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Vietnam's economic growth may reach about 7% in 2021

August 03, 2020 | 17:42

Prime Minister Nguyen Xuan Phuc has issued a new directive on the plan of socio-economic development and state budget estimate for 2021, with a target of about 7% of economic growth for the year. 

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The main objective of the 2021 socio-economic development plan is to strive for Vietnam's economic growth rate to increase by about 7% (Photo: Petrolimex)

Under Directive 31/CT-TTg, Prime Minister Nguyen Xuan Phuc asked ministries, ministry-level agencies, Government-run agencies, economic groups, and centrally-run cities and provinces to design their own plans to implement socio-economic plans in 2020 and forecast on domestic, regional and global situation in the next period, according to VOV.

Targets in the plans must be aligned to the socio-economic development strategy for the 2021-2030 period as well as the five-year plan for 2021-2025.

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The revenues from import-export activities in 2021 are projected to increase about 4-6% over the results in 2020 (Photo: Industry and Trade News)

Accordingly, PM Phuc asked to determine the development objectives of the 2021 plan in line with the strategic objectives of the 10-year socio-economic development period 2021-2030 and the 5-year socio-economic development plan for the 2021-2025 period.

In the context of complicated global and domestic situation, the main objective of the 2021 socio-economic development plan is to strive for Vietnam's economic growth rate (GDP) to increase by about 7%. The 2021 state budget revenue must be elaborated according to current policies and regimes. The estimated revenue from import-export activities in 2021 will increase by 4-6% compared to the estimate made in 2020.

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The Directive also outlines some targets besides the 7% growth of the national economy in 2021 (Photo: Nhan Dan)

The Directive also clarifies the main orientations and tasks such as continuing to improve the market economy, promoting rapid and sustainable growth, controlling inflation, improving productivity, quality, efficiency and competitiveness, expanding export and import markets, diversifying partners, varying sources of goods, limiting dependence on some markets, promoting the construction of synchronous infrastructure, improving the quality and efficient use of human resources, reported by Nhan Dan.

The Directive also outlines some targets besides the 7% growth of the national economy in 2021, including an increase of about 9-11% in budget revenue from domestic production and business activities compared to the estimated collection in 2020. The targeted increases for each locality will depend on its specific conditions, characteristics and development speed.

Meanwhile, the revenues from import-export activities in 2021 are projected to increase about 4-6% over the results in 2020.

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