HCMC – Vietnamese Prime Minister Pham Minh Chinh ordered on Thursday a team be swiftly set up for trade negotiations with the U.S.
The team, led by Minister of Industry and Trade Nguyen Hong Dien, should be ready for work on Friday, April 11, he stressed. The team will engage with the United States in response to Washington’s new tariff policy.
The move aims to craft strategies that maximize national and public interests while ensuring a balanced approach to benefits and shared risks, PM Chinh told the fourth meeting of the Standing Committee of the Government since U.S. President Donald Trump announced sweeping reciprocal tariffs on imports from other nations worldwide on April 2. Trump, however, announced a three-month pause on all the reciprocal tariffs that went into effect on April 9, with the exception of China.
The meeting of the Government’s Standing Committee also centered on stabilizing Vietnam’s macroeconomy, boosting growth, controlling inflation, and easing burdens on businesses and citizens.
Vietnam’s proactive policy response has already yielded early results. Following Japan and South Korea, the United States has agreed to negotiate a reciprocal trade framework with Vietnam. The talks aim to narrow the trade deficit between the two nations and foster sustainable, long-term balance.
Looking ahead, Chinh emphasized the need to maintain domestic stability, reassure the public and investors, and safeguard political and social order. Key priorities remain macroeconomic stability, growth promotion, inflation control, and managing public debt, government borrowing, foreign debt, and budget deficits.
The prime minister underscored the importance of calming investor sentiment and helping businesses and citizens adapt to evolving conditions. He urged diversification away from reliance on a single market, enhanced foreign direct investment (FDI) attraction, and higher-quality investments.
“This is an opportunity to restructure our economy and businesses,” Chinh said, highlighting innovation, science, technology, and deeper integration into global supply chains as critical drivers.
Chinh also pressed for faster disbursement of public investment to unlock economic resources, create jobs, and spur growth. He warned that officials failing to meet these targets would face sanctions, urging swift accountability reports to higher authorities.
In a bid to bolster key sectors, the prime minister proposed a preferential credit package, potentially worth VND500 trillion (US$19.5 billion), targeting infrastructure, technology, domestic consumption, and existing effective credit programs. Administrative reforms were another focus, with a goal to slash processing times and business costs by at least 30% in 2025, alongside devolving more authority as mandated by Party General Secretary To Lam and government resolutions.
On trade, Chinh called for better leveraging of Vietnam’s 17 free trade agreements (FTAs) and tapping new markets like the Middle East, Eastern Europe, South Asia, Egypt, and South America.
Addressing U.S. concerns, he stressed resolving issues such as product origin, non-tariff barriers, and intellectual property, while boosting bilateral exchanges in goods like aircraft, LNG, and defense-related trade.
The Government tasked the Ministries of Industry and Trade, Finance, and Foreign Affairs with consulting international partners and upholding Vietnam’s global commitments, while cracking down on trade fraud.
As the country navigates this complex landscape, PM Chinh seeks to turn challenges into opportunities for economic resilience and global integration.
