Permanent Deputy Prime Minister Nguyễn Hòa Bình speaks at the National Assembly meeting on Friday. — VNA/VNS Photo Doãn Tấn

HÀ NỘI — The Government is ready to support businesses through tax and fee incentives if the business environment becomes increasingly challenging, said Permanent Deputy Prime Minister Nguyễn Hòa Bình during a Q&A session with the National Assembly (NA) on Friday.

In answer to an NA deputy’s question on the response to the US' tentative 46 per cent countervailing duty on Vietnamese goods, the Government representative said it was too soon to focus on this figure as negotiations were still ongoing.

“We are making an effort and doing everything we can to prevent the 46 per cent tariff. That is the Government’s firm commitment,” Bình said.

However, in case of unpredictable developments, he also stressed the need for a long-term strategy. Việt Nam has proactively restructured its economy and leveraged the advantages of free trade agreements (FTAs) it has made with various countries.

Bình said: “These offer significant growth potential. We are not dependent on a single market – the world is vast.

“We are exploring new markets and supporting businesses to expand exports there, diversifying exported and processed goods and reforming domestic production to create more growth.”

GDP may reach 7.6 per cent in Q2

Deputy PM Bình said positive momentum was recorded in the country’s socio-economic performance in the first half of the year.

As of May 2025, GDP growth in Q2 is estimated at 7.6 per cent year-on-year, marking a growth rate for the first half of the year of around 7.3 per cent, a little below the 7.58 per cent target.

This figure places Việt Nam among the fastest-growing economies regionally and globally.

The consumer price index is forecast to increase by about 3.2 per cent, while state budget revenue has reached an estimated 66.2 per cent of the annual target.

Foreign direct investment continues to be a highlight, with registered capital estimated at over US$20 billion and actual disbursement at about $12 billion.

Total trade turnover has risen, the trade balance remains in surplus and public investment disbursement has improved both in rate and volume compared to the same period last year.

Political and social stability have been maintained as well as national defence, security and public order, while foreign relations and international integration have advanced, according to the Deputy PM.

Noting that the 8 per cent GDP growth goal for 2025 is a major challenge, Bình called for stronger determination, greater efforts and bolder action to drive growth while ensuring macroeconomic stability, controlling inflation and safeguarding major economic balances, especially by revitalising traditional growth drivers.

He also urged the disbursement of 100 per cent of public investment funds and the acceleration of key national projects and national and provincial-level investment in one-stop portals. The Government will promote public-private partnerships and continue attracting foreign investment, especially for large-scale, hi-tech projects.

Speaking about exports, the Deputy PM called for leveraging existing FTAs and promoting new ones to diversify markets, products and supply chains. The target is to increase total trade turnover by 12 per cent in 2025 with a $30 billion trade surplus, while ensuring harmonious, sustainable trade with key partners.

As per consumption, he emphasised improving tax and credit policies to stimulate purchasing power and combat smuggling, counterfeiting and low-quality products. The goal is for total retail sales and service revenue to grow by about 12 per cent.

The Government also aims to boost tourism, relax visa policies and reach 120–130 million domestic tourist arrivals and 22–23 million international tourist arrivals in 2025.

To develop new growth drivers, Bình said the Government will continue implementing resolutions to foster science, technology, innovation and national digital transformation; develop the green and circular economy, e-commerce and new business models; and strongly support private sector development.

Plans include establishing free trade zones in some localities, piloting duty-free port models and implementing the NA’s resolution for an international financial centre in Việt Nam. Policies will also be devised to tap into space, marine and underground economies.

To ensure seamless operation of the new two-tier local governments from July 1, the Government will continue reviewing legal documents, manage staffing within approved limits, streamline public payrolls and resolve labour and armed forces benefits after the restructuring.

The Government will also arrange working facilities for new provincial- and commune-level authorities, reassess and repurpose excessive public assets and promptly appoint new local leaders for the newly merged provincial and municipal People’s Committees.

In response to NA deputy Nguyễn Thị Thu Dung from Thái Bình Province, who raised concerns about abnormal housing price hikes in tentative new administrative centers, the Deputy PM explained that prices are dictated by supply and demand.

To control real estate speculation, the Government is determined to ensure that no one profits unfairly from housing and land price manipulation, he added.

Key focuses

In 2025, the Government will prioritise refining the legal system, promoting proactivity among ministries and localities, strengthening anti-corruption and anti-waste efforts, and rigorously monitoring legal implementation.

Key infrastructure priorities include completing the North-South Expressway from Cao Bằng to Cà Mau, Long Thành International Airport, the Lào Cai–Hà Nội–Hải Phòng Railway, the Hà Nội–Vientiane Expressway (Vinh–Thanh Thủy segment), the Cà Mau–Đất Mũi Expressway, the Tân Phú–Bảo Lộc–Liên Khương Expressway and Hòn Khoai Port.

Other areas of focus include key energy projects in Power Development Plan VIII (PDP8) as well as digital infrastructure, with at least 55,000 new 5G base stations to be built by the end of the year.

In celebration of the 80th anniversaries of the August Revolution and National Day (September 2), the Government is preparing to inaugurate and initiate 80 new national projects.

On anti-smuggling and consumer protection, earlier this year the PM issued several urgent official documents and guidelines, while law enforcement has launched an intensive nationwide campaign against smuggling, counterfeiting and intellectual property violations.

In the first five months of 2025, the Ministry of Public Security busted numerous counterfeit manufacturing rings, handled over 40,000 cases and collected VNĐ6.58 trillion ($252 million) in fines, and launched prosecution proceedings against 3,043 suspects in 1,737 cases.

Noting the complexity of smuggling and counterfeiting, Bình stressed that the Government will maintain a zero-tolerance policy, amend legal loopholes, encourage public and business engagement and severely handle corrupted officials who enable or collude with violators.

As for removing bottlenecks for ongoing projects, the Government representative reported that by April, 867 delayed projects worth VNĐ371.8 trillion (US$14.3 billion) across the energy, real estate and healthcare sectors had resumed with the Government’s intervention.

Meanwhile, the Government is boosting efforts in social housing development and the elimination of dilapidated houses across the country.

The goal is that all dilapidated houses will be replaced by August 31. Housing support for families of war heroes is also expected to be completed by July 27. — VNS