Hanoi (VNA) – Prime Minister Pham Minh Chinh chaired a meeting in Hanoi on June 23, urging permanent Cabinet members, ministries, and agencies to respond to escalating Middle East conflicts and other global disruptions that threaten Vietnam’s economic trajectory.

In his address, PM Chinh framed the challenges as a chance to pivot toward a greener, more sustainable economic model, urging a bold restructuring of markets, products, and production to diversify the nation’s economic base.

Drawing on lessons from his Government’s tenure, he called for calm and consistency, exhorting ministries, businesses, and citizens to stay focused on long-term goals while keeping a sharp eye on global shifts. Proactive, timely, and appropriate measures, he insisted, must be tailored to each sector’s responsibilities.

The PM outlined a dual strategy: revitalising traditional growth engines of investment, exports, and consumption, while accelerating breakthroughs in sci-tech, innovation, digital transformation, and green transition. This approach, he said, aligns with Vietnam’s consistent policy of building an independent, self-reliant economy that is integrating into the global ecosystem.

On fiscal policy, he requested tax exemptions, deferrals, and reductions to ease burdens on businesses and households. He pushed for boosting revenues, curbing wasteful spending, and expediting public investment, particularly in strategic infrastructure, like transportation and energy. Efficient spending, coupled with robust market and price controls, is the backbone of stability, he argued.

Monetary policy, he warned, needs to walk a tightrope, flexible but cautious with a firm grip on exchange rates and inflation. Favourable interest rates must unlock credit access, while speculation in gold and foreign currencies needs to be removed. Credit growth, he said, should zero in on deep-processing industries, agriculture, and exports, with a lifeline for farmers battered by economic storms.

Fiscal and monetary policies must move in lockstep, he stressed, each bolstering the other to keep the economy on track. Securing macroeconomic stability, especially food and energy security, is critical, he added, demanding steady supplies and prices for essentials like fuel and electricity, alongside bulletproof telecom and information networks.

Turning to trade, the PM pushed for new free trade agreements and maximising existing ones to bolster exports. Streamlined customs, lower business costs, and steadfast tariff talks signal Vietnam’s unrelenting trade hustle. Logistics and trade promotion, he said, were vital to keeping Vietnam competitive.

At the local level, he urged chairpersons of the people’s committees of provinces and centrally-run cities to stabilise two-tier governance swiftly, while ministries and agencies must intensify decentralisation and delegation of authority to eliminate bureaucratic bottlenecks. Combating counterfeit goods, especially fake medicines and food, was a priority, alongside ramped-up market surveillance to fuel business growth and consumer trust.

In closing, he leaned hard into the power of communication, urging officials to highlight Vietnam’s achievements to build public trust and social consensus./.