VINACHEM

Prime Minister Nguyen Xuan Phuc has issued a directive on socioeconomic development and budget estimates in 2018, setting a target of 6.4-6.8 percent Gross Domestic Product (GDP) growth rate.

According to the directive, localities should base on their Gross Regional Domestic Product (GRDP) growth rates in the first half this year, local practical conditions and growth forecast to determine their GRDP targets in 2018.

State budget contribution ratio will approximate 21 percent GDP. Domestic revenue estimates excluding income sources from crude oil, land use fee, lottery, dividend and profit from state own enterprises will increase 12-14 percent on average compared to estimates in 2017. Export import turnover will hike 5-7 percent on average.

Budget spending in 2018 must be saving and anti-wasteful. New policies should be submitted for approval after there is capital source for implementation.

Budget financed programs and projects must be in the list of mid-term public investment, except emergency projects according to the Public Investment Law.

Unnecessary items of expenditures must be cut in association with personnel cutback and reorganization of administrative apparatus. Festival frequency and festive spending must be cut down. - SGGP -