PM issues socioeconomic development plan by 2020

The Prime Minister has issued Directive No. 16/CT-TTg on developing the Socio-Economic Development Plan and the State Budget Estimates by 2020, with GDP to reach 6.8 per cent.

PM issues socioeconomic development plan by 2020

Eight orientations and tasks for socioeconomic development in 2020 have been set.

1. Synchronously managing macro policies, closely coordinating and harmonizing monetary, fiscal, investment, and trade policies and prices and other policies, consistently implementing the goal of transparency, maintaining macroeconomic stability, controlling inflation, ensuring major balances in the economy, and promoting business and production.

2. Promoting institutional reform and opening up resources, creating new motivation for development.

3. Coupling economic development with the comprehensive development of culture and society and social welfare, and improving the material and spiritual lives of the people;

4. Continuing to complete the framework of mechanisms, policies, and laws on natural resources management and environmental protection, strictly dealing with establishments causing serious pollution, strict controlling facilities that pose a risk of environmental pollution and waste discharge, focusing on urban and rural waste treatment, replicating the efficient and sustainable waste treatment model, and strictly implementing regulations on forest management, protection and development, nature conservation, and biodiversity.

5. Enhancing and improving the effectiveness of the inspection, receipt, and settlement of complaints and denunciations, promoting anti-corruption, practicing thrift, and combatting waste.

6. Building a streamlined, effective and efficient apparatus, tightening discipline, building and improving laws, improving law enforcement effectiveness, and building e-Government to serve the people and businesses.

7. Strengthening national defense and security, improving the effectiveness of foreign affairs and international integration, and maintaining a peaceful and stable environment for development.


8. Strengthening the information, communications, and coordination work between the government and agencies of the Party, State, and the Vietnam Fatherland Front, socio-political organizations, and mass organizations to create social consensus and inspire people’s beliefs and aspirations.

The task of building the State budget estimates for 2020 includes striving to raise the mobilization rate from taxes and fees to the State budget to about 19-20 per cent of GDP.

Domestic revenue estimates (excluding oil revenues, land use levies, lottery revenues, money from the sale of State capital at enterprises, dividends and after-tax profits, and differences in revenues and expenditures of the State Bank of Vietnam) in 2020 as a national average will increase by at least 10-12 per cent compared to the estimated performance in 2019.

The specific increase will depend on the conditions, characteristics, and suitability of economic growth in each locality. Estimated revenue from import and export activities is to increase 5-7 per cent on average compared to the estimated performance in 2019. Vietnam Economic Times

Nghi Do

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