The Hanoitimes- Vietnam’s debt indexes are still at safe levels, the Ministry of Finance (MoF) has affirmed.
The Hanoitimes-Vietnam’s debt indexes are still at safe levels, the Ministry of Finance (MoF) has affirmed.
Vietnam’s external debt was estimated at VND 1,042 trillion, equal to 41.5% of GDP, according to the statistics released by MoF on December 31, 2011.
The figure is at safe level as according to the National Assembly’s Resolution, by 2015, the public debt will be under 65% of GPD and government debt and external debt, under 50% of GDP.
As stated by the World Bank and the International Monetary Fund, Vietnam still controls its debt effectively and does not belong to Heavily Indebted Poor Countries (HIPCs). Vietnam’s Official Development Assistance (ODA) accounts for 75% of the total low interest loans and there is no bad debt.
To keep debts safe level, MoF is carrying out measures to ensure public debts are paid sufficiently and timely.
The ministry manages and supervises the mobilization and distribution of loans for building infrastructure, controls closely foreign soft loans and reduces subsidization from the State budget