Deputy Prime Minister Vuong Dinh Hue (Photo: VNA) Hanoi (VNA) – The Government’s foreign debts have been declining sharply and under the Government’s control, Deputy Prime Minister Vuong Dinh Hue said while chairing a meeting with leaders of some ministries, sectors and the National Financial Supervisory Commission in Hanoi on August 9. In 2018, the Government set a loan guarantee limit of 700 million USD but did not guarantee to borrow any international loans for projects, Hue said, adding that the Government prioritised domestic loans because they had lower interest rates. The Ministry of Finance reported that in the 2011-2017 period, Vietnam’s foreign debts averagely increased by 16.7 percent per year. The country’s foreign debts reduced to 46 percent of its gross domestic product (GDP) by the end of 2018 from 48.9 percent a year earlier. Of the sum, the Government’s foreign debts, Government-guaranteed debts and debts borrowed by domestic businesses were 19.3 percent, 4.4 percent and 22.3 percent, respectively. The ratio of debt repayment to total import and export turnover was about 25 percent, meeting international regulations and practices. With the aforesaid outcomes, Hue affirmed that the country’s foreign debts are still below the ceiling rate of 50 percent set… Read full this story
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