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?
Development organizations request transparent budget spending in VN A group of development organizations headed by Oxfam has presented a petition requiring transparency, accountability and participation of citizens in the allocation, management and use of the State budget. Formulated with the assistance of the National Assembly’s (NA) Finance and Budget Committee and after consulting 1,147 citizens and 408 State staffers in five provinces, the petition is expected to be factored into the amended State Budget Law which will be put on the table for NA deputies to discuss this week. The first proposal is the law needs to clarify subjects and contents to be publicized. The publicizing method must be applied in a way that could help citizens understand, know and participate in the process and facilitate access to publicized information. Secondly, in the amended law, citizens must have the right to directly and indirectly involve in State budget allocations. Thirdly, citizens’ … [Read more...] about Development organizations request transparent budget spending in VN
VND2.3 trillion to be invested in upgrading Tan Son Nhat airport A VND2.3 trillion (US$108 million) project is set to begin in November to expand T2 International Terminal of Tan Son Nhat International Airport in Ho Chi Minh City. Minister of Transportation Dinh La Thang has approved the project of the Airports Corporation of Vietnam (ACV), which is scheduled to be completed in three years. Accordingly, three areas of the terminal will be expanded, raising the current 22,000 square metres in use to 115,834 square metres. The improved terminal, which will include 120 check-in desks, 10 jet bridges and 19 gates, will be able to serve about 13 million passengers per year, increasing current capacity by three million. According to ACV Deputy General Director, Ho Minh Tien the expanded areas will enhance the current architecture, especially the curved roof in the shape of a flying bird wing. The current terminal was put into operation in September 2007, aiming to serve 8-10 million … [Read more...] about Social News 6/8