HCMC – The Vietnamese Government is preparing the country for potential economic disruptions as global trade tensions are escalating, Prime Minister Pham Minh Chinh said on Wednesday.
As the risk of a global trade war could impact Vietnam’s economy, Chinh emphasized the need to anticipate and mitigate risks associated with potential global trade disruptions at a monthly cabinet meeting on February 5, reported the Government news site (baochinhphu.vn).
The meeting, attended by deputy prime ministers, ministers, and key government officials, focused on addressing global uncertainties, particularly the threat of a trade war.
Chinh urged officials to analyze international economic trends and assess their potential impacts on Vietnam’s economy. A global trade war, if protracted, could disrupt supply chains and weaken export opportunities, posing significant risks to economic growth. Policymakers have been tasked with developing rapid response strategies to mitigate economic shocks, if any.
To sustain momentum, the Government outlined key strategies, including revitalizing traditional growth drivers and fostering new economic sectors. Expanding and diversifying export markets, particularly in the Middle East and South America, was identified as a priority. Ministries have been directed to strengthen policies supporting industrial development and trade resilience.
In a bid to accelerate infrastructure development, Chinh called for urgent action on key projects, including the Ninh Thuan nuclear power plant, railway connections to China, and highway expansion. He also emphasized regulatory reforms in the energy and transport sectors to remove legal bottlenecks and enhance efficiency.
With global economic volatility on the rise, Vietnam is positioning itself to navigate uncertainties through proactive policies and strategic investments, Chinh said. He reiterated the Government’s goal of at least 8% GDP growth in 2025, urging ministries and local authorities to submit economic plans aligned with national targets.
