VietNamNet Bridge - One of the controversial points in the draft plan on restructuring the national economy in the 2016-2020 period drafted by the Ministry of Planning and Investment is the use of the state’s money to settle commercial banks’ bad debts. The proposal has not been applauded by experts who believe that it is unfair to ‘use public money for private business’. Duong Quoc Anh, deputy chair of the National Assembly’s Economics Committee, said he has not received any report on the issue. However, he said, in principle, credit institutions have to settle their bad debts themselves. If they cannot do this, they will sell the bad debts to the state at market prices. “In Vietnam, the bad debt treatment is going this way,” Anh commented. One of the controversial points in the draft plan on restructuring the national economy in the 2016-2020 period drafted by the Ministry of Planning and Investment is the use of the state’s money to … [Read more...] about Ministry proposes to use state money to settle banks’ bad debts
What does the finance ministry say about vietnams public debt structure
VietNamNet Bridge – The State Audit Office of Viet Nam (SAOV) has announced the official figure of the 2014 public debt at more than VND2.28 quadrillion (US$102.7 billion), yet hinting that it might have reached higher than that. Viet Nam’s public debt as of December 31, 2014 was equal to 58.02 per cent of the national gross domestic product (GDP) the same year, SAOV told the press this morning. The public debt quickly increased by 17.1 per cent or VND333.3 trillion compared to 2013, according to the SAOV audit report. Ye the audit authorities also said that the Ministry of Finance which was in charge of tracking the public debt, failed to provide sufficient documents and evidence for it to confirm the colossal $102.7billion debt as the final number or not. “Though the audited public debt index was generally in line with the Law on Public Debt Management, its content could very well be repeated or yet to fully record all the Government’s debts,” said the … [Read more...] about Vietnam’s 2014 public debt reached $102 billion: State audit
VietNamNet Bridge – Vietnam’s public debt rose by about 12.2%, from 50% of GDP in 2011 to 62.2% at the end of 2015. Admitting the rapid increase of public debt, the Ministry of Finance (MOF) has confirmed that the structure of Vietnam's public debt is gradually being adjusted towards more sustainability with the ratio of foreign debt declining. Mr. Vo Huu Hien, Deputy head of the Debt Management and External Finance Department of the MOF, said the structure of public debt of Vietnam by the end of 2015 included: government debt accounting for 80.8%, Government guaranteed debt 17.8%; and local government debt 1.4%. In the government debt structure, the part of domestic debt rose from 39% in 2011 to 57% in 2015 while the proportion of foreign debt decreased from 61% in 2011 to 43% in 2015. Hien affirmed that such development is consistent with the national strategy on public debt and external debt in the 2011-2020 period and the vision to 2030. According to Hien, the … [Read more...] about What does the Finance Ministry say about Vietnam’s public debt structure?
It is widely known that with average annual GDP growth rate of 7.45%, 1991-2009 was really a period of magnificent economic growth inVietnam. 2009 GDP (in 1994 price) was approximately 3.7 and 1.76 times higher than that of 1991 and 2001, respectively. GDP per capita in real terms in 2010 was about USD1,200, which put Vietnam in the group of low middle income countries; the poverty rate reduced rapidly from 58% in 1993 to 26% in 2000 and below 10% in 2010. The development gap between Vietnam and other regional economies has narrowed significantly. For example, Thailand's GDP per capita in PPP terms in 1995 was 4.4 times higher than that of Vietnam, which has reduced to 2.5 times in 2008. Similarly, the gap with Singapore has reduced from 27 to 18 times, with Indonesia ' from 2.3 to 1.4, and with South Korea from 13 to 10.4 times. It is widely known that with average annual GDP growth rate of 7.45%, 1991-2009 was really a period of magnificent economic growth inVietnam. 2009 GDP … [Read more...] about Promoting sustainable growth and improving Vietnam economy’s competitiveness
Nearly 5,000 tariff lines has been above 0 percent In 2018, 144 tariff lines will be completed eliminated, increasing the number of zero-tax lines 5,103, or 54 per cent of the total. The government has drafted tax tables on preferential import tariffs to implement the free trade agreement (FTA) between Vietnam and the Eurasian Economic Union (EAEU) in the 2016-2018 period. According to the Vietnam's commitments in the free trade agreement (FTA) between Vietnam and EAEU, the special preferential import tariff includes 9,471 tariff lines (not including 87 CKD tariff lines); each of the two sides will offer level of market opening in goods that account for about 90% of tariff lines, equivalent to over 90% of bilateral trade. BIDV granted licence to open branch in Myanmar The Bank for Investment and Development of Vietnam (BIDV) has been granted a licence by the Central Bank of Myanmar to open a branch in Yangon. BIDV Yangon began operating officially on July 1, nearly four months … [Read more...] about BUSINESS IN BRIEF 5/7