The Hanoitimes - The number is based on the assumption that the average economic growth rate of 2018 would be 6.7%. Vietnam's public debt by the end of 2018 is expected to reach VND3,130 trillion (US$133.93 billion) or 61.4% of GDP, down 2.3 percentage points from 2017, VnExpress reported. Illustrative photo. According to estimates by the Ministry of Planning and Investment (MPI), the country's public debt as per GDP would decline by 2.5 percentage points in 2018 compared to its previous prediction released on August, stated Tran Quoc Phuong, head of the MPI's Department for National Economic Issues, in a teleconference meeting on September 24. The review number is based on the assumption that the average economic growth rate of 2018 would be 6.7% instead of the previous estimate of 6.53%, Phuong added. Vietnam's budget revenue collection this year is expected to reach VND1,350 trillion (US$57.76 billion), up 3% compared to the year's estimate and 5.5% … [Read more...] about Vietnam public debt predicted to fall to 61.4% of GDP in 2018
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NA yet to okay public debt management mechanism
NA yet to okay public debt management mechanism Tu Hoang HANOI - National Assembly (NA) deputies have not agreed to divide the public debt management task as proposed by the Government in the draft law on public debt management, said Chairman Nguyen Duc Hai of the NA Financial and Budgetary Committee. Speaking at a session on the draft law on May 25, Hai said: “Many members of the committee proposed choosing a single body as a coordinator in accordance with the assignment of the Government to perform the function of State management of public debt.” Minister of Finance Dinh Tien Dung said the Government wanted to keep the existing management mechanism unchanged, meaning public debt is managed by three different agencies. Specifically, the draft law stipulates the Ministry of Finance is the agency to assist the Government in unifying the State management of public debt (Article 19). Meanwhile, the Ministry of Planning and Investment is responsible before the Government … [Read more...] about NA yet to okay public debt management mechanism
Minister: No SOE loans treated as public debts
Minister: No SOE loans treated as public debts Tu Hoang HANOI - Debts owed by State-owned enterprises (SOEs) will not be included into public debt in line with the draft of a revised law on public debt, Minister of Finance Dinh Tien Dung said at a meeting of the National Assembly Standing Committee in Hanoi on March 20. Dung said the law would be revised in a way that public debt only comprises Government and Government-guaranteed debts and debts of local governments as specified in the law on public debt management. Therefore, SOEs will have to settle their own loans. Dung explained SOEs are like one-member limited liability firms. If they are unable to pay their debts, they should file for bankruptcy in line with the prevailing regulations. Debts of SOEs would be shouldered by the Government if they are treated as public debt. “This is not reasonable, so the Ministry of Finance will not classify SOE debts as public debts,” Dung said. Dung said only four countries … [Read more...] about Minister: No SOE loans treated as public debts
Vietnam public debt nears red line after topping bln in 2012: expert
Vietnam’s public debt to GDP ratio will “cross the red line” soon although it remains within a safe limit now, a department head of the National Economics University has warned. By the end of 2012, Vietnam’s national debt reached US$90 billion, equal to 55.7 percent of its GDP and only a short way from the “red line” of 65 percent of the gross product, Pham The Anh, head of macro-economics at the Hanoi-based university, told Tuoi Tre in a recent interview, citing official government statistics. Anh, who holds a PhD, talked public debt with Tuoi Tre after Prime Minister Nguyen Tan Dung approved a loan borrowing and debt clearing plan for 2014 last week. According to the plan, the government is expected to borrow VND367 trillion ($17.31 billion) in domestic debt, including VND197 trillion to offset public overspending, VND100 trillion to issue government bonds for investment and a VND70 trillion debt rollover. The academic said although the current … [Read more...] about Vietnam public debt nears red line after topping bln in 2012: expert
Public debt growth due to missed GDP target: minister
HÀ NỘI - The main reason for the rapid rise of Việt Nam's public debt is failure to achieve the targeted economic growth rate and the resulting tax collection shortfall, Finance Minister Đinh Tiến Dũng said yesterday. "The 2011-15 GDP growth was only 5.91 per cent whereas the set target was seven per cent," he added. Although the economic growth rate did not reach the designated target, Việt Nam had to mobilise capital for investment in transport infrastructure, social security and balance its budget in items supported by overseas assistance, he said. The minister spoke during a debate in the National Assembly Standing Committee (NASC) about amendments to the Law on Public Debt Management. Dũng said after six years of implementation, the law had contributed to mobilising capital to offset State budget overspending, and created investment resources for the economy's key sectors through the re-lending of foreign loans by the Government and through Government guarantees for domestic … [Read more...] about Public debt growth due to missed GDP target: minister