Prime Minister orders effective responses to tariff policies: press conference

Prime Minister orders effective responses to tariff policies: press conference

The Prime Minister emphasised the significance of maintaining macroeconomic stability, controlling inflation, promoting growth and improving the harmony between monetary and fiscal policies.

Minister and Chairman of the Government Office Trần Văn Sơn, who is the spokesperson of the Government, speaks at the press conference. — VNA/VNS Photo

Prime Minister Phạm Minh Chính has directed authorities to closely track global and domestic developments to ensure flexible, timely, and effective responses, especially in light of the US’s new tariff policies, Minister and Chairman of the Government Office Trần Văn Sơn told a press conference in Hà Nội on Thursday.

Speaking at a recent Cabinet meeting, the PM stressed the need to closely follow the Resolution of the 13th National Party Congress; conclusions and resolutions of the Party Central Committee and its Politburo and Secretariat, and key leaders, especially Party General Secretary Tô Lâm, as well as resolutions of the National Assembly, the Government and the PM.

Sơn, who is also the spokesperson of the Government, relayed the PM’s call for ministries and local authorities to make extraordinary efforts to meet Việt Nam’s development goals.

A major focus, the Government leader noted, is the restructuring of administrative units and the shift to a two-tier local governance model. He set an August 15 deadline for ministries, agencies and local authorities to submit detailed reports on the impact on civil servants, especially those facing housing or transportation challenges due to the overhaul.

The State Bank of Vietnam was tasked with rolling out a preferential credit package to assist affected civil servants with housing purchases or rentals.

The PM emphasised the significance of maintaining macroeconomic stability, controlling inflation, promoting growth and improving the harmony between monetary and fiscal policies. Additionally, he instructed the banking sector to reduce operational costs, lower lending rates, stabilise the monetary and foreign exchange markets and enhance oversight of the gold market.

On the fiscal front, he set a target of boosting state budget revenue by 25 per cent in 2025 compared to current projections. To support this, the Government will continue phased deferrals and reductions in taxes, fees, and land rents.

To fuel growth, the PM urged the promotion of both traditional and emerging economic drivers. He demanded full disbursement of public investment funds, timely allocation of resources for the “four-pillar resolutions”, and support for civil servants facing layoffs due to administrative reforms.

He urged efforts to expedite the criteria for upgrading Việt Nam's stock market status. Additionally, he highlighted the importance of ensuring a steady supply of food and essential goods while preventing shortages of electricity and fuel for both industrial and household use. 

Bizhub