Tariffs negotiations with US must be placed within Việt Nam's global trade relations: PM

Prime Minister Phạm Minh Chính on April 10 chaired 4th cabinet meeting to address the US tariffs plans. — VNA/VNS Photo

HÀ NỘI — Prime Minister Phạm Minh Chính has underscored that negotiations with the United States, following President Donald Trump’s announcement of a pause on the higher tariffs on various trading partners, including Việt Nam, must be considered within the broader context of the Việt Nam – US relations.

Chairing a meeting between standing cabinet members and leaders of ministries, sectors, and localities on April 10, PM Chính commended the timely, flexible, suitable and effective responses of competent sides and noted that the US has agreed to initiate trade negotiations with Việt Nam regarding a reciprocal trade agreement during the working session between Deputy PM Hồ Đức Phớc and US Trade Representative Jamieson Greer on April 9 (US time).

He directed the immediate formation of a negotiating team led by the Minister of Industry and Trade within Friday to engage with the US on a balanced and sustainable reciprocal trade agreement, laying stress on the need to closely monitor developments and propose timely, flexible and effective adaptation solutions.

The Government leader underscored that the negotiations must also be placed in Việt Nam's global trade relations, including the 17 signed free trade pacts and 60 other markets, and not letting this issue affect the remaining partners. He also added that the tariffs present an opportunity for Việt Nam to restructure its economy for rapid and sustainable growth, reorganise enterprises, and diversify products, markets, and supply chains.

The Prime Minister instructed ministries, agencies, and localities to consider increasing purchases of US products that Việt Nam has demands, such as liqied natural gas (LNG) and aircraft. He called for effectively resolving issues of concern to US businesses, addressing non-tariff barriers, reviewing intellectual property regulations, and combating counterfeit goods and products falsely labelled for third-country export.

PM Chính highlighted the importance of maintaining domestic stability, investor confidence, and political security, contributing to peace, stability, cooperation, and development in the region and the world. He urged continued prudent macro-economic policy management to ensure stability, promote growth across industrial, service and agricultural sectors, renew traditional growth motives and develop new ones, control inflation, and manage public debt and fiscal deficits.

The Government leader called for adopting active and flexible fiscal and monetary policies, maintaining sufficient foreign exchange reserves, reducing lending interest rates, and expanding credit packages to support businesses, while cutting unnecessary business costs and conditions by at least 30 per cent, rescheduling debt payment deadlines for affected entities, and accelerating public investment disbursement to create jobs and contribute to growth.

He also emphasised the need to improve the investment and business environment, support companies in adapting to new conditions, establish a national investment fund and portal, and capitalise on existing free trade agreements. Besides, he noted market expansion in the Middle East, South Asia, Egypt, and South America, as well as diversification of products and supply chains.

This marked the fourth time the PM had called a cabinet meeting to implement directions from the Politburo and Party General Secretary Tô Lâm regarding the US’s new tariff policy. The meeting included Deputy Prime Ministers Nguyễn Hoà Bình, Trần Hồng Hà, Lê Thành Long, Bùi Thanh Sơn, and Nguyễn Chí Dũng, along with various ministers and central government officials. — VNS

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