Prime Minister Pham Minh Chinh has just signed Directive No. 06 dated March 10, 2025 on key tasks and solutions to proactively, flexibly, promptly, appropriately and effectively adapt to the world and regional situation in order to achieve growth targets, maintain macroeconomic stability, curb inflation, and ensure major balances of the economy in 2025 and the following years.

The Directive clearly stated that in recent times, the world and regional situation has continued to have many complex and unpredictable developments; strategic competition continues to be fiercer; many new factors have emerged, and risks in the world financial, monetary, and real estate markets continue to increase.

Some countries change their economic, trade and tariff policies, which have a rapid, strong, profound and multi-dimensional impact on the global economy, investment and trade, including Vietnam.

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The US is the main export market for Vietnam's wood industry. Photo: Dong Gia

To adapt to the new situation, the Prime Minister assigned the Ministry of Finance to coordinate with relevant agencies to review the taxes currently applied to countries, especially those with Strategic Partnership/Comprehensive Strategic Partnership relations with Vietnam, including the US, in the spirit of ensuring harmony and balance of interests.

Along with that, the Ministry of Finance urgently submitted to the Government the amendment of Decree 26/2023/ND-CP dated May 31, 2023 to adjust tax rates on a number of groups of goods to ensure harmony, reasonableness, and benefits for both sides according to simplified procedures, to be completed in March 2025.

The Prime Minister also requested to continue to expand and promote the mechanism of the Working Group working with strategic investors, research and effectively implement the development of the "National Investment Single Window", and report to the Prime Minister in April 2025.

Request the State Bank to urgently develop appropriate plans and measures to resolve issues related to cooperation with partners in payment and currency; apply balanced, reasonable and harmonious measures.

With the Ministry of Agriculture and Environment, the Prime Minister suggested proactively developing a cooperation project in potential areas such as exploitation and effective use of natural resources, minerals, agriculture, etc. with partners.

In addition, promote further opening of each other's markets for products that both sides have strengths and needs, meeting the interests of consumers and the interests of the parties, and report to the Prime Minister in the second quarter of 2025.

The Prime Minister requested to continue to urgently and synchronously implement solutions to diversify markets and export products, promote trade promotion; effectively exploit signed free trade agreements (FTAs), promote the signing of new FTAs ​​with potential markets (Middle East, Africa, Latin America, Central Asia, India, Brazil, etc.). Continue to advocate and urge countries to soon remove restrictions and controls on high-tech exports; recognize Vietnam's market economy status.

Responding to the very high US tariffs, China has a new strategy . China has just introduced a series of solutions to strive to achieve its ambitious economic growth target in the context of the Donald Trump administration escalating trade tensions.