Plan for socio-economic development and state budget forecast for 2024

DNHN - Prime Minister Pham Minh Chinh's Directive No. 21/CT-TTg on the Elaboration of Socio-Economic Development Plans and State Budget Estimates for 2024 contains numerous noteworthy provisions.

State budget forecast and financial plan for 2024 - State budget for 2024-2026

Directive No. 21/CT-TTg has just been issued, stating unequivocally that the task of developing the state budget estimate for 2024 and the financial plan - state budget 03 for 2024-2026 should prioritise the development of essential contents.

Specifically, the State budget revenue estimate for 2024 must be developed by current policies and regimes, ensuring the correct, adequate, and timely collection of state budget revenues, along with an analysis and forecast of the situation. To assess the ability to generate state budget revenues in 2023 and 2024 with precision. The specific calculation of factors of increase, decrease, and shift in revenue sources due to changes in legal policies legislation on tax, fee, and fee support and implementation of a tax reduction road map to meet international economic integration commitments; increase or decrease in budget revenue when the government meets its obligations to foreign investors. Continue to radically implement administrative reform measures, modernise revenue management; strengthen the management, fight against loss of revenue, especially loss of tax revenue in business, and real estate transfer; effectively manage new revenue sources arising in the context of digital economy development and cross-border e-transactions; intensify tax inspection and examination, combat transfer pricing, tax evasion, and tax fraud, and deal with tax arrears adroitly.

Attempting to estimate domestic revenue in 2024 excluding land use tax, lottery collection, proceeds from the sale of state capital in enterprises, dividends, profit after tax, and the difference between the State Bank's revenues and expenditures. Compared to the estimated implementation in 2023, the average growth rate for the entire nation is approximately 5-7% (excluding the factors of increase and decrease in revenue due to policy changes). The growth rate in each locality is consistent with economic growth. Economic and revenue sources are generated in each community by incorporating the factors of enhancing revenue management, combating revenue loss, and recovering tax arrears. The estimated revenue from import and export activities in 2024 will increase by 4 to 6 per cent on average compared to 2023.

All revenues derived from the reorganisation and sale of public assets (including houses and land), the leasing of mining rights, the definitive transfer of the right to exploit infrastructure assets, and mining. The exploitation of land and water surface funds must be fully estimated and paid to the state budget by the law (after deducting relevant expenses).

Revenues from the conversion of ownership of enterprises, public non-business units, transfer of state capital and the difference in equity greater than charter capital at the enterprise shall comply with the provisions of Decree No. 148/2021 /ND-CP dated December 31, 2021, of the Government on management and use of revenue from the conversion of enterprise ownership, public non-business units, revenue from the transfer of state capital and the difference in equity greater than charter capital at the enterprise.

As for the state budget expenditure estimate, to develop the state budget expenditure estimate in 2024 to ensure the provisions of law; principles, criteria, and norms for allocation of development investment capital and state budget recurrent expenditures approved by competent authorities; meeting the requirements of budget restructuring by Resolution No. 07-NQ/TW of the Politburo, in conjunction with accelerating the reorganisation of the apparatus, streamlining, and rationalising; and ensuring the implementation of the state budget expenditure estimate by By Resolutions No. 27-NQ/TW and Resolution No. 28-NQ/TW of the 7th Central Conference (Term XII), continue implementing solutions to create a reform source for salary and social insurance policies. From the stage of defining tasks, a thorough understanding of the principles of publicity, transparency, and requirements for frugal practises against waste by Resolution No. 74/2022/QH15 of the National Assembly dated November 15, 2022, and ensuring their implementation. unified tasks from the stage of cost estimation to the allocation, management, and use of the state budget; constructed estimates close to the ability to execute, minimised the cancellation of the estimate, and transferred the source to the following year. In 2024, actively review policies and tasks that overlap and prioritise expenditures according to their urgency, importance, and implementability. Only submit for promulgation to the appropriate authorities. new policies, schemes, and tasks when the resources for their implementation are balanced. Utilise the proceeds from the privatisation and sale of state-owned enterprises by the law.

In particular, on development investment spending closely, concretizing perspectives and objectives, three strategic breakthroughs, six key tasks, and twelve main groups of tasks and solutions by the Resolution of the House of Representatives. For the thirteenth National Party Congress, investments are concentrated, concentrated, and concentrated on priority fields, ensuring a harmonious, reasonable, and effective investment structure between regions, regions, fields, and medium. Increase the momentum of economic expansion while ensuring social security, national defence, and security.

