Jan 25, 2013

Vietnam - Vietnam's public debt reaches nearly US$66.6 billion

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VietNamNet Bridge - This figure is equivalent to 54.9 percent of GDP in 2011, the Finance Ministry (MoF) said.

The MoF has announced that it is going to release the bulletin on Vietnam's public debt. Accordingly, under the provisions of Decree No. 79, the MoF will publicly provide information on the public debt situation through the issuance of the public debt newsletter.

Recently, the Ministry has released seven newsletters on foreign debt, including the Government's foreign debt and foreign debt guaranteed by the government.

The MoF said that although this newsletter is appreciated by the international community and attracts the local and international public opinion, the information is limited mainly to the Government's foreign debt and foreign debt guaranteed by the Government.

With the release of the upcoming debt bulletin, the Ministry said it would provide full and timely data to the public on the public debt, reflecting the transparency of public financial management in general and debt management in particular, avoiding unofficial sources, incorrect and misleading information on the public debt situation of Vietnam, to further improve the business and investment environment in Vietnam.

According to the Ministry, as of 31/12/2011, Vietnam’s public debt was VND1,392 trillion ($66.6 billion), equivalent to 54.9% of GDP in 2011. In particular, government debt was VND1,096 trillion, equivalent to 43.2% of GDP; government-guaranteed debt was VND285 trillion; and local governments’ debt is VND10.7 trillion, equal to 0.4% of GDP.

Compiled by S. Tung

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