Vietnam expects GDP growth rate of 6.4-6.8% in 2018

NDO – Prime Minister Nguyen Xuan Phuc has signed an instruction on constructing a plan for the socio-economic development and State budget estimate in 2018, with the aim of attaining a GDP growth rate of 6.4-6.8%.

Regarding the State budget estimate for 2018, the State budget revenue as a proportion of GDP will be approximately 21%, while budget collection from import and export activities is expected to increase by at least 5-7% in comparison with 2017.

The PM also called for a reduction in budget spending and a revision of prioritised sectors making disbursement in 2018.

The instruction states the necessity to prioritise investment in two national target programmes, as well as other target programmes approved by the Government, with the aim of reducing poverty, creating jobs, agricultural and rural development, and the development of disaster-affected areas and localities affected by the ocean environmental incident caused by Formosa.

The instruction also requires the cutting of unnecessary spending and saving costs associated with the reduction of staff and rearranging the administrative apparatus.

In addition, funds for overseas research and surveys, as well as the purchasing of public cars and expensive equipment, will be restricted.

The Government will also endeavour to ensure that 20% of the total State budget is reserved for education and training and 2% of total budget reserved for science and technology.



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