Directive on 2020 socio-economic development norms issued
VGP – PM Nguyen Xuan Phuc has recently issued Directive 16/CT-TTg on building socio-economic development plan and state budget forecast for 2020.
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GDP growth rate of 6.8%
The directive stipulates the overall goal for 2020 including consolidating firmly the macro-economic foundation, controlling inflation, raising self-reliance of the economy, implementing strategic breakthroughs in a more efficient and effective manner; restructuring the economy in combination with the transformation of the growth modal; raising productivity, quality, and efficiency of the economy; accelerating institutional reform.
The educational and training system will be reformed. Tourism will become a spearhead sector. Regional economic zones and big urban areas will be developed.
Economic growth will be boosted quickly and sustainably. By 2020, GDP growth rate will touch about 6.8%.
Eight socio-economic development tasks for 2020
PM Phuc pointed out eight socio-economic development orientations and tasks for 2020.
Firstly, macro policies will be regulated in combination with monetary, fiscal, investment, trade, and price policies to ensure macro-economic stability, inflation curbing, big balances, production and business promotion;
Secondly, institutional reform will be accelerated and resources will be boosted to generate impetus for development;
Thirdly, economic growth must couple with comprehensive growth in culture, society, security, social welfare, better material and spiritual lives of people;
Fourthly, the legal system on natural resource management and environment will be finalized; seriously environmental polluters will be dealt with toughly;
Fifthly, investigations, settlement of complaints and accusations will be enhanced; the fight against corruption will be promoted;
Sixthly, effective, streamlined apparatus and e-Government will be built;
Seventhly, national defense, security, diplomacy, international integration will be promoted;
Eighthly, communications work will be strengthened.
State budget forecast
Under the Directive, the PM targets to mobilize tax and fee source which will account for about 19-20% of GDP.
Domestic revenue estimate will increase at least 10-12%.
Export revenue estimate will grow at least 5-7%.
The State budget estimate must be appropriate with budget restructuring goals in the 2016-2020 period in accordance with Resolution 07-NQ/TW of the Politburo, Resolution 25/2016/QH14, Resolution 26/2016/QH14, Resolution 71/2018/QH14 of the National Assembly, Resolution 18-NQ/TW, Resolution 19-NQ/TW, Resolution 27-NQ/TW, Resolution 28-NQ/TW of the seventh Party plenary session of the 12th Party Central Committee./.
By Kim Anh