Prime Minister Pham Minh Chinh speaks at the meeting. Photo: VOV

Chairing a Government meeting on Vietnam's response solutions to global changes, Prime Minister Chinh stressed the need to renew traditional growth drivers such as investment, export, consumption, while making breakthroughs in new growth drivers, including science and technology, innovation, digital transformation, and green transformation. 

“Increase both supply and demand to stimulate the economy. Go ahead with fiscal policies like tax exemptions and deferrals, creating favorable conditions for people and businesses. Continue to increase revenue, reduce expenditures, and promote savings; accelerate disbursement of public investment capital, use public investment to lead private investment, especially investment in strategic infrastructure; cut unnecessary expenditures, ensure expenditure efficiency; and strengthen control over prices and markets," Prime Minister Chinh said.

The Prime Minister proposed to strictly and flexibly control exchange rates; pay attention to interest rates to ensure more favorable access to capital; expand controlled credit, which prioritizes deep processing, agriculture, and export production, especially credit support for farmers. Fiscal and monetary policies must be in sync: monetary policies support fiscal policies and vice versa.

“Continue to research and diversify markets, supply chains, and products to expand the market, expand negotiations on new Free Trade Agreements (FTA), and capitalize on advantages of signed FTAs. Speed up trade promotion, logistics, and customs reform, support businesses to reduce input costs and compliance costs, and persevere and adhere to the goals in tariff negotiations with the United States. Develop the domestic market, especially domestic consumption, while boosting e-commerce, electronic tax collection, and the ‘Vietnamese people prioritize using Vietnamese goods’ campaign,” according to the PM.