PM PUSHES FOR TRADE BALANCE AMID RISING GLOBAL COMPETITION

With a trade volume nearing $800 billion, Việt Nam ranks 23rd in terms of global exports and 22nd in imports, which represents an average annual growth rate of over 13 per cent since 2007.

Containers seen at Cái Mép-Thị Vải Port in Bà Rịa-Vũng Tàu Province. — VNA/VNS Photo

HÀ NỘI — Amid intensifying trade competition and shifts in tariff policies, Prime Minister Phạm Minh Chính has directed ministries, agencies and local departments to develop comprehensive strategies aimed at achieving a trade balance with key partners.

The Prime Minister emphasised leveraging existing free trade agreements (FTAs), negotiating new deals to diversify markets and supply chains, and reviewing tax policies – particularly with major trade partners – to ensure mutual benefits.

Additionally, to achieve a GDP growth rate of 8 per cent or more in 2025, and lay the groundwork for double-digit expansion in the following years, the Government is focusing on revitalising traditional growth drivers such as investment, exports and consumption while fostering new economic engines.

Meanwhile, the PM Chính has called for greater transparency in economic, trade and investment activities to maintain export stability in the face of rising global trade barriers and protectionist policies.

He has also instructed authorities to intensify inspections and prevent goods from being smuggled into Việt Nam and re-exported under false origins.

The Vietnamese Government has already issued multiple directives to increase imports from major markets, particularly the US, as part of efforts to promote harmonious and sustainable trade.

To move toward trade balance, Việt Nam plans to purchase more US products, including aircraft, semiconductor chips and liquefied natural gas (LNG). Additionally, domestic enterprises are encouraged to adopt high-quality US goods and services.

In the energy sector, as Việt Nam pushes for investment in renewable electricity, businesses are being urged to consider US technology for ongoing and future projects.

With a trade volume nearing $800 billion, Việt Nam ranks 23rd in global exports and 22nd in imports, maintaining an average annual growth rate of over 13 per cent since 2007.

Despite global challenges, Việt Nam's total export turnover in 2024 maintained positive growth, reaching US$405.53 billion, a 14.3 per cent increase from the previous year. Imports also rose 16.7 per cent year-on-year, totalling $380.76 billion. — BIZHUB/VNS

Source: VNS