State debt per capita rises to over US$905
(VOV) - The public debt of Vietnam continues to rise and now stands at over US$81,885 billion, accounting for 47.7% of the nation’s GDP, according to the Economist.com Global debt clock.
In the past three months, the website reports that Vietnam’s total public debts have increased US$1.815 billion and the average public debt per person has risen by US$18.82 to US$905.00.
The website reports that the global average public debt per person is US$905.18 and the total public debt is over US$53,551 billion.
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According to a report by Finance Minister DinhTien Dung at the National Assembly (NA)’s session on June 11, Vietnam’s public debt has been on the uptick in recent years. The debt-to-GDP ratio has risen from 51.7% in 2010 to 54.1% in 2013.
Dung affirmed that public debts are now below the current rate of 65% set by the NA. He attributed the rapid increase in public debts is to the shortage of state’s capital sources for economic development, especially in developing infrastructure.
Regarding the restructuring of public debts, 50% are from foreign debts while the remaining comes from domestic loans through issuance of government bonds. Therefore, the pressure on new loans to repay old loans remains relatively high, Dung said.