Prime Minister Calls for Export Market Diversification

At a recent government meeting, Prime Minister Pham Minh Chinh addressed the impending import tariffs by U.S. President Donald Trump, emphasizing the need for Vietnam to diversify its export markets. "Export markets need to be restructured, and the quality of goods must be enhanced to penetrate other potential markets such as the Middle East, Eastern Europe, Central Asia, Latin America, India, and ASEAN," he stated.

Prime Minister Pham Minh Chinh speaks at a government meeting on April 6, 2025. Photo by Vietnam Government Portal

Economic Challenges and Opportunities

Facing a 46% tariff rate set to take effect on April 9, Vietnam's economy is under significant strain. Minister of Finance Nguyen Van Thang highlighted the broad impact these tariffs could have, from manufacturing to employment. However, the Prime Minister sees this as an opportunity to restructure the economy towards sustainability through science, technology, and innovation.

Vietnam's Proactive Measures

Vietnam has taken proactive steps to mitigate the impact, including engaging the U.S. through political and diplomatic channels and implementing domestic measures like exploring import tax cuts and easing conditions for foreign firms. "The measures are very proactive but also maintain composure and resilience in facing difficulties and external shocks," Chinh remarked.

Growth Targets Amidst Adversity

Despite the challenges, Vietnam aims for at least 8% growth in 2025. Achieving this will require overcoming institutional barriers, cutting red tape, and driving public investment. The first quarter's 6.93% growth, a five-year high, offers a glimmer of hope, but persistent challenges remain.