Regarding the US announcement of reciprocal tariffs, Governor of the State Bank of Vietnam Nguyen Thi Hong acknowledged: After the US announced reciprocal tariffs, the world and domestic financial and monetary markets will also fluctuate complicatedly and put pressure on monetary policy management, exchange rates, interest rates as well as the implementation of our 8% economic growth target.

Up to now, the domestic economy is developing positively, domestic demand for goods has improved with total retail sales of goods and services increasing by 6.2%, higher than the same period last year. Total social investment capital also grew well. Although the export pillar and disbursed FDI capital are increasing lower than the same period, the overall results show that GDP in the first quarter increased by 6.93%, this is the highest level in the first quarter since 2020.

"However, compared to the growth target of 8% or more, we have to try very hard," the Governor of the State Bank of Vietnam assessed.

Regarding monetary, exchange rate and foreign exchange policy management, from the beginning of the year, the State Bank assigned a credit target of 16% and notified all credit institutions to take the initiative. By the end of the first quarter, credit growth had increased by 3.93%, 2.5 times higher than the 1.42% increase in the same period last year. This shows that credit has contributed to growth and total social investment in the recent past. The State Bank will continue to monitor and if inflation remains under control at a low level, it can flexibly adjust credit growth to promote economic growth.

Regarding interest rates, banks have taken action to reduce deposit interest rates. The new deposit interest rate level has remained almost unchanged, increasing by only about 0.08%, while the lending interest rate level has continued to decrease by about 0.4% compared to the end of last year, a remarkable decrease for the efforts of the banking system.

Regarding the issue of exchange rates and the foreign exchange market, the State Bank has carefully studied the tax decree and found that President Trump based on the trade surplus of countries to impose taxes on some countries and the currency issue was not clearly mentioned. As soon as President Trump announced, on the first day, the exchange rate increased by 0.6%, which is a very large amount. The State Bank will closely monitor the developments to be able to operate tools and solutions at the right time and dose, balancing the goals of stabilizing the exchange rate and reducing interest rates.

Ministry of Industry and Trade: Find every way to relieve pressure on the possibility of the US imposing reciprocal tariffs

At the meeting, Minister of Industry and Trade Nguyen Hong Dien said that in order to achieve the set economic growth targets, the industry and trade sector proposed to find every way to relieve pressure on the possibility of the US increasing reciprocal tariffs, and at the same time, to prepare all thorough plans to respond proactively and appropriately in all situations.

"If the US prolongs the negotiation period, we must do two things at the same time: One is to negotiate a bilateral free trade agreement to pave the way for bilateral trade cooperation. Two is to reach an agreement on anti-fraud of origin to immediately stop third-country goods from being exported to the US through Vietnam," the Minister analyzed.

Along with this solution, we continue to promote traditional growth drivers, especially through public investment and mobilizing social investment resources. At the same time, developing the domestic economy, this is a very important driving force, creating breakthroughs in new growth drivers through digital transformation, developing the private economy to mobilize resources for the economy.

The second solution is that we continue to promote comprehensive institutional reform, administrative reform, and reform of the investment and business environment. Focus on completing draft laws according to the process of "one law amending many laws" to submit to the National Assembly, especially issues related to science and technology, innovation and new fields, to create new momentum for development.

At the same time, it is necessary to concretize the Politburo's policy on international economic integration in the new situation, so that localities, ministries, businesses, and industry associations can exploit and promote the effectiveness of the Free Trade Agreements (FTAs) that we have signed. Continue to exploit and open new markets to promote production and contribute to strengthening the domestic production base.

Regarding localities and ministries, the Ministry of Industry and Trade requests that ministries and branches coordinate with the Ministry of Industry and Trade to resolutely implement the tasks in the Project to build balanced and harmonious trade relations with major partners, including the United States, especially reviewing and eliminating non-tariff barriers for businesses and goods of partners, including the United States, entering Vietnam.

