Building socio-economic development norms for 2021

PM Nguyen Xuan Phuc has recently issued Directive 31/CT-TTg on building socio-economic development norms and state budget estimates for 2021.

Building socio-economic development norms for 2021

The Government chief stressed the importance of taking full consideration of the implementation of the socio-economic development plan in 2020, forecasts of domestic, regional, and global economic circumstances, selecting development goals for 2021 in accordance with the ten-year socio-economic development strategy (2021-2030) and the five-year economic development plan (2021-2025). 

Under the Directive, the plan is composed in the context of complicated and unexpected developments across the globe, trade disputes, slower global economic growth, the fourth Industrial Revolution, non-traditional security threats especially climate change and the COVID-19 pandemic, stable socio-economic performance and higher business confidence. 

However, in the 2021-2025 period, the domestic economy would cope with numerous challenges including social issues, aging population, the gap between rich and poor, natural disasters, diseases, climate change, sea water rise,  and saltwater instruction. 

Especially, 2021 would be the first year Viet Nam implements the ten-year economic development strategy (2021-2030) and the five-year socio-economic development plan (2021-2025).

In addition, key preset goals for 2021 included a GDP growth rate of 7%, a growth pace of domestic budget collection of 9-11%; a growth rate of trade revenue collection of 4-6%.

(Source: VGP)