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Exchange rate fluctuations reduce national debt by VND57 trillion

The Government's outstanding debt by the end of 2022 is estimated to decrease by about VND57 trillion, down 2 percent compared to the outstanding balance at the end of 2021.

That is the statement made by the Ministry of Finance (MoF) on the morning of August 3 when it comes to how the appreciation of the US dollar affects the import-export activities and the exchange rate management situation of Vietnam.

According to the MoF, in terms of currency structure in the Government debt list, by December 31, 2021, the Government's outstanding debt is nearly VND3.3 quadrillion.

Based on the selling rate of the State Bank of Vietnam, from the beginning of the year to August 1, 2022.

The USD/VND exchange rate was at VND23,400, up 1.1 percent compared to the beginning of 2022, which is estimated to increase the outstanding debt of the Government in USD converted into VND by about VND5 trillion compared to the end of 2021.

The EUR/VND exchange rate was at VND24,385, down 9.5 percent compared to the beginning of 2022. It is estimated that the Government debt balance in EUR converted into VND is reduced by about VND17 trillion compared to the end of 2021.

The JPY/VND exchange rate was at VND180, down 13 percent compared to the beginning of 2022. So, the Government debt balance in JPY converted into VND is estimated to decrease by about VND45 trillion compared to the end of 2021.

In addition, at present, the volume of domestic loans by the Government accounts for 90 percent, and foreign loans only account for about 10 percent of the total annual value. The government's domestic loans tend to increase rapidly and occupy the leading role, while foreign debt gradually decreases, thereby, helping to reduce exchange rate risks and ensuring public debt safety and national financial security. According to the MoF, the situation of public debt and the Government's debt repayment obligations are not much affected by the strengthening US dollar. The developments of the Government's outstanding loans and debt repayment obligations are still within the forecast from the beginning of the year and under control.

Sourcce: SGGP


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