Allocation of sufficient capital for tasks and projects under the Socio-Economic Recovery and Development Programme according to the schedule approved by the competent authorities; the arrangement of sufficient capital to pay all outstanding debts for capital construction; recovery of all advance capital as required by law (if applicable); Allocate and manage charter capital for policy banks, off-budget state financial funds, and capital for transitional projects by a schedule approved by competent authorities.

The formulation of local budget revenue and expenditure estimates in 2024 must closely follow national and local socio-economic development goals and tasks in 2024, the period 2023-2025; national and local 5-year financial plans, medium-term public investment plans for the period 2021-2025; decentralisation of revenue sources and spending tasks by the State Budget Law and guiding documents; State budget expenditure regimes and policies.

A socio-economic development Plan in 2024

The directive stipulates that ministries, central agencies, and localities shall develop socio-economic development plans in 2024 based on a comprehensive and accurate assessment of the situation and results achieved in 2023; timely and accurate forecasting of the situation in the country, the region, and the world; and opportunities and challenges for the development of industries, fields, and localities, with appropriate response solutions. From there, the development objectives of the 2024 plan are determined by the guidelines and guidelines of the Party, resolutions of the National Assembly and the Government, the Prime Minister's direction, and the Development Strategy. socio-economic 10 years 2021-2030; Five-year socio-economic development plan 2021-2025.

The directive stipulates that the Socio-Economic Development Plan for 2024 must be formulated in light of a variety of benefits and drawbacks. Plan for socioeconomic development in 2024, with the following as its primary contents:

a) The context of developing the socio-economic development plan in 2024, including the identification and analysis of opportunities, advantages, challenges and risks of the domestic, regional and international context affecting the formulation and implementation of socio-economic development goals; pay particular attention to issues such as the impact of the Russian-Ukrainian military conflict, world inflation, global economic growth slowdown, financial market safety risks, and public health risks. Policy adjustments of major economies, new development trends and models such as digital economy, green economy, and circular economy, and the robust development of the Fourth Industrial Revolution. Non-traditional security concerns, including epidemics, natural disasters, and climate change, have a direct and multifaceted impact on Vietnam.

b) The socioeconomic development plan's broad goals for 2024.

c) The primary objective and major counterbalances. To forecast the likelihood of successful implementation of the 5-year socio-economic development plan 2021-2025 and the 10-year socio-economic development strategy 2021-2030, special emphasis will be placed on achieving a balance between the main goals that are appropriate for the current situation.

d) Primary objectives and duties.

Ministries, central, and local agencies shall study and propose major orientations and tasks for 2024 to ensure coherence with common goals and suitability to both practical conditions and the level of development. of each industry, each locale, and major focuses, such as:

- Adhere to and concretize the viewpoints, objectives, three strategic breakthroughs, six key tasks, twelve main task groups, and solutions outlined in the Resolution of the Party's thirteenth National Congress.

- Consistently strive to maintain macroeconomic stability, control inflation, foster economic growth, and maintain major economic balances. Accelerate restructuring, enhance internal capacity, self-reliance, self-reliance, resilience, and adaptability of the economy; focus on effectively implementing Resolution No. 19-NQ/TW dated June 16, 2022, on agriculture, farmers, and rural areas to 2030, with a vision to 2045; Resolution No. 20-NQ/TW dated June 16, 2022, on continuing to innovate, develop, and enhance the efficiency of the collective economy in the new period. Monitor developments, the economic situation, prices, inflation, and global, regional, and domestic markets closely; promptly identify risks to take appropriate countermeasures; manage synchronously and flexibly; and coordinate and combine fiscal policy with monetary policy and other macro policies. Focusing on production and business activities, priority areas, and growth drivers to meet the credit capital needs of the economy; credit control for potential risk areas. To promote vigorously the development of the domestic market and the expansion of the export market; to diversify markets, products, and supply chains; and to pursue a sustainable trade surplus.

- Accelerating the construction of synchronous strategic infrastructure, particularly inter-regional transport infrastructure works of national significance and large urban infrastructure. Continue to develop energy infrastructure, digital infrastructure, e-commerce infrastructure, agricultural and rural infrastructure, etc.

- Enhance the quality and effectiveness of human resource utilisation. Continue to implement effectively Resolution No. 29/NQ-TW of the 11th Central Executive Committee dated November 4, 2013, on the fundamental and comprehensive renovation of education and training.

PV (t/h)