Illustrative image (Source: VNA)
Hanoi (VNA) – Prime Minister Nguyen Xuan Phuc on July 5 signed Direction 29/CT-TTg on building a plan for socio-economic development and State budget estimate 2018.

Accordingly, the economy is expected to grow 6.4-6.8 percent in 2018. Localities are asked to forecast their 2018 gross regional development product (GRDP) based on figures of the first half of 2017 in centrally-run cities and provinces announced by the Ministry of Planning and Investment’s General Statistics Office and their local realities.

About the State budget estimate for 2018, revenue to the State budget will account for nearly 21 percent of the gross domestic product (GDP) while budget collection from exports-imports will increase at least 5-7 percent against 2017.

On State budget spending, the PM requests practising thrift from stages of planning to implementation.

Capital allocation must be in line with regulations before building any public investment plan 2018.

Priority must be given to the national target programmes and other approved ones with a view to reducing poverty and developing agriculture, especially in mountainous and disaster-hit areas, as well as projects involving health care, education, information technology, and key infrastructure.

Projects and programmes using State budget 2018 must be in the list of mid-term public investment, excluding emergency ones in line with the Law on Public Investment.

Regular spending estimate must be in accordance with the National Assembly’s resolutions and Prime Minister’s Decision.

The direction targets ensuring 20 percent of the total State expenditure for education-training, and 2 percent for science-technology.

Ministries, agencies and localities are required to save 10 percent of regular State spending and half of revenues from local budget collection, as part of efforts for salary reform scheme.-VNA