Illustrative image (Source: VNA)
Hanoi (VNA) – Vietnam will strive for a GDP growth of around 6.8 percent in 2020,according to Directive 16/CT-TTg on the building of socio-economic developmentplans and State budget estimates for 2020.
The directiveissued recently by the Prime Minister makes clear that the overall goals ofdevelopment plans and State budget estimates in 2020 are to continuestrengthening the macro-economic foundation, controlling inflation andenhancing the internal strength and independence of the national economy.
The plans shouldalso aim for more effective implementation of strategic breakthroughs andeconomic restructuring in combination with renewing the growth model, while intensifyinginstitutional reform, creating an open and favourable environment forinvestment, production and business.
Economic growthshould be in tandem with social and cultural development, improvement of people’smaterial and spiritual life, environmental protection, natural disasterprevention and response to climate change.
The directive alsooutlines eight directions for socio-economic development next year.
Regarding the Statebudget collection estimates in 2020, the PM requires that collection from taxationand fees should be between 19 – 20 percent of GDP.
Domestic revenues (excludingthose from crude oil, land use fees, lottery, sales of State capital inenterprises, dividend and post-tax profit and revenue-expenditure balance ofthe State Bank of Vietnam) should increase by at least 10-12 percent comparedto estimated revenues in 2019.
Meanwhile, collection from import-export shouldincrease by at least 5-7 percent from estimated collection in 2019.-VNA
