Approving the Financial Strategy to 2030

The specific objectives and tasks of the Strategy are to ensure financial and budgetary resources to contribute to the realization of socio-economic development objectives and tasks, as well as security and defense. Specifically, the deposit rate State budget the period 2021 – 2025 is not lower than 16% of GDP on average and in the period 2026 – 2030 about 16-17% of GDP. In which, the mobilizing rate from taxes and fees in the period of 2021 – 2025 is about 13 – 14% of GDP and the period of 2026 – 2030 is about 14 – 15% of GDP.

The proportion of domestic revenue in total state budget revenue by 2025 will be about 85 – 86%, by 2030 about 86 – 87%.

Effective management of state budget expenditures; continue to restructure state budget expenditure towards sustainability; prioritize spending on development investment and ensure resources for debt repayment, increase state budget resources for national reserves, increase spending on human development investment and ensure social security.

Accordingly, in the period of 2021 – 2025, the proportion of recurrent expenditure in the total state budget expenditure is about 62-63% on average, the proportion of development investment expenditure in the total state budget expenditure is about 28% on average. In implementing organization, strive to increase the proportion of expenditure on development investment to about 29%, reduce the proportion of recurrent expenditure to about 60%. In the period 2026 – 2030, continue to save recurrent expenditures, increase the accumulation from the state budget for development investment spending.

In the period of 2021 – 2030, priority should be given to allocating the state budget to strengthen the national reserve potential, in line with the state budget’s ability to be ready to respond quickly and effectively in unexpected situations. urgent and well fulfill the tasks assigned by the Government and the Prime Minister.

The decision clearly states three financial strategic breakthroughs including: Accelerating the completion and improvement of the quality of financial institutions to ensure completeness, synchronization and integration; renovate the mechanism of decentralization of management and allocation of state budget to ensure the leading role of the central budget and the initiative of the State budget. local budget; restructuring the state budget, developing a modern, transparent and sustainable financial market;

Renovate financial mechanisms and policies for human resource development, science and technology and innovation. Promote modernization and development of a digital financial platform on the basis of information technology application associated with digital transformation;

Unlocking and promoting the financial potential for the development of the socio-economic infrastructure system; prioritize resources to carry out the tasks of economic recovery and development.

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