Prime Minister Pham Minh Chinh has directed the establishment of a negotiation team for trade discussions with the United States, to be led by the Minister of Industry and Trade, by April 11. The team will also be tasked with drafting appropriate scenarios and strategic plans.

This directive was issued during the fourth meeting of the Government Standing Committee held on the afternoon of April 10, where Prime Minister Pham Minh Chinh chaired discussions on how Vietnam should respond to the U.S.’s new tariff policy.

Opinions shared during the meeting concluded that Vietnam’s current response and policy implementation have been timely and appropriate. The U.S. has agreed to begin negotiations with Vietnam on a reciprocal trade agreement aimed at reducing the trade deficit, ensuring long-term and sustainable balance between the two countries.

The Prime Minister emphasized the importance of closely monitoring developments and promptly proposing and executing effective policies.

"The specific goals are to stabilize the macroeconomy, foster growth, control inflation, ensure major economic balances, manage public debt, government debt, and external debt, and reduce the budget deficit. Additionally, we must stabilize investor sentiment, help businesses and citizens adapt flexibly to new conditions, reduce dependency on a single market, and improve the quality of foreign direct investment (FDI)," said Prime Minister Pham Minh Chinh.

He further stressed that the current moment is an opportunity to restructure the economy toward green and digital transformation, promoting rapid yet sustainable growth. This includes restructuring enterprises, enhancing science and technology, encouraging innovation, attracting high-quality investment, diversifying markets and products, and deepening participation in global supply chains.

The Prime Minister instructed ministries not to let unemployment rise, particularly in key export sectors such as textiles, footwear, furniture, and seafood. He called for focused, prioritized support with clearly defined scopes, targets, timelines, and funding sources.

On fiscal policy, he directed relevant ministries to immediately implement tax deferral and extension measures within their authority. VAT refunds must be processed swiftly and accompanied by administrative simplification. Import-export tax items should be reviewed to ensure balanced and suitable tax rates. Concurrently, public investment disbursement must be accelerated to generate employment.

For monetary policy, the Prime Minister emphasized the need to stabilize exchange rates, strive to lower interest rates, restructure or defer loan payments, and introduce preferential credit packages for certain sectors to stimulate domestic consumption and safeguard foreign exchange reserves.

He also highlighted the importance of cutting administrative procedures and promoting decentralization in line with the directives of General Secretary To Lam and Government resolutions. The aim is to reduce administrative processing times by at least 30% by 2025, cut business costs by at least 30%, and eliminate at least 30% of current business conditions.

Regarding trade policy, the Prime Minister called for better utilization of the 17 signed free trade agreements (FTAs), continued market expansion, and appropriate resolution of U.S. concerns, including product origin, non-tariff barriers, and intellectual property rights. He also urged increased imports from the U.S. and other countries.

On social welfare policies, he directed a review and proposal of support measures for affected workers, employer assistance, labor supply-demand matching, and job creation. He also suggested studying additional policies to support minimum living costs for workers, as well as promoting social housing programs and the elimination of temporary or dilapidated housing.

All ministries and agencies are to continue consulting international partners while ensuring that Vietnam fulfills its international commitments and prevents trade fraud.

The Vinh