The Ministry of Industry and Trade also requested localities to urgently select investors with sufficient capacity to implement projects in national sectoral plans such as the National Power Development Plan (Power Plan VIII), Energy Plan, Mineral Plan, both to create room for growth for localities and the whole country, and to proactively supply raw materials for production. In the current context, we need to proactively supply to avoid being caught up in a trade war over the origin of goods.

Localities coordinate with ministries and branches to implement Decision No. 435/QD-TTg of the Prime Minister: Assign Government members to preside over and urge localities to work on the situation of production and business, public investment, infrastructure construction and import and export in the area to promptly remove difficulties and obstacles, avoiding congestion. Localities need to direct and encourage trade promotion programs, stimulate consumption, develop tourism and services because this is a field with a lot of room. In particular, localities are requested to focus on supporting the implementation of projects in the Power Plan VIII.

Recently, some localities such as Quang Ninh, Hai Phong, Dak Nong proposed to supplement the Power Plan VIII, Minister Nguyen Hong Dien affirmed: The Ministry of Industry and Trade has complied with the provisions of the Planning Law, strictly implemented the Prime Minister's instructions, and avoided repeating the "mistakes" in adjusting the previous planning, so the Ministry has worked many times with the localities. Currently, the total capacity of the system has been determined to be about 236,000 MW, 3 times higher than the present and ensuring the balance between regions, ensuring the balance between sources and transmission grids as well as ensuring electricity prices suitable for affordability until 2030 and vision 2050.

"Localities have proposed adding projects to the planning. In principle, the Ministry of Industry and Trade respectfully accepts them, but must follow the regulations. This planning aims at three goals: meeting domestic demand; meeting direct power purchase and sale (DPPA) demand; meeting electricity export demand.

For Hai Phong, the Ministry of Industry and Trade has accepted and supplemented the project to replace it but has not yet selected an investor.

Regarding Quang Ninh, the Ministry of Industry and Trade has noted the proposal for the second gas-fired thermal power project and put it on the reserve list. In case Quang Ninh selects an investor and ensures progress, it can be considered for inclusion in the planning. Currently, although Quang Ninh 1 thermal power plant has selected an investor, the implementation is very slow, and it is difficult to complete before 2031. If another project is added, it is feared that it will become a suspended planning project later.

As for Dak Nong, in compliance with the Prime Minister's direction, the Ministry of Industry and Trade will consider it on the condition that the locality must select a qualified investor and must implement the direct power purchase agreement (DPPA). At that time, the Ministry of Industry and Trade is ready to put the project into planning," the Minister informed.

Minister of Construction Tran Hong Minh said that through synthesizing the proposed opinions of localities proposing to invest in expressways such as Yen Bai, Dak Lak, belt routes... all have been proposed by the Ministry of Construction in the Medium-term Public Investment Plan for the period 2026-2030 with the goal of completing 5,000km of expressways nationwide.

Regarding Dak Nong's opinion on upgrading National Highway 28 from Binh Thuan to Dak Nong, according to the Road Traffic Law and Decree No. 165/2024/ND-CP of the Government: Detailed regulations and instructions for the implementation of a number of articles of the Road Law and Article 77 of the Law on Road Traffic Order and Safety, the entire national highway has been decentralized to local management. Therefore, it is recommended that Dak Nong province proactively balance capital sources to upgrade this route.

Regarding the planning of the expressway from Dak Nong to Binh Thuan, the Ministry of Construction has just proposed the policy and will coordinate with the locality to review and adjust the planning for the period 2021-2030 with a vision to 2050. To soon build this expressway, the Ministry of Construction recommends that Dak Nong province coordinate with Binh Thuan to proactively review and update the provincial planning and soon report to the competent authority for implementation.

Phan Trang

Source: https://baochinhphu.vn/tim-moi-cach-giai-toa-ap-luc-ve-viec-hoa-ky-co-the-ap-thue-doi-ung-102250406145145019.htm