Economic growth projected to reach about 7% in 2021

Processing fresh lychee for export

Under Directive 31/CT-TTg, the PM asked ministries, ministry-level agencies, Government-run agencies, economic groups, and centrally-run cities and provinces to design their own plans on the foundation of the implementation of socio-economic plans in 2020 as well as forecast on domestic, regional and global situation in the next period.

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.

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

The directive also clarifies major orientations and tasks for next year, including continuing to complete the socialist-oriented market economy institutions, promoting fast and sustainable growth, speeding up economic restructuring, broadening import- export markets, and enhancing the quality and efficiency of human resources.