Hoàng Văn Cường. — Photo tinnhanhchungkhoan.vn Dr. Hoàng Văn Cường, a member of the National Assembly Committee on Economic Affairs, talks to the Investment Review newspaper on his Committee’s resolve to tighten the management of public debt In comparison with the targets for public debt passed by the National Assembly, public debt in our country has been well under control. Do you agree with that argument? Việt Nam’s strategy on public debt and foreign debt in the period from 2011-20 is to cap such debt at 65 per cent of the GDP. In that strategy, the Government has also set out a clear guideline that the Government’s responsibility to pay back the debt directly, not including re-loans, should be capped at 25 per cent of the annual total State budget and the obligation to pay back the foreign debt should be less than 25 per cent of the value of export goods and services. In the first six … [Read more...] about Public debt a tricky issue
Prime Minister Nguyen Xuan Phuc addresses national teleconference between the Government and localities Hanoi (VNA) – Growth is an inclusive target of Vietnam, which will assist the country in addressing employment, increasing budget collection and reducing public debt, Prime Minister Nguyen Xuan Phuc stressed at a national teleconference between the Government and localities on July 2. The PM asked leaders of ministries, sectors and localities to propose measures to solve shortcomings, continue improving the business and investment environment thus creating a momentum for growth in the remaining months of this year. Regarding the country’s socio-economic situation in the first half, he requested delegates to make accurate assessments and measures in accordance with the situation of each ministry, sector and locality. The Government highlighted 18 issues that need to be discussed during this meeting, including inflation control, macro-economic stability, … [Read more...] about PM: growth needed to address employment, reduce public debt
Economic growth in Laos has seen robust expansion compared to regional peers but the country is still at risk due to high public debt, with growth in the share of debt on less concessional terms, according to a report of the World Bank (Photo: www.worldbank.org) Hanoi (VNA) - Economic growth in Laos has seen robust expansion compared to regional peers but the country is still at risk due to high public debt, with growth in the share of debt on less concessional terms, according to a report of the World Bank (WB). Laos' economic growth was forecast at 6.7 percent this year, while public debt was estimated to be 61 percent of GDP at the end of 2017. The report said solid export performance from the power and manufacturing sectors would continue while tourism is expected to recover. Macroeconomic management is improving with stronger efforts to increase revenues, keep spending under control and clear arrears with greater flexibility in the exchange rate. Inflation remains low at … [Read more...] about Lao economy grows robustly, but with public debt risk: WB
Malaysia’s Prime Minister Mahathir Mohamad (Photo: Xinhua/VNA) Hanoi (VNA) – Malaysia’s new Prime Minister Mahathir Mohamad has announced that salaries of cabinet ministers will be cut in a bid to control spending as the government is facing a high-level public debt that now exceeds 1 trillion ringgit (around 251.5 billion USD). Speaking at a press conference on May 23 after the first cabinet meeting which was attended by more than a dozen of the newly sworn-in ministers, PM Mahathir said salaries of the cabinet ministers will be reduced by 10 percent. Other senior civil servants will not be forced to follow suit, but they can do so if they want to contribute towards reducing the cost of running the country, he said. The PM said Malaysia's public debt is now equivalent to 65 percent of the country's gross domestic product (GDP). Aside from the pay cut, he has been advocating other measures, including forming a small cabinet, downsizing the government and … [Read more...] about Malaysian PM vows to cut public debt, downsize government
VietNamNet Bridge - The pressure for more debt/equity swaps has increased as 50 percent of Vietnam's domestic debt matures in the next three years. In recent years, the Ministry of Finance’s (MOF) announcements on imposing new taxes or raising tax rates is no longer stirring long debates. Formosa and Samsung were the two enterprises which made great contributions to the miracle GDP growth rate of 6.81 percent last year, but the tax collections from them increased insignificantly as they were both enjoying tax incentives. The public debt in 2017 decreased to 61.3 percent of GDP, but the amount was still very high, over VND3,000 trillion. More seriously, Vietnam is among the countries with the highest debt-to-GDP ratios (up by 10 percent in 2012-2017), according to the World Bank. US$1=VND22,000 RELATED NEWS Finance Ministry plans new personal income rates Will US amended tax law divert FDI flow from Vietnam? Kim Chi … [Read more...] about What should be done when overspending and public debt are on the rise?