Vietnam Prepares for Potential Global Trade War, Strengthens Economic Growth Strategies
Hanoi, The Gulf Observer: Prime Minister Phạm Minh Chính on Wednesday urged Vietnam’s leadership and government bodies to proactively prepare for a possible global trade war, which could impact the country’s exports and economic stability.
Speaking at a regular government meeting in Hanoi, the Prime Minister highlighted the unpredictable nature of international affairs and the potential risks of supply chain disruptions and market contractions.
“We need to consider potential scenarios and prepare solutions to respond to them swiftly and effectively,” said Prime Minister Chính. “We must absolutely avoid being passive, caught off guard, or missing good opportunities and momentum for growth.”
To sustain and enhance economic growth, he emphasized the reinforcement of traditional growth drivers while fostering new ones, diversifying products, and expanding into new markets. He particularly pointed to the Middle East and South America as regions warranting increased attention for Vietnam’s trade expansion.
The Prime Minister set an ambitious GDP growth target of 8% for the year, instructing each ministry, sector, and locality to establish their respective growth goals for government approval. Additionally, he assigned the Ministry of Industry and Trade to draft a proposal for the Ninh Thuận nuclear power plant, to be presented at the National Assembly’s extraordinary session at the end of the month.
In infrastructure development, the Prime Minister directed the Ministry of Transport to present plans for the Lào Cai – Hà Nội – Hải Phòng railway project, aimed at enhancing connectivity with China, and to address ongoing issues related to build-transfer-operate (BOT) road projects.
Reiterating the commitment to administrative streamlining, he urged ministries and local authorities to implement the Party Central Committee’s Resolution 18 on organizational restructuring without disruptions.
Prime Minister Chính also underscored the need for immediate resumption of production and business activities at the beginning of the year. He outlined key national infrastructure targets, including the construction of at least 3,000 kilometers of expressways, the completion of Terminal 3 at Tân Sơn Nhất Airport in Ho Chi Minh City by April 30, and the first phase of the Long Thành Airport development project within the year.
Additionally, he called for the rapid construction of social housing and the eradication of temporary and dilapidated housing by year-end. Lastly, he emphasized the importance of party congresses at all levels in preparation for the 14th National Party Congress.
Vietnam’s leadership remains steadfast in its commitment to mitigating global economic risks while fostering sustainable growth and national development.
