Viet Nam prepares for possible global trade war

A trade war, if any, would disrupt supply chains and hinder exports, thus it is neccessary to put forward measures to swiftly deal with such war in order to sustain the country's growth momentum in 2025, he said.

Viet Nam is an open economy, with trade almost 1.7 times higher than the size of the country's GDP. In 2024, total trade value reached US$786.29 billion while the GDP stood at US$476.3 billion.

The Government targets to accelerate GDP growth to at least 8 percent in 2025 from 7.09 percent in 2024 in order to pay the way for double-digit growth in 2026-2030 period.

This ambitious growth target requires localities to raise their growth goals. In addition, the Government needs to renew traditional growth drivers (domestic consumption, public investment and export) while promoting new drivers including digital economy, circular economy, sharing economy, to unleash growth potential.

Pham urged the Ministry of Industry and Trade to promptly put foward and submit to the National Assembly for consideration and approval of several mechanisms and policies for construction of Ninh Thuan nuclear power plants; and quickly finalize regulations on direct power purchase.

The Prime Minister reiterated the Government's goals to raise the total length of expressways to at least 3,000 km by the end of this year, put the third terminal of Tan Son Nhat International Airport into operation on April 30, 2025, and the first phase of Long Thanh International Airport in 2025.

Pham also called on relevant agencies to well prepare for major events in 2025, including the 50th anniversary of the Liberation of the South, the 80^th anniversary of the National Day, and well organize Party congresses at all levels towards the 14th National Party Congress./.