Prime Minister drives comprehensive reforms in finance, policy, and gold trading

He instructed a review and assessment of the impact of U.S. tariff policies on Vietnam, and the development of support policies for businesses and workers in industries affected by these tariffs. Relevant authorities are required to report to competent bodies by July 15.

This directive was issued as part of the Prime Minister’s Official Dispatch No. 104, dated July 6, which focuses on enhancing the effectiveness of monetary and fiscal policy management and conducting a review of the first half of 2025.

Prime Minister directs enhanced effectiveness in managing monetary and fiscal policies.

Regarding fiscal policy, the Prime Minister tasked the Ministry of Finance with leading efforts to continue implementing a reasonably expansionary fiscal policy with well-defined priorities. This approach is to be closely coordinated with monetary and other macroeconomic policies to ensure harmony and effectiveness.

Key directives include intensifying efforts to manage state budget revenue, broadening the tax base—particularly through enhanced collection from e-commerce and food service sectors—and modernizing tax administration. A strong emphasis is placed on the enforcement of regulations requiring electronic invoices generated from cash registers.

The overarching goal is to increase state budget revenue in 2025 by at least 20% compared to the projected estimate. Simultaneously, recurrent expenditures must be rigorously curtailed to ensure fiscal discipline and resource efficiency. 

As part of Official Dispatch No. 104 dated July 6, the Prime Minister requested the timely and sufficient allocation of funds to implement policies and regimes under Decree No. 178/2024/ND-CP and Decree No. 67/2025/ND-CP, as well as to support the reorganization of administrative units and the rollout of the two-tier local government model.

To support citizens and businesses, the Prime Minister emphasized the effective implementation of tax and fee support policies, including exemptions, reductions, extensions, and land rent relief, along with other facilitative mechanisms aimed at stimulating production, creating jobs, and ensuring livelihoods.

Regarding monetary policy, the Prime Minister directed the State Bank of Vietnam (SBV) to take the lead in closely monitoring global and domestic economic developments to manage monetary policy proactively, flexibly, promptly, and effectively.

Furthermore, the SBV is tasked with directing credit institutions to reduce costs, simplify administrative procedures, and enhance digital transformation to lower lending interest rates, thereby supporting production and business activities of enterprises and citizens under the principle of "harmonized benefits, shared risks."

The Prime Minister emphasized directing credit toward priority sectors and traditional growth drivers of the economy (investment, exports, consumption) as well as new growth drivers (science and technology, innovation, digital economy, green economy, circular economy, etc.), aiming for credit growth of approximately 16% in 2025 compared to 2024. By 2026, credit growth should be managed through market-based tools, phasing out credit quotas.

The head of the Government also highlighted the need to promote credit programs for young people under 35 to purchase, rent, or lease-purchase social housing, as well as the 500,000 billion VND credit program for businesses investing in infrastructure, science, technology, innovation, and digital transformation.

Additionally, measures to manage the gold market appropriately, promptly, and effectively should be strengthened, with an urgent submission of a draft decree amending Decree No. 24 on gold trading management to the Government by July 15.

In the dispatch, the Prime Minister requested ministries, sectors, and localities to implement tasks and solutions more decisively, robustly, and effectively to accelerate the disbursement of public investment capital, striving to achieve 100% of the public investment plan assigned by the Prime Minister for 2025.

Public investment should lead and stimulate private investment while promoting public-private partnerships. Long-delayed and problematic projects should be urgently addressed within the scope of authority to unlock resources for development and prevent waste.