2018: Striving to mobilize capital for State budget of 21% of GDP

	Centralized procurement, unable to overcome the standard
	State treasury raises VND5.9 trillion from government bonds
	General Department of Vietnam Customs: Notice No.2945/TB-TCHQ is a forgery!

2018 estimated revenues from import-export activities will increase by an average of 5-7% compared to the estimate for 2017. Photo: H.A.

Estimated domestic revenues increase by at least 12-14%

Accordingly, 2018 is the mid-term of the five-year socio-economic development plan for 2016-2020, which is important in accelerating the achievement of the five-year socio-economic development objectives for 2016 - 2020 and the Socio-Economic Development Strategy for 2011-2020.

In addition to the favourable conditions, in 2018, the economy will face many difficulties, challenges and complex developments of the world and regional political situation. In Vietnam, the macro balances remain stable but the quality of growth, competitiveness of the weak economy are challenges for Vietnam’s economy.

Therefore, the Prime Minister has instructed the ministries, ministerial-level agencies, agencies attached to the Government, other central agencies, provinces and centrally-run cities, economic groups and corporations (ministries, central and local agencies) to focus on directing the development of socio-economic development plans and State budget estimates for 2018 with specific requirements, tasks, and contents.

Accordingly, the general objective of the development of the socio-economic development plan and State budget estimates for 2018 is determined by the Government to ensure macroeconomic stability and control inflation; promote economic growth higher than 2017, focus on improving quality, efficiency of growth, improving labor productivity and enhancing the competitiveness of enterprises and the economy; ensure social security and care for people's lives; develop culture, implement democracy and social justice; respond effectively to climate change, actively prevent natural disasters, enhance effectiveness, efficiency of natural resources management and environmental protection. Accelerating administrative reforms, streamlining payrolls in combination with civil service reform, public employees, thrift practice and waste combat. Resolutely struggling for the independence, sovereignty, unity and territorial integrity of the nation. Maintaining political security and social order and safety. Enhancing the efficiency of external relations and international integration.

With regard to the State budget estimates for 2018, the Government has requested ministries, agencies, and localities to implement the Politburo‘s Resolution No 07-NQ / TW of 18^th November 2016 on policies and solutions. Re-state budget, public debt management to ensure national financial security and sustainability. Supplementing the mechanisms for creating sources of salary reform and the proceeds from the sale of State capital at a number of enterprises in line with the projection in the National Assembly's Resolution No. 25/2016 / QH14 on the financial plan, Vietnam five-year period for 2016-2020; the National Assembly’s Resolution No. 26/2016 / QH14 on the medium-term public investment plan for 2016-2020.

Specifically, the Government strives to raise the State budget to 2018 by 21%. Domestic revenue estimates (excluding revenues from crude oil, land use fees, lottery receipts) increased by an average of 12-14% over the estimated for 2017 (excluding an increase and a decrease due to policy change).

Estimated revenues from import-export activities will increase by an average of 5-7% compared to the estimate for 2017. The specific increase depends on the conditions, characteristics and is in line with the economic growth rate of each locality.

Extending the implementation of packing fund for State cars

With regard to the estimate for 2018 State Budget Expenditure, the draft has stipulated that for allocating the State budget in 2018, ministries and central and local agencies should pay attention to some contents.

Specifically, with the investment expenditure for development, expenditure for development of State budget sources (including Government bonds, lottery capital, sources of State capital in some enterprises) must meet the objectives and tasks of the socio-economic development plan for 2018 and the five-year socio-economic development plan for 2016-2020.

For investment capital from re-arrangement and treatment of State-owned houses and land, central and local ministries and branches shall make the State budget revenue and expenditure estimates for 2018 from these sources and send them to the planning agencies and investment and financial agency at the same level to synthesize State budget estimates to submit to competent authorities for decision.

In addition, with regular expenditures, the directive requires units to make recurrent expenditure estimates for each sector, ensuring adequate tasks, policies, and regimes, as well as allocation norms and expenditure estimates. Frequently provided for in the resolutions of the National Assembly and the Prime Minister's decisions; review cuts that are not really needed, keeping only human expenses according to the Politburo’s Resolution No. 39-NQ / TW to reduce the frequency and tighten festive expenses efficiently; limiting the allocation of funds for overseas study, survey, automobile shopping and expensive equipment; and extending the implementation of packing fund for State cars.

For 2018-2020 financial plan, the draft directive indicates the implementation of the Government Decree No. 45/2017 / ND-CP of 21^st April 2017 detailing the plan for Five-year finance and three-year financial plans and State budgets, the Ministry of Finance shall assume the responsibility and coordination of the Ministry of Planning and Investment in synthesizing the national three-year financial plans and budgets for submission to the Government, report to the National Assembly; and guide central and local ministries, central and local agencies on financial plan - State budget for 3 years.

Tax debts are publicized and more than 1,500 billion vnd is paid to State budget VCN- According to the Hanoi Taxation Department, till now, the Taxation Department has publicly disclosed information on ...

The ministries, central branches and provincial agencies shall elaborate the 2018-2020 financial plan and send it to the finance agency, the planning and investment agency at the same level for synthesis according to the provisions of the State Budget Law of 2015 and Government Decree No.45 / 2017 / ND-CP of 21^st April 2017 and the guidance of the Ministry of Finance.