Vietnam targets 6.4-6.8 percent GDP growth for 2018

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.

A garment plant in HCMC (Illustrative photo: SGGP)

A garment plant in HCMC (Illustrative photo: SGGP)

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.

By PHAN THAO – Translated by Hai Mien

Other news

Most view


SBV prepares bad debt settlement plan

The central bank on Friday held an online conference to prepare for the implementation of the scheme to settle non-performing loans (NPL) and restructure credit institutions in the 2016-20 period.

Self - introduction

“Taste of world” buffet in Liberty Central Saigon Center

Central restaurant is located on the 3rd floor of Liberty Central Saigon City point hotel where combines the comfort of tradition with modern design for people to experience regionally-sourced cuisine and fresh local seafood, especially lunch and dinner buffet.

Stock market

VN Index drops after two-day rise

Vietnam’s benchmark VN Index retreated from a two-day increase as large-cap stocks were brought down by profit-taking pressure.