Prime Minister Pham Minh Chinh chaired a hybrid conference with leaders of ministries, localities, business associations and Vietnamese diplomatic missions abroad to discuss measures to proactively adapt to changes in international trade in Hanoi on April 7.

In his speech, the Government leader emphasised that the world is undergoing rapid and unpredictable changes, with numerous challenges and uncertainties. For Vietnam, tariffs of up to 46% will have a clear impact on exports and directly affect a significant number of workers and businesses. This will also increase pressure on macroeconomic management and efforts to boost growth, especially as global economic risks are rising and competition is becoming more intense.

Maintaining a calm and proactive stance, the Prime Minister noted that Vietnam has recently carried out a wide range of political, diplomatic, economic and trade measures to step up cooperation, adapt to developments and minimise the negative impacts of policy adjustments by the US.

At the meeting, representatives from ministries, agencies, overseas missions, business associations and enterprises assessed how countries are responding to the new US tariff policy, and proposed both short- and long-term solutions to adapt to the new context.

They analysed opportunities and challenges for Vietnamese goods and businesses, and discussed how to better tap into international markets. Specific recommendations were made on expanding trade and investment markets and easing current difficulties faced by exporters.

After hearing reports from Vietnamese ambassadors and heads of missions abroad, PM Chinh observed that countries’ responses to the new US tariffs, particularly countermeasures, vary depending on the level of impact on their economies. All are actively developing strategies to mitigate the consequences on growth. Most are also working to diversify markets and reduce their dependence on the US, while accelerating bilateral negotiations to lessen the effects of the tariff hikes.

He stressed the importance of several key tasks, including sustaining growth momentum and promoting new growth drivers; preparing response measures for all potential tariff scenarios; and strengthening external relations and international integration. He asked the Ministry of Foreign Affairs to assign specific tasks to Vietnamese missions overseas, including enhanced research on emerging trends and relevant experience in host countries. Findings, results and recommendations should be reported to the Government in a timely manner, he added.

The Government chief also urged ambassadors and mission heads to proactively share information about other countries’ short-term responses and long-term adaptation strategies to the US tariff increases. He called for studies and forecasts on the direction and impact of US trade conflicts with its partners, especially major economies, to support the development of focused and comprehensive policy responses.

He asked for continued effective implementation of existing and newly signed free trade agreements, promotion of new trade and investment protection deals, and broader market access. Efforts should also be made to take advantage of potential new markets, diversify export destinations and products, and expand supply chains.

The PM underlined the need for swift action to seize new opportunities for cooperation generated by diplomatic efforts. He also called for innovative and breakthrough solutions to attract investment and finance for development, particularly in high-tech sectors and key strategic projects. Economic diplomacy should focus on breakthrough growth areas, especially technology and innovation.

While the Government continues negotiations with the US, PM Chinh asked Vietnamese diplomatic missions in the country to coordinate with Vietnamese exporters to proactively study and implement appropriate, effective solutions to maintain access to this key market.

Toward US tariff negotiations: What are businesses hoping for?

VOV.VN - Many of Vietnam’s export commodities, including agricultural products, enjoy advantages when entering the US market. However, the newly announced reciprocal tariff of up to 46% by the United States on Vietnamese goods affects not only industry but also agriculture.