The Government has built various measures to keep public debt within permitted levels, Minister – Chairman of the Government Office Mai Tien Dung has said.
Minister – Chairman of the Government Office Mai Tien Dung (Photo: VNA)
Hanoi (VNA) – The Government has built various measures to keep public debt within permitted levels, Minister – Chairman of the Government Office Mai Tien Dung has♈ ꦜsaid.
In a document on the matter issued on October 29, the government spokesperson underlined measures including controlling the State budget and local authority spending, drastically cutting government sponsorship of debts, focusing State investment on key sectors, and building five-year budgetary and financial plans.
Borrowing and debt payment schemes for five year periods should take into account possible risks such as oil prices and foreign exchange rates; potential debt obligations and force majeure risks.
The Government will improve the efficiency of public investment, encourage investment in the form of public-private partnerships and increase the accountability of ministries and localities in the allocation and use of loans, he said.
Minister Dung added that the Government will push ahead with public debt restructuring, develop the domestic capital market, and prioritise long-term investors while improving institutional frameworks and policies for public debt management.
Recently, the Government proposed to the National Assembly raising the ceiling ratio of government debt to GDP to 55 percent from the current 50 percent.
However, most opinions in the NA’s Finance-Budget Committee did not agree to the proposal, saying that in the context of difficulties of the State budget and instability of national financial security, it is necessary to maintain the limit for the public debt and the Government’s debt from 2011-2015 as set by the 13th National Assembly at 65 percent and 50 percent of the GDP, respectively.
The law on public debt management stipulates that the National Assembly will decide the goals, orientations for borrowing, using and managing public debts and safety indexes on debt in five-year socio-economic plans.
According to the national strategy on public debt and foreign debt from 2011-2020, with a vision towards 2030, public debt and Government debt must not exceed 65 percent and 55 percent of GDP, respectively.
In 2015, Government debt accounted for 50.3 percent of the GDP and is estimated to surpass 53 percent of GDP in 2016-2019.-VNA
Public investments that exceed the State budget’s payment capacity should not be implemented, Finance Minister Dinh Tien Dung said, referring to it as one of a string of measures to ensure public debt
Deputies highlighted the Government’s determination to ensure macro-economy stability and sustainable economic growth on the fringe of the first session of the 14 th National Assembly.
The National Assembly (NA) on October 20 heard Government reports on the economic restructuring plan and the management of public debt during the 2016-20 period.
The plan on mid-term public investment for 2016-2020 was among the topics put on the table during group discussions as part of the 14 th National Assembly’s second meeting on October 22 afternoon.
The Party chief attributed the achievements in the first half to the continuous, direct, and comprehensive leadership of the Politburo and the Secretariat of the Party Central Committee, and the close and effective coordination of relevant ministries, sectors and localities.
General Nguyen Tan Cuong, Chief of the VPA’s General Staff and Deputy Minister of National Defence reaffirmed Vietnam’s unwavering gratitude for Cuba’s invaluable support during its struggle for independence and nation-building efforts, and pledged to stand shoulder-to-shoulder with Cuba as it navigates current challenges.
Vietnam is a country with which Russia shares a special relationship. In the 1950s and 60s, particularly during Vietnam’s struggle for independence, the two countries forged a deep bond. While much has changed over time, the friendship and cooperation between our nations have endured, said Russian President Vladimir Putin.
For 50 years, Vietnam and New Zealand have worked together to uphold peace and prosperity for their peoples and the region. The friendship, cooperation, and mutual understanding Vietnam and New Zealand nurtured have grown from a seed into a deeply rooted, strong, and thriving tree, she stressed.
Since the Strategic Partnership was established in 2020, Vietnam and New Zealand have witnessed steady growth in the relations. Beyond the remarkable 40% increase in bilateral trade over five years, political relations and multilateral interactions, particularly within the CPTPP framework, have remained highly positive.
Known as the “four pillars for Vietnam’s ascend”, the Pobiburo's Resolutions 57, 59, 66, and 68 focus on cultivating a robust national entrepreneurial spirit, unlocking resources for innovation across society, and accelerating the development of digital economy, knowledge-based economy, green economy, and circular economy, propelling Vietnam forward rapidly and firmly on the path of modernisation and international integration.
Minister of Finance Nguyen Van Thang cleared up deputies' concern regarding how to spur socio-economic growth, renew traditional growth motives and establish new momentum for development.
Vietnam proposed several priorities: narrowing the digital divide, strengthening women’s leadership in the digital economy and AI governance, and mobilising sustainable financing for gender equality initiatives in line with each country’s national priorities and context. Vietnam also advocated for genuine women’s participation and leadership across all areas of public life.
Ha expressed his hope that cooperation in science and technology, agriculture, and natural resources would emerge as new focal points and engines of growth in Vietnam–China relations.
Giang said he believes that building on the solid foundation nurtured over the past half-century and the strong determination of both nations, the Comprehensive Strategic Partnership will continue to grow in a more robust, comprehensive, and extensive manner, thus bringing more practical benefits to the two nations' people.
Highlighting the transformative potential of the draft law in revitalising Vietnam’s railway industry, Hoang Van Cuong, a deputy of Hanoi, expressed his support for Article 39, which empowers the Prime Minister to issue a list of railway-related goods and services to be assigned or ordered from domestic enterprises for production.
According to the Ministry of Public Security, Hoan, formerly Deputy Minister of Labour, Invalids and Social Affairs, is under investigation for allegedly taking bribes in connection with a case involving the Hoang Long Construction and Manpower Supply JSC and related units.
Chairing a national conference on the organisation of the examination on June 18, the PM highlighted the historical significance of the examination, as the restructuring of provincial-level administrative units is underway and the two-tier local administration model is set to officially begin operations on July 1.
Right on the same day, the ministry issued its highest-level travel warning, urging Vietnamese citizens not to travel to Israel or Iran, and advised those already in these countries to swiftly consider evacuation or relocation plans.
From the struggles against colonialists and imperialists to the period of Doi moi (renewal) and international integration, the Vietnamese revolutionary press has always played a pioneering role on the ideological and cultural front, he said.
The Party leader's working session with the standing boards of the Party Committees of HCM City, Ba Ria – Vung Tau and Binh Duong, the VNA General Director's remarks on the occasion of the 19th OANA General Assembly, the launch of new NIC - Google initiatives aimed at bolstering AI entrepreneurship and digital literacy in Vietnam are among news highlights June 18.
Vietnam and Indonesia reaffirmed their commitment to strengthening cooperation in combating terrorism as it remains a threat to peace, security, and stability across their respective nations, the broader region, and the international community.
Minister – Chairman of the Government Office Mai Tien Dung (Photo: VNA)
