state budget

Update news state budget

Government hurries to borrow money as NA gives approval

The government has begun implementing the plan on mobilizing capital in large quantity after getting the go-ahead from the National Assembly as the state budget is becoming exhausted.

Government gears up for international bond issuance

VietNamNet Bridge - The Ministry of Finance (MOF) has planned a $3 billion international bond issuance following National Assembly approval.

Vietnam’s plan to borrow billions of dollars raises concern

VietNamNet Bridge - Just within three months, the Ministry of Finance (MOF) has announced a series of plans to borrow money for the state budget totaling $5.3 billion. 

Transparency, supervision needed to reduce Vietnam's public debt

 VietNamNet Bridge – Nguyen Quang Thai, vice chairman of the Viet Nam Union of Economics and Science spoke to the Viet Nam Economic Times newspapers of measures for the country to reduce public debt.

MOF insists on bond roll-over international bond issuance

The Ministry of Finance (MOF) last week submitted to the National Assembly’s Standing Committee a plan to issue government bonds to call for capital in the international market for domestic debt swap, though current laws do not allow this.

Vietnam may withdraw overseas deposits to fund state budget

VietNamNet Bridge - The State Bank of Vietnam (SBV) and the Ministry of Finance (MOF) are discussing a plan to withdraw overseas deposits of credit institutions to fund state investments.

Vietnam loses $2.5 billion after oil price plummets

The crude oil price in the world market has dropped to around $40 per barrel, as predicted by management agencies. However, the situation may become even worse, as international analysts believe the price could drop to $20 per barrel. 

MOF’s wings clipped as NA orders issue of 5-year and longer-term bonds

VietNamNet Bridge - Economists say that the National Assembly’s request to issue government bonds more than five years “goes against all financial management theories” and “does not fit  Vietnamese practice”. 

Opinions divided over cash for death penalty clemency

 VietNamNet Bridge – Punishing economic corruption and showing leniency to repentants were issues still being debated,

State budget cannot bear debt burden of SOEs

VietNamNet Bridge - The Ministry of Finance (MOF) has to advance $1 billion to pay debts for state-owned enterprises (SOEs) which cannot pay debts because of big losses.

Governments can only issue bonds to raise funds for investment: economists

VietNamNet Bridge - To make up the budget deficit, the government needs to issue bonds to raise funds from the public rather than borrow money directly from the central bank, economists say.

Lacking money, MOF attempts to raise fees

VietNamNet Bridge - The anticipated loss of revenue of the state budget in 2015 has put pressure on the Ministry of Finance (MOF), which plans to impose higher fees to offset losses.

Oil refinery super-projects ask for $1 billion from state budget

VietNamNet Bridge - Local authorities have asked for state financial support of $1 billion for oil refinery projects, but the amount of money goes far beyond the state budget capability.

No stashing of money abroad: Party agency

High-ranking Government and Party officials should be banned from keeping money in foreign bank accounts and owning property abroad.

Hanoi officials barred from frequent overseas travel

 The Hanoi People's Committee has forbidden officials and staffs from making numerous business trips abroad or participating in study tours organised or funded by local enterprises or directly invited by international companies.

Drop in crude oil prices will not affect state budget: officials

 VietNamNet Bridge – The government says the 2014 state budget will be “safe”, though the crude oil price has been falling in the world market. However, government officials admit that the continued oil price decrease has raised major concerns.

HCM City to finish upgrade of 13 waste transfer stations before Tet

VietNamNet Bridge – Many residential areas in districts 1,3,5,6 and Binh Thanh are expected to implement waste classification at each household on a trial basis from this month with funding from State budget.

Waste-treatment costs a burden on state budget

 VietNamNet Bridge –  Big cities are spending more and more money treat the rapid increase in the volume of waste, causing difficulties for local authorities.

Vietnam must be more thrifty in making spending decisions

 VietNamNet Bridge – Phung Quoc Hien, chairman of the National Committee for Financial and Budgetary Affairs, told Hai quan newspaper that Viet Nam's spending structure was ‘irrational'.

Tech growth lags on lack of funding

VietNamNet Bridge – Limited investment in research and poor management have hindered the development of science and technology in the country.