During a National Assembly Q&A session on the morning of June 20, delegate Ta Van Ha (Quang Nam) expressed concern from voters and businesses regarding the U.S. move to impose a 46% tariff on key Vietnamese exports.

He requested that the government outline short-term measures to help businesses cope and present a long-term strategy to safeguard national interests while promoting stable, equitable, and sustainable international trade.

Deputy Prime Minister Nguyen Hoa Binh responded that it is premature to discuss the 46% tariff as negotiations are still in progress. “We will do everything possible to prevent this tariff from being enforced,” he emphasized.

He noted that Party General Secretary To Lam had a phone conversation with U.S. President Donald Trump, and Prime Minister Pham Minh Chinh has been actively directing ministries and localities to implement solutions aimed at avoiding the 46% tariff.

He added that the government’s negotiation team is actively working with U.S. counterparts and described the outlook as positive, citing improved mutual understanding and efforts to achieve common goals. However, given the unpredictable global environment, Vietnam must adopt a long-term strategic approach.

The government has proactively restructured the economy, leveraging advantages from existing free trade agreements with many countries to reduce reliance on a single market.

“The world is vast, and we are actively seeking new markets and supporting businesses in expanding exports to those destinations,” he stated.

Vietnam also needs to shift its production model toward deep processing rather than exporting raw agricultural goods to enhance economic value.

With a strategy to diversify markets and restructure the economy, the Deputy Prime Minister expressed confidence in Vietnam’s ability to navigate global fluctuations. Should risks arise, the government is prepared to offer tax and fee support for businesses.

Delegate Mai Khanh (Ninh Binh) noted that Vietnam’s economy in 2025 faces external risks, such as geopolitical tensions, trade wars, and rising protectionism - especially retaliatory tariffs from the U.S.

She pointed out that many domestic businesses are still struggling, with a high number exiting the market, which impacts employment, social welfare, and macroeconomic stability. She asked the Deputy Prime Minister to present solutions to maintain macroeconomic stability, achieve the 8% growth target in 2025, and lay the foundation for double-digit growth in the future.

Deputy Prime Minister Nguyen Hoa Binh acknowledged that achieving the growth target would be challenging. The government plans to revitalize existing growth drivers such as foreign investment, consumption, and major national infrastructure projects, while also cultivating new engines of growth like the green economy, circular economy, semiconductors, and AI - sectors with vast development potential that align with global trends.

He emphasized that the Party has issued resolutions on developing the private sector, science and technology, national digital transformation, and institutional reform - all aimed at unlocking resources for growth.

To maintain stability, the government will enhance fiscal management and promote a flexible national financial system, while also mobilizing domestic capital. It is proposing that the Party and National Assembly introduce new financial instruments, including the development of financial centers in Vietnam.

Among key ongoing reforms is a significant administrative restructuring initiative, which includes proposals to eliminate district-level governance.