Directive on 2020 socio-economic development norms issued
09:23 | 27/06/2019

VGP – PM Nguyen Xuan Phuc has recently issued Directive 16/CT-TTg on building socio-economic development plan and state budget forecast for 2020.

Illustration photo

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   

 

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