PM issues master plan for thrift

Update: January, 25/2017 - 10:15

HÀ NỘI — A programme on thrift practice and anti-wastefulness in the 2016-2020 period was issued last week in Hà Nội by Prime Minister Nguyễn Xuân Phúc in order to free up needed resources for economic growth and social security.

The plan urges thrift and waste prevention at all levels and in all localities in order to contribute to the successful realisation of the five-year socio-economic development plan (2016-2020) and the ten-year socio-economic development strategy (2011-2020).

The programme, entitled "master plan on thrift practice and anti-wastefullness in the 2016-2020 period", calls for the State budget to be restructured and fiscal policies and flexible monetary policies to be introduced in favour of macro-economic stability. It also stipulates that energy consumption should be reduced by 1-1.5 per cent annually.

The plan sets out to save 12 per cent of expenditures on seminars, receptions, celebrations, as well as water and petroleum usage. Especially, it aims to cancel ground-breaking and inauguration ceremonies, excluding those for projects of national importance.

It also looks to control the State budget deficit, striving to keep over-spending below 4 per cent of GDP by 2020.

The plan targets tightened management and effective use of loans and gradual reduction of Government guaranteed loans. Public debt will be kept under 65 per cent and foreign debt below 50 per cent of GDP by 2020.

Any State-owned houses found misused will be taken back and the management of State-owned cars will be reviewed to promote effectiveness.

The programme also strives to raise average social investment capital to between 32 and 34 per cent of GDP.

Labour productivity is expected to grow five per cent in the next five years. — VNS