Vietnam’s public debt decreases significantly
Vietnam’s public debt in the 2017-2021 period decreased dramatically from 61.4% of its GDP to 43.1%, according to the latest information released by the Ministry of Finance.
Government debt, government-guaranteed debt and local government debt also decreased. Specifically, government debt, government-guaranteed debt and local government debt dropped from 51.7%, 9.1%, and 1.1% of GDP in 2017 to 39.1%, 3.8% and 0.6% in 2021, respectively.
In addition, the country's foreign debt also decreased to 38.4% of GDP by the end of 2021 compared to 49% in 2017.
As of 2021, the country's obligation of foreign debt repayment on total exports last year was 6.2%, while the government's debt repayment obligation compared to state budget revenue was about 21.8%.
Notably, foreign debt decreased while domestic debt increased. By the end of 2021, foreign debt was about 1.075 quadrillion VND (45.9 billion USD), while domestic debt rose to more than 2.2 quadrillion VND, accounting for 67.2% of outstanding government debt.
The Ministry of Finance's report showed that by 2021, Vietnam's largest bilateral creditor was Japan with more than 316 trillion VND, followed by the Republic of Korea (32 trillion VND), France (30 trillion VND) and Germany (14 trillion VND).
Meanwhile, the World Bank was the biggest multilateral lender of Vietnam with over 380 trillion VND, followed by the Asian Development Bank with 188 trillion VND.
In April, Deputy Prime Minister Le Minh Khai signed a decision approving the public debt strategy until 2030, which sets a target of keeping it at under 60% of the GDP and Government debt not exceeding 50% of the GDP in 2030./.
A team of legends from German side Borussia Dortmund landed at Tan Son Nhat International Airport in Ho Chi Minh City on September 26 to prepare for a charity match against veteran and young Vietnamese footballers slated for September 28.
The Party Central Committee’s Secretariat has decided to expel Deputy Foreign Minister To Anh Dung from the Party for violations he committed relating to the organization of repatriation flights for Vietnamese citizens abroad during the pandemic.
Seven enterprises were assigned tariff quotas with a total volume of 109,000 tonnes at a recent sugar import auction organised by the Ministry of Industry and Trade (MoIT).
Economists have forecast Vietnam’s inflation will be kept at around 3.3-3.8% this year, similar to the National Assembly-set target of below 4%, adding that the pressure for 2023, however, remains huge and requiré appropriate response solutions.
The 131-km-long railway project was approved in 2004, and construction started the following year. However, the project's completion has been delayed several times.
Copyright issues and protecting intellectual property was the main topic of the "Roundtable and Workshop on Online Enforcement of Intellectual Property Rights" on Monday.
The Ministry of Home Affairs (MOHA) suggested improvements must be made in the working environment regarding professionalism, modernity, competition, and opportunities for professional development.
The Vietnamese dong may lose 4 percent of its value against the USD in 2022, while the deposit interest rate is predicted to lose 30-50 points after the US FED’s move and SBV’s first policy responses.
Now is the time for Vietnam’s game industry to enter the global game market, worth $200 billion.
Japanese professor Michiko Yoshii, one of Vietnamese celebrated songwriter Trinh Cong Son’s muses, has submitted a request to Vietnamese Cinema Department to ask for the official apology from the producer of the film Em Và Trịnh (You and Trịnh).