PM sets 2018 growth target at 6.4-6.8 per cent

The Government has set a gross domestic product (GDP) growth target of 6.4-6.8 per cent for 2018, according to a direction signed this week by Prime Minister Nguyễn Xuân Phúc.

The Government has set a gross domestic product (GDP) growth target of 6.4-6.8 per cent for 2018. — VNA/VNS Photo

HÀ NỘI — The Government has set a gross domestic product (GDP) growth target of 6.4-6.8 per cent for 2018, according to a direction signed this week by Prime Minister Nguyễn Xuân Phúc.

It came a few days after official statistics revealed GDP growth in the first half of this year reached 5.73 per cent and experts said much effort was needed in the second half to meet the ambitious target of 6.7 per cent.

According to Direction 29/CT-TTg, which outlines a plan for socio-economic development and State budget estimate for next year, localities have 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. 

The PM also expects that revenue to the State budget will account for nearly 21 per cent of GDP while budget collection from exports-imports are hoped to increase at least 5-7 per cent against 2017.
On State budget spending, the PM urged thrift from planning to implementation. 
Capital allocation must be in line with regulations before building any public investment plan. 
Priority will be given to national target programmes and other approved ones aiming to reduce poverty and develop agriculture, especially in mountainous and disaster-hit areas, as well as projects involving health care, education, information technology and infrastructure. 
Projects and programmes using State budget funds in 2018 must be on the list of mid-term public investment, excluding emergency ones. 
The direction also targets ensuring 20 per cent of total State expenditure for education and training, and 2 per cent for science-technology. 
Ministries, agencies and localities are required to save 10 per cent of regular State spending and half of revenues from local budget collection, as part of efforts for salary reform. — VNS