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PM urges broader aid for industries hit by US tariffs
Vietnam Net - E | English | News | April 24, 2025 | UndeterminedProtectionism
On April 22, Prime Minister Pham Minh Chinh issued Directive No. 47, which outlines urgent measures aimed at stimulating economic growth in 2025. A central focus of this directive is to expand support for industries adversely affected by retaliatory tariffs from the United States, particularly within the timber, seafood, and wood products sectors. This initiative comes amidst increasing global economic uncertainty, marked by rising geopolitical tensions and trade conflicts.
The Ministry of Finance is responsible for assessing the impact of U.S. countervailing tariffs on Vietnamese goods by the end of April. Following this assessment, the ministry is tasked with developing support policies for businesses and workers affected by these tariffs. The Prime Minister has also directed that concessional credit packages be expanded to encompass all enterprises in the impacted timber, seafood, and wood processing industries.
In terms of public investment, the directive emphasizes the need to fully disburse the 2025 public investment budget without compromising project quality or transparency. It underscores the importance of addressing underperformance among officials. Additionally, the government aims to develop a "National Investment One-Stop Portal" by May, which will facilitate smoother project management across provincial administrations.
To enhance exports, the Prime Minister has instructed ministries to expedite trade promotion activities and leverage existing free trade agreements. He also advocated for initiating negotiations with high-potential markets in regions such as the Middle East, Africa, and Latin America, while formulating a negotiation strategy with the United States for balanced trade outcomes. Enhanced legal and market information support for businesses engaged in international trade is also expected, alongside measures to combat origin fraud.
To stimulate domestic consumption, targeted consumption stimulus measures are to be implemented based on region and product category. There will be an emphasis on stronger enforcement against counterfeit goods to maintain market integrity. The directive promotes innovation in science and technology as essential to driving economic growth, as well as public-private investment models. Key growth sectors identified include wholesale and retail, manufacturing, tourism, and logistics.
Finally, the Prime Minister has called for the establishment of free trade zones in major economic centers and requested studies on a "duty-free port" model to enhance Vietnam's status as a logistics hub. This initiative aims to improve the distribution of goods via digital platforms, thereby positioning the country for better economic resilience and growth.