VietNamNet Bridge – Vietnam’s public debt rose by about 12.2%, from 50% of GDP in 2011 to 62.2% at the end of 2015. Admitting the rapid increase of public debt, the Ministry of Finance (MOF) has confirmed that the structure of Vietnam's public debt is gradually being adjusted towards more sustainability with the ratio of foreign debt declining. Mr. Vo Huu Hien, Deputy head of the Debt Management and External Finance Department of the MOF, said the structure of public debt of Vietnam by the end of 2015 included: government debt accounting for 80.8%, Government guaranteed debt 17.8%; and local government debt 1.4%. In the government debt structure, the part of domestic debt rose from 39% in 2011 to 57% in 2015 while the proportion of foreign debt decreased from 61% in 2011 to 43% in 2015. Hien affirmed that such development is consistent with the national strategy on public debt and external debt in the 2011-2020 period and the vision to 2030. According to Hien, the … [Read more...] about What does the Finance Ministry say about Vietnam’s public debt structure?
The Finance Ministry said public debt in 2011 accounted for nearly 55 percent of economic growth that year, news website VnExpress reported. The debt reached VND1.4 trillion (US$68.8 billion). Of the total amount, central government debts piled up to VND1.096 trillion, while government-guaranteed loans totaled VND285 trillion. Local government debts were estimated at VND10.7 trillion. While the ministry can only provide figures from 2011, up-to-date statistics on The Economist website revealed that the country's public debt has piled up to VND1.5 trillion ($72 billion), equal to 50 percent of gross domestic product. Vietnam ranks sixth on The Economist's 1-8 rankings that goes from low debt to high debt. Vietnam's goal is keeping the public debt from exceeding 65 percent of economic growth over the next two years. Like us on Facebook and scroll down to share your comment … [Read more...] about Vietnam public debt accounted for 55 pct of GDP in 2011
U.S. stocks rebounded to close higher Tuesday, as the White House welcomed a temporary extension to the debt ceiling, with both Dow Jones Industrial Average and Standard & Poor's 500-stock Index hitting more than five-year highs. The Dow rallied 62.43 points, or 0.46 percent, to 13,712.13. The broader S&P 500 Index gained 6.53 points, or 0.44 percent, to 1,492.51. The tech-heavy Nasdaq Composite Index edged up 8.47 points, or 0.27 percent, to 3,143.18. The market rebounded strongly in the afternoon session, offsetting all earlier losses, after receiving reports that U.S. President Barack Obama would not block a short-term extension of the debt limit that is scheduled to pass the House of Representatives Wednesday. The U.S. equity market opened flat due to mixed earnings results from notable U.S. companies and weak stock markets in Asia and Europe, after a closing Monday for the Martin Luther King Jr. holiday. Verizon Communications shares reversed early losses to … [Read more...] about Wall Street rallies on debt ceiling extension
HANOI – State-owned Agribank, Vietnam's largest lender by assets, has reduced its bad debt ratio to around 4 percent of loans now from 6.1 percent at the start of the year, a senior executive was quoted by a state-run newspaper on Tuesday as saying. … [Read more...] about Vietnam’s Agribank cuts bad debt to 4 pct: report
A US bipartisan organization released a report warning the US federal government of budget depletion risk if Congress does not raise the debt ceiling. According to the report, the total US national debt hit 16.268 trillion USD last week, 126 billion USD short of the debt ceiling. The Treasury Department predicts that government expenditures will reach the ceiling by the end of this year. If Congress does not raise the debt ceiling as soon as possible, the Federal Government will go into default. The report was released in the context of disagreement between the White House and Congress over a proposal to reduce US debt by 2.1 trillion USD in the next decade. Democrats and Republicans disagree on whether to increase or decrease income taxes among with cutting budget expenditures. … [Read more...] about US reach its debt ceiling