Vinh Phuc Strives for GDP Growth of 8 - 8.5% in 2020

In order to manage the socio-economic development plan and estimate the State budget for 2020, Chairman of the Provincial People's Committee Nguyen Van Tri has signed Directive 12 on establishing the socio-economic development plan and State budget estimate for 2020.

The Chairman of the Provincial People's Committee has instructed departments, agencies, sectors, unions, People's Committees of districts, cities and state-owned companies to focus on building socio-economic development plans and State budget estimate for 2020 in order to ensure compliance with the socio-economic development plan, economic restructuring plan, the 5-year financial plan of the province in the 2016-2020 period and the medium-term public investment plan for the 2016-2020 period ; provincial action plans and resolutions of the Party, National Assembly and Government. The implementation of socio-economic development plans and State budget estimation in 2020 must be systematic, synchronous, public, transparent, fair, in close coordination and effective across various sectors, authority levels, agencies and divisions, and strengthening accountability in planning and allocating resources.

Based on the results achieved in the years of 2016-2018, the estimation of results in 2019 and the forecast of the domestic and world situation, the departments, agencies, sectors, and localities have determined that objectives, tasks and targets of socio-economic development plans and State budget estimation in 2020 must be associated with promoting industrialization, modernization, exploitation and effective use of resources for fast and sustainable socio - economic development; implementing more effectively and substantially strategic breakthroughs, restructuring the economy associated with renewing the growth model, improving productivity, quality, efficiency and competitiveness of the economy. It is necessary to promote institutional reform and expand resources; creating an open and favorable environment for investment, production and business; firmly implementing important projects of the province and key projects. They plan to synchronously renovate education and training, especially high-quality human resource training to meet the province's development requirements; to develop breakthrough in the domestic market, making tourism become a key economic sector, striving to achieve the GDP growth rate of 8 - 8.5% by 2020. Economic development must go hand in hand with comprehensive and synchronous development of cultural and social fields, improving the people's material and spiritual life; strengthening resource management, environmental protection, natural disaster prevention, and climate change response. They will also promote administrative reform, judicial reform, streamlining apparatus and staff; improving the effectiveness and efficiency of executive guidance and law enforcement; drastically preventing corruption and wastefulness; building up the integrity and action mechanism, serving the people and businesses.

For the implementation of the State budget estimation in 2020, the Directive of the Chairman of the Provincial People's Committee requires that the State budget revenue estimate in 2020 must be formulated in accordance with current policies and regimes, based on the State budget revenue in 2016-2018 and the estimate of 2019. It includes striving to raise the proportion of taxes and fees in the State budget to about 21-23% of GDP in 2020. The estimated domestic revenue in 2020 will increase by at least 10-12% compared to the estimation in 2019. The specific increase in revenue will depend on conditions, characteristics and in accordance with the economic growth rate in each locality. Estimated revenue from import-export activities is expected to increase by at least 5-7% on average compared to 2019.

 2020 is the last year of the medium-term public investment plan for the period of 2016-2020, therefore, it is important to arrange adequate investment plans for the State budget capital in 2020 to settle unpaid construction debts, allocating capital for two national target programs on building new rural areas and making sustainable poverty reduction; and capital for completed projects and putting into use in 2020. This also includes prioritizing to recover advance capital, investing in approved target programs aiming at poverty reduction, job creation, agricultural and rural development, the development in mountainous regions, ethnic minority areas and areas severely affected by natural disasters; medical and educational projects and facilities, key infrastructure development projects, creating pervasive power and connecting development; defense - security projects; not allocating capital for projects which cannot be disbursed. The arrangement of foreign capital must be in line with the disbursement progress from the donors, allocating sufficient capital for the projects ending the loan agreement in 2020.

H.T