(Bloomberg) — Vietnam Prime Minister Pham Minh Chinh said his country’s top leader recently chatted with Donald Trump and is ready to deal with the new US president and his administration.
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“Our Party General Secretary To Lam has spoken with President Trump on telephone,” and his government has made “some approaches” to Trump’s administration, Chinh told the World Economic Forum on Tuesday in Davos. “We think we can handle the relationship with the US.”
The Southeast Asian government is pursuing an ambitious goal of boosting growth to at least 8% this year but faces uncertainty over the prospect of tariffs.
Vietnam was a major beneficiary of the first US-China trade war, but its ballooning trade imbalance with the US and Trump’s determination to bring more manufacturing jobs back home makes it a target for protectionist policies.
Chinh said Vietnam is “working on solutions” to re-balance its trade surplus with the US, reiterating a promise to buy Boeing Co. planes, and expressing an interest in purchasing other American high-tech items.
“If playing golf can help bring benefits to my country and my people, then I can play golf all day long,” Chinh said, eliciting chuckles from the audience, as he responded to a question on whether he’d be willing to travel to Trump’s private club Mar-a-Lago in Florida to meet and play a round with the US president.
Double-digit growth in exports, along with resilient foreign investment and strong manufacturing helped the economy expand 7.55% in the fourth quarter last year, surpassing all expectations and taking full year growth to 7.09%, well above the government’s target for 2024.
While the National Assembly has set an economic growth target of 6.5%-7% this year, Chinh said last month that the government sees 2025 as “the year of acceleration” and would strive for about 8% growth.
Vietnam is also undergoing the biggest political reform in decades as the Communist Party seeks to cut the size of government by around 20%, to streamline the bureaucracy, and reduce red tape and costs.
Last year, the government’s highest echelons also underwent a reshuffle after the death of country’s long-serving Communist Party general secretary. Chinh tacitly referred to this, noting Vietnam experienced “a change in a generation of leadership without warning.”
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