State budget collection for the next five years is expected to make up20-21 percent of the GDP, Deputy Minister of Finance Do Hoang Anh Tuansaid at a meeting of the Ministry’s Party Committee on July 17.

Tax and fee collections are expected to range between 19-20 percentof the GDP and domestic collection (excluding collections from crudeoil) is set to reach 80 percent of the state budget revenue by 2020,according to Tuan.

The sector also aims to keepthe budgetary overspending at four percent of GDP and the public debtbelow 65 percent of GDP by 2020.

In order torealise the targets, the sector needs to pursue a tight and effectivefiscal policy, improve the management of tax collections to reduce theimpact of decreasing budget revenues from natural and mineral resources,Tuan said.

He also underlined the importance of the private sector in increasing investment resources for the society.

Meanwhile, Minister Dinh Tien Dung highlighted the opportunities andchallenges faced by the sector in international integration from2015-2020.

The sector needs to build synchronousand transparent financial institutions in line with the development ofthe market economy and international integration.

Administrative procedure reform in the financial sector is a priorityof the period to ensure a favourable business climate and enhance thecompetitiveness of the economy, Dung said.

Healso urged science and technology application in the sector to improveeffectiveness in tax collections, customs and stocks as well asstrengthening the role of monitoring and supervision of public financesto ensure security of the public budget and prevent corruption andwaste.

Reports at the meeting showed that statebudget collections from 2011-2015 nearly doubled those from the previousfive-year period.-VNA