The Hanoitimes - The number is based on the assumption that the average economic growth rate of 2018 would be 6.7%. Vietnam's public debt by the end of 2018 is expected to reach VND3,130 trillion (US$133.93 billion) or 61.4% of GDP, down 2.3 percentage points from 2017, VnExpress reported. Illustrative photo. According to estimates by the Ministry of Planning and Investment (MPI), the country's public debt as per GDP would decline by 2.5 percentage points in 2018 compared to its previous prediction released on August, stated Tran Quoc Phuong, head of the MPI's Department for National Economic Issues, in a teleconference meeting on September 24. The review number is based on the assumption that the average economic growth rate of 2018 would be 6.7% instead of the previous estimate of 6.53%, Phuong added. Vietnam's budget revenue collection this year is expected to reach VND1,350 trillion (US$57.76 billion), up 3% compared to the year's estimate and 5.5% … [Read more...] about Vietnam public debt predicted to fall to 61.4% of GDP in 2018
Public debt by country
The Hanoitimes - This results in a public debt of VND35 million (US$1,510) per capita, up nearly VND4 million (US$172,60) from the figure of VND31.3 million (US$1,350) in 2017, according to the Ministry of Planning and Investment. The Ministry of Planning and Investment (MPI) projected Vietnam's public debt by the end of 2018 to reach VND3,530 trillion (US$152.34 billion) or 63.92% of GDP, up from the previous rate of 61.3% in 2017. Illustrative photo. Of the public debt, government debt would be over VND2,900 trillion (US$125.13 billion) or 52.5% of GDP, government guaranteed-debt of VND559 trillion (US$25.45 billion) and local government debt of VND73 trillion (US$3.14 billion), stated a recent MPI's report. Notably, the country's overspending is set to reach 3.71% of GDP in 2018, of which the rate for central government would be 3.6% of GDP. The ministry's projection for public debt is based on assuming the average economic growth rate of 6.53%, … [Read more...] about Vietnam public debt projected to touch 64% of GDP in 2018: Ministry
Prime Minister Nguyen Xuan Phuc addresses national teleconference between the Government and localities Hanoi (VNA) – Growth is an inclusive target of Vietnam, which will assist the country in addressing employment, increasing budget collection and reducing public debt, Prime Minister Nguyen Xuan Phuc stressed at a national teleconference between the Government and localities on July 2. The PM asked leaders of ministries, sectors and localities to propose measures to solve shortcomings, continue improving the business and investment environment thus creating a momentum for growth in the remaining months of this year. Regarding the country’s socio-economic situation in the first half, he requested delegates to make accurate assessments and measures in accordance with the situation of each ministry, sector and locality. The Government highlighted 18 issues that need to be discussed during this meeting, including inflation control, macro-economic stability, … [Read more...] about PM: growth needed to address employment, reduce public debt
Malaysia’s Prime Minister Mahathir Mohamad (Photo: Xinhua/VNA) Hanoi (VNA) – Malaysia’s new Prime Minister Mahathir Mohamad has announced that salaries of cabinet ministers will be cut in a bid to control spending as the government is facing a high-level public debt that now exceeds 1 trillion ringgit (around 251.5 billion USD). Speaking at a press conference on May 23 after the first cabinet meeting which was attended by more than a dozen of the newly sworn-in ministers, PM Mahathir said salaries of the cabinet ministers will be reduced by 10 percent. Other senior civil servants will not be forced to follow suit, but they can do so if they want to contribute towards reducing the cost of running the country, he said. The PM said