VINACHEM

At the government’s first monthly meeting of 2025, Prime Minister Pham Minh Chinh emphasized the need for Vietnam to prepare for potential global trade conflicts to avoid economic setbacks.

On the morning of February 5, Prime Minister Pham Minh Chinh chaired the January 2025 regular government meeting, discussing key national strategies, including preparations for a possible global trade war and its potential impact on Vietnam.

The Prime Minister emphasized that if a global trade war were to occur, it could disrupt supply chains and shrink export markets, posing significant risks to Vietnam’s economy.

He stressed the need for quick, flexible, and proactive measures to prevent economic shocks and seize new opportunities. Maintaining economic momentum and ensuring sustained growth should remain top priorities.

During the meeting, the government also discussed setting economic growth targets for localities. The central government has set a GDP growth goal of at least 8% for 2025, aiming to build momentum for double-digit growth in the coming years.

The Prime Minister urged ministries, sectors, and local governments to establish their own growth targets, which will be formally approved and implemented.

With global and regional uncertainties increasing, the Prime Minister called for comprehensive assessments of emerging risks, particularly the potential escalation of trade tensions worldwide.

To counteract these risks, he suggested diversifying markets, products, and supply chains, with a particular focus on expanding trade with new partners such as the Middle East and South America.

Key infrastructure and policy initiatives

Beyond trade issues, the Prime Minister also directed immediate action on several key infrastructure and policy initiatives. He instructed the Minister of Industry and Trade to urgently submit proposals to the National Assembly regarding mechanisms for developing the Ninh Thuan nuclear power plant. Additionally, he called for finalizing regulations on electricity trading, incorporating feedback from businesses and consumers.

In the transportation sector, the Prime Minister urged the Minister of Transport to accelerate plans for a railway project connecting Vietnam and China while addressing obstacles in build-operate-transfer (BOT) road projects.

Institutional and regulatory reforms were also a major focus. The Prime Minister instructed ministers and agency heads to provide monthly reports on legal bottlenecks in their sectors, specifying what issues exist, where they are, and who is responsible for resolving them. The goal is to propose necessary policy adjustments to higher authorities for timely solutions.

The government is also prioritizing administrative streamlining, with ministries and agencies tasked with implementing Central Resolution 18 on organizational restructuring while ensuring work continuity and efficiency.

The Prime Minister highlighted the importance of maintaining strong economic momentum from the beginning of the year and urged businesses and government agencies to focus on production, investment, and trade to meet quarterly and annual targets.

Among the government’s key objectives for 2025 are the completion of at least 3,000 km of expressways, the opening of Tan Son Nhat Airport’s Terminal 3 by April 30, and substantial progress on Phase 1 of Long Thanh International Airport. Additionally, preparations for the 14th National Party Congress are being carefully coordinated.

The meeting also covered discussions on Vietnam’s economic performance in January, implementation plans for Resolution 01, public investment allocation, and progress in executing three national target programs.

The government reviewed the effectiveness of policy directives and leadership strategies, setting the stage for key policy decisions in the months ahead.  – Source: VNN