Vietnamese delegates heard about debt situations at alarm levels in many economies in the world, which were described as messages of immeasurable impact caused by over expenses in many countries.

Peter Charleton, experts from the Central Bank and Financial Service Authority of Ireland said that there have never seen a fiscal or debt crisis in Vietnam as the country has a capability to develop quickly, but the threatening to continuous development may arise from inside the economy or the weaknesses of the banking sector.

According to Le Xuan Nghia, Deputy Chairman of the National Financial Supervision Committee, the European debt crisis will impact on Vietnam’s enterprises, exports and foreign direct investment. For this reason, Nghia said, Vietnam needs to closely examine the increase and effectiveness of using public debt by controlling the state budget deficit and working out policies on how to mobilise and use public debt effectively.