the import of goods from third countries for export to the US.

Government leaders and ministries and sectors attended the meeting. (Photo: Duong Giang/VNA)

Concluding the meeting, Prime Minister Pham Minh Chinh affirmed that Vietnam's specific and practical actions in recent times have been very positive and appropriate, demonstrating goodwill in balanced and sustainable economic and trade cooperation with the United States. However, if the United States implements a new tariff policy in the future, it may affect Vietnam's economic development, so it is necessary to continue negotiating efforts to reach a common voice.

Presenting lessons in coping with recent fluctuations, difficulties and challenges such as the COVID-19 pandemic, natural disasters, global economic recession, and conflicts around the world that have disrupted supply chains, production chains, distribution chains, etc., the Prime Minister pointed out that we have been calm, courageous, persistent, steadfast, not panicked and proactive, flexible, timely and effective in adapting to the situation; turning difficulties and challenges into opportunities, overcoming our own limits to overcome; demonstrating the Party's wisdom, the Government's flexible and effective management and the relevant agencies...

Prime Minister Pham Minh Chinh said that the Vietnam-US relationship is a special relationship, a model in international relations. Vietnam and the US have gone from former enemies to leading partners, in which economic and trade cooperation is an important pillar, bringing benefits to both countries and their peoples. The two economies support and complement each other, not compete and destroy each other.

Believing that the US's implementation of the new tariff policy will affect Vietnam's export market and some of Vietnam's key markets such as China, Japan, Korea, Europe, ASEAN... and even the American people, Prime Minister Pham Minh Chinh emphasized that we must be steadfast and persistent in our foreign policy of independence, self-reliance, diversification, multilateralization, being good friends and reliable partners of all countries; protecting independence, sovereignty, and territorial integrity; building an independent, self-reliant, proactive economy, actively integrating deeply, substantially and effectively into the international economy.

Prime Minister Pham Minh Chinh chairs a meeting on the US imposing reciprocal tariffs on goods imported from Vietnam. (Photo: Duong Giang/VNA)

The Prime Minister requested to grasp the situation firmly; have adaptive solutions that are both immediate and long-term; both direct and indirect; both comprehensive, strategic and specific; both focused and comprehensive; both by tariff and non-tariff policies; through all channels, by political, diplomatic, economic and trade solutions; taking into account the overall picture of Vietnam's foreign economy and not affecting other markets...

The Prime Minister emphasized that the ultimate goal is to ensure national stability, create an environment of peace, cooperation and development in the region and the world, for the country's development in the direction of rapid but sustainable economic development, resilient to external shocks and for the people to be increasingly prosperous, happy, free to do business, and have their legitimate and legal rights and interests guaranteed. Ministries, branches and localities must implement Resolution 59, Conclusion 133 of the Politburo and General Secretary To Lam's article on international integration more strongly and effectively.

Noting that difficulties and challenges must be turned into opportunities; considering that the US's application of new tariff policies is also an opportunity for Vietnam to innovate, break through, grow, develop, restructure the economy, restructure products, restructure the market, and restructure the supply chain, Prime Minister Pham Minh Chinh clearly stated that the growth target of 8% in 2025 will not change, creating momentum and force to achieve double digits in the following years.

Therefore, the Prime Minister directed that along with flexible and effective macro-economic policy management, ensuring macroeconomic stability, controlling inflation, ensuring major balances, ministries, branches and localities must renew traditional growth drivers including investment, export, consumption, especially diversifying products, diversifying markets, diversifying supply chains; promoting new growth drivers, promoting public investment.

Representatives of agencies, ministries and sectors attended the meeting. (Photo: Duong Giang/VNA)

Along with that, the study has a policy of reducing taxes and fees to support businesses if affected by the US tariff policy; at the same time, encourage domestic business and consumption; well control the origin of goods, trademarks, copyrights, and combat commercial fraud.

The Prime Minister requested to continue promoting exchanges and contacts with the US side at all levels and channels, addressing concerns from the US side, in the spirit of mutual benefit; working with US businesses, removing difficulties, obstacles, proposals and recommendations of US businesses, promoting projects of US businesses in Vietnam; reviewing goods, increasing imports of goods from the US to balance trade with the US; continuing to research and consider appropriate tax reductions for a number of imported goods from the US.

Assigning specific tasks to each ministry and sector, Prime Minister Pham Minh Chinh directed Deputy Prime Minister Ho Duc Phoc, during his upcoming visit to the United States, to work with the US side to focus on implementing and realizing the content that General Secretary To Lam and President Donald Trump agreed upon in their phone call on April 4; assigned Deputy Prime Minister and Foreign Minister Bui Thanh Son, Head of the Special Rapid Response Task Force, to continue focusing on implementing and proposing additional solutions for balanced and sustainable economic and trade cooperation between Vietnam and the United States./.

According to VNA

Source: https://baothanhhoa.vn/thu-tuong-hop-tac-kinh-te-voi-hoa-ky-tren-nguyen-tac-hai-ben-cung-co-loi-244695.htm