Vietnam’s public debt remains within the limit approved by theNational Assembly, Deputy Minister of Planning and Investment DaoQuang Thu has said.
Thu made the affirmation during a workshoporganised by the Ministry of Planning and Investment in Hanoi onNovember 13, which focused on the project “Defining the limit of publicdebt and safe public debt ceiling of Vietnam in the 2014-2020period”.
Thu said the project aims to clarify theoretical andpractical issues on the issue, the determination of public debt, thelimit and ceiling of public debt, and international experience in thefield, thus proposing measures to perfect the country’s public debtpolicy.
According to a report released by the Ministry’s Policyand Development Academy (PDA), public debt and the risk of public debtcrisis is a burning economic issue in many countries and regionsworldwide.
In Vietnam, this issue has been paid specialattention by the National Assembly, Government and researchers. However,there remain different opinions in determining the country’s safe limitof public debt.
Vietnam needs to take steps suitable forthe country’s political and economic institutions to prevent unwantedimpacts of public debt on the national economy, said Dao Van Hung,Director of the academy.
According to international practice,public debt safety criteria are defined based on key elements such asthe quality and risk of public debt, its impact on the macro economy,the efficiency of development investment capital use and national trustindex.
The Government recently noted that public debt hasincreased rapidly, from 51.7 percent of the GDP in 2010 to 60.3 percentat the end of this year.
However, therate is still within the acceptable level in line with the NationalAssembly’s resolution, the Government affirmed.
TheGovernment is resolved to keep strict control of public debt,particularly new loans, to ensure the debt ratio is within the permittedlevel while tightening the monitoring and inspection of the use ofcapital from this source.
Atthe same time, the Government will take urgent measures to restructurepublic debt in the direction of raising the ratio of long-term,low-interest borrowing.
TheGovernment’s resolution also instructed the Government Inspectorate tocoordinate with other ministries, agencies and local governments totimely deal with complaints and petitions, particularly those involving alarge number of people and having been delayed for a long time.-VNA
Thu made the affirmation during a workshoporganised by the Ministry of Planning and Investment in Hanoi onNovember 13, which focused on the project “Defining the limit of publicdebt and safe public debt ceiling of Vietnam in the 2014-2020period”.
Thu said the project aims to clarify theoretical andpractical issues on the issue, the determination of public debt, thelimit and ceiling of public debt, and international experience in thefield, thus proposing measures to perfect the country’s public debtpolicy.
According to a report released by the Ministry’s Policyand Development Academy (PDA), public debt and the risk of public debtcrisis is a burning economic issue in many countries and regionsworldwide.
In Vietnam, this issue has been paid specialattention by the National Assembly, Government and researchers. However,there remain different opinions in determining the country’s safe limitof public debt.
Vietnam needs to take steps suitable forthe country’s political and economic institutions to prevent unwantedimpacts of public debt on the national economy, said Dao Van Hung,Director of the academy.
According to international practice,public debt safety criteria are defined based on key elements such asthe quality and risk of public debt, its impact on the macro economy,the efficiency of development investment capital use and national trustindex.
The Government recently noted that public debt hasincreased rapidly, from 51.7 percent of the GDP in 2010 to 60.3 percentat the end of this year.
However, therate is still within the acceptable level in line with the NationalAssembly’s resolution, the Government affirmed.
TheGovernment is resolved to keep strict control of public debt,particularly new loans, to ensure the debt ratio is within the permittedlevel while tightening the monitoring and inspection of the use ofcapital from this source.
Atthe same time, the Government will take urgent measures to restructurepublic debt in the direction of raising the ratio of long-term,low-interest borrowing.
TheGovernment’s resolution also instructed the Government Inspectorate tocoordinate with other ministries, agencies and local governments totimely deal with complaints and petitions, particularly those involving alarge number of people and having been delayed for a long time.-VNA
