Finance Minister Dinh Tien Dung stated that public debt is currently within the limit approved by the National Assembly.
The statement was made at a plenary session of the 13th NationalAssembly’s ongoing eighth session on October 30, during which Dung gavean overview of the current status of public debt and debt safety.
According to the Minister, prior to 2010, Governmentdebt and international debt did not exceed 50 percent of the country’sGDP.
Dung said the debt-GDP ratio was 35 percent in 2001, 35.2 percent in 2006, and 41.9 percent in 2009.
The enforcement of the Law on Public Debt Management since 2010represents a crucial legal basis for localities to become moretransparent and responsible in managing and using loans, he noted.
Key projects on transport, electricity, and aviation that requireloans substantially contributed to increasing production, boostingeconomic restructuring, reducing poverty and safeguarding socialwelfare.
However, public debt increased rapidlyafter 2010 due to State budget overspending and mandatory Governmentcontributions to ODA-funded projects.
In 2011, public debt accounted for 50 percent of GDP, and rose to 50.2 percent in 2012 and 54.12 percent in 2013.
In 2014, public debt is expected to exceed 60 percent of the year’sGDP, and reach 64 percent in 2015, according to the Minister. By 2020,the public debt-GDP rate is forecast to decline to 60.2 percent.
Heconsidered the forthcoming submission of the Law on State Budget andthe revised Law on Public Debt Management to the National Assembly forapproval an immediate solution to keep public debt under 65 percent, andboth international and Government debt under 50 percent of GDP.
Government debt is forecast to remain at 48 percent of GDP in 2015 and46.6 percent by 2020, while international debt will account for 42percent of GDP in 2015 and 46 percent by 2020.-VNA
Ha expressed his hope that cooperation in science and technology, agriculture, and natural resources would emerge as new focal points and engines of growth in Vietnam–China relations.
Giang said he believes that building on the solid foundation nurtured over the past half-century and the strong determination of both nations, the Comprehensive Strategic Partnership will continue to grow in a more robust, comprehensive, and extensive manner, thus bringing more practical benefits to the two nations' people.
Highlighting the transformative potential of the draft law in revitalising Vietnam’s railway industry, Hoang Van Cuong, a deputy of Hanoi, expressed his support for Article 39, which empowers the Prime Minister to issue a list of railway-related goods and services to be assigned or ordered from domestic enterprises for production.
According to the Ministry of Public Security, Hoan, formerly Deputy Minister of Labour, Invalids and Social Affairs, is under investigation for allegedly taking bribes in connection with a case involving the Hoang Long Construction and Manpower Supply JSC and related units.
Chairing a national conference on the organisation of the examination on June 18, the PM highlighted the historical significance of the examination, as the restructuring of provincial-level administrative units is underway and the two-tier local administration model is set to officially begin operations on July 1.
Right on the same day, the ministry issued its highest-level travel warning, urging Vietnamese citizens not to travel to Israel or Iran, and advised those already in these countries to swiftly consider evacuation or relocation plans.
From the struggles against colonialists and imperialists to the period of Doi moi (renewal) and international integration, the Vietnamese revolutionary press has always played a pioneering role on the ideological and cultural front, he said.
The Party leader's working session with the standing boards of the Party Committees of HCM City, Ba Ria – Vung Tau and Binh Duong, the VNA General Director's remarks on the occasion of the 19th OANA General Assembly, the launch of new NIC - Google initiatives aimed at bolstering AI entrepreneurship and digital literacy in Vietnam are among news highlights June 18.
Vietnam and Indonesia reaffirmed their commitment to strengthening cooperation in combating terrorism as it remains a threat to peace, security, and stability across their respective nations, the broader region, and the international community.
The Vietnamese representative also emphasised the shared responsibility of relevant parties to build trust, enhance cooperation, and jointly manage the risks of conflict, thus safeguarding long-term peace and stability in the East Sea.
The National Assembly on June 18 passed the law amending and supplementing a number of articles of the Law on Product and Goods Quality, with 408 out of 420 participating deputies voting in favour, accounting for 85.36% of the total.
The Party leader asked the new HCM City to embrace a multi-centre and integrated urban ecosystem where each development pole functions as a link complementary to and intelligently connected with each other in a harmonious whole.
The resolutions issued by the PM as well as ministries and ministry-level agencies reassign responsibility for 346 administrative procedures - 18 from district to provincial levels, 278 to commune level, and 50 eliminated.
Legislators are due to pass several amended laws, including the Law amending and supplementing several articles of the Law on Economical and Efficient Use of Energy, and the Law amending and supplementing several articles of the Law on Product and Goods Quality.
Vietnamese localities' readiness to implement the two-tier local administration model, the evacuation of 18 Vietnamese citizens from Iran, Petrovietnam's 11th ranking in the 2025 Fortune Southeast Asia 500 are among news highlights on June 17 evening.
The General Secretary underlined the resolve to achieve a growth rate of at least 8% in 2025, laying the groundwork for double-digit growth in the following period. He noted that these are mandatory targets, with no alternative path to success.
Restructuring and improving the quality of officials, civil servants, and public employees is no longer a choice, but an urgent requirement to transition from administrative management to governance in service of the people.
The Vietnamese Embassy in Israel has advised Vietnamese people living there to proactively prepare and seek ways to leave the country via land border crossings, especially toward Jordan or Egypt, when security and safety conditions allow.
