VietnameseThis is one of the key contents of Resolution No. 77/NQ-CP issued by the Government following its March 2025 regular meeting.
In Resolution No. 77/NQ-CP, the Government outlines tasks and solutions for relevant ministries and agencies, with a focus on vigorously promoting high growth in parallel with maintaining macroeconomic stability, controlling inflation, ensuring the major balances of the economy, and responding to arising issues in a proactive, flexible, timely, and effective manner. The Government reaffirms its commitment to the GDP growth target of at least 8% in 2025.
Resolution No. 77/NQ-CP clearly identifies the responsibilities of ministries, agencies, and localities, with particular attention to the challenges arising from the new U.S. tariff policies and the international environment affecting Vietnam’s economy. The key assignments are as follows:
For ministries, agencies, and localities:
Closely monitor international and regional developments, comprehensively assess their impacts on Vietnam’s socio-economic situation, and develop response scenarios and timely policy reactions to avoid passivity and unexpected shocks. Adaptive and effective solutions must be implemented both in the immediate and long term in response to the new U.S. tariff policies.
Chairpersons of the People’s Committees of provinces and centrally-run cities that did not achieve the GRDP growth target in the first quarter of 2025 are required to coordinate with the Ministry of Finance to review, identify the causes, and propose adjustments to the GRDP growth scenarios for the subsequent months and quarters of 2025.
For the Ministry of Finance:
Lead the review and accurate assessment of the impact of U.S. tariff policies on Vietnam, and study and propose to competent authorities support measures for enterprises and workers in affected industries and sectors. The report must be completed before April 15, 2025.
Submit a draft Resolution of the National Assembly on the reduction of value-added tax (VAT) from July 1, 2025 to December 31, 2026, and provisions on supplementary corporate income tax under the global minimum tax framework, to be completed within April 2025.
Finalize the Resolution on mechanisms and policies to promote breakthrough development of the private economic sector, and the draft National Assembly Resolution on the development of an international financial center in Vietnam, and submit them to competent authorities before April 15, 2025, for presentation to the 9th session of the National Assembly.
