Gov’t okays financial strategy until 2020

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SaigonTimes English - 34 month(s) ago 8 readings

HCMC – The Prime Minister last week approved the national financial strategy until 2020, aiming at synchronous development of all markets and financial market restructuring, says a report on the Government web portal chinhphu.vn.

Gov’t okays financial strategy until 2020

HCMC – The Prime Minister last week approved the national financial strategy until 2020, aiming at synchronous development of all markets and financial market restructuring, says a report on the Government web portal chinhphu.vn.

The strategy sets a target to develop a healthy national finance, guarantee financial security together with macro-economic, financial and monetary stability.

The strategy deems it necessary to properly handle the relations between accumulation and consumption, as well as saving and investment.

Under the strategy, the total investment will stand at 33.5-35% of the gross domestic product (GDP) in the 2011-2015 period. In the same period, the total tax collection will account for 22-23% of GDP, and then 21-22% in the period from 2016 to 2020.

The strategy pays attention to developing the stock market in a sustainable way. The stock market capitalization will make up for 50% of GDP in 2015, and some 70% in 2020.

The outstanding loans of the bond market will make up 30% of GDP in 2020, while the total revenue of the insurance industry will amount to 2-3% of GDP in 2015 and 3-4% in 2020, says the strategy.

In addition, the strategy aims to slash the State budget deficit to 4.5% of GDP in 2015, with Government bonds included, and later to 4% in the 2016-2020 period.

The strategy strives for the total national reserve at 0.8-1% of GDP in 2015 and 1.5% in 2020.

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