The Ministry of Finance aims for State budget revenue in 2020 to be 3 percent higher than the estimate set by the National Assembly, said Minister Dinh Tien Dung on January 10.
Vietnam’s economy has performed well in 2019, with GDP expanding by an estimated 6.8 percent, according to the World Bank (WB)’s recent report.
The government’s report to the National Assembly on the 2019 public debt and 2020 budget shows that it plans to mobilize VND460 trillion worth of capital, mostly to offset the deficit and repay principal.
All public debt indicators were under strict control and fell within the permissible limits set by the National Assembly’s Resolutions as of the end of 2018, according to the Finance Ministry.
Affordability and public opinion should be carefully considered before making any decision on the $58.71 billion trans-Vietnam high-speed rail, the government has said.
Improving the efficiency of the management and use of economic resources is an urgent task to deal with weaknesses of the national economy and spur development, according to a resolution recently issued by the Politburo.
Vietnam’s public debt remains under the ceiling limit, according to the Ministry of Finance.
Growth is an inclusive target of Vietnam, which will assist the country in addressing employment, increasing budget collection and reducing public debt, Prime Minister Nguyen Xuan Phuc stressed at a national teleconference between the Government and localities on July 2.
Nine new laws will become effective on July 1, 2018, including the Law on Public Debt Management; Law on amendments and supplementations to some articles of the Law on Overseas Representative Missions of the Socialist Republic of Vietnam.
Credit taken out by Thai Beverage Co Ltd and its affiliates to fund the acquisition of a stake worth US$4.8 billion in Saigon Beer Alcohol Beverage (Sabeco) led Vietnam’s foreign debt to rise sharply in 2017, according to a recent Government report sent to the National Assembly.
National Assembly Chairwoman Nguyen Thi Kim Ngan urged the Ministry of Finance (MoF) to perform its tasks right from the beginning of the year as 2018 is very important for the fulfillment of targets and plans for 2016-2020.
Vietnam experienced a relatively stable macroeconomic situation in 2017, in accordance with general global economic trends, but experts warned there will be obstacles to maintaining such momentum in the turbulent environment of 2018.
Vietnam is still under big pressure to call for capital for domestic debt swap, with 50% of domestic debts expected to reach maturity in the next three years, according to the World Bank.
The Government should consider international practices to re-define its public debt in the revised Law on Public Debt Management that is scheduled for submission to the National Assembly late this month.
Capital mobilised from the issue of G-bonds in the first eight months of this year was very positive, however, it was quite a contrast to the disbursement of the capital source.
The Vietnamese National Assembly (NA)’s Finance and Budget Committee and the Planning, Finance and Audit Committee of the Lao NA jointly held a conference to discuss decentralisation of state budget and public debt management on June 27 in the central province of Quang Nam.
A law on foreign trade management is needed to better manage foreign trade activities as Vietnam integrates deeper into the global economy, said lawmakers while discussing the draft law at the ongoing third session of the 14th National Assembly (NA) on May 25.
Lawmakers elaborated the draft law on public debt management (revised) and another on foreign trade management during the ongoing third session of the 14th National Assembly in Hanoi on May 25.
The Government of Vietnam has targeted keeping the public debt ratio below 65% of gross domestic product (GDP) during 2016-18.
Vietnam is targeting keeping public debt, comprising central government debt, government-backed loans, and local government debt, below 65 percent of GDP between 2016 and 2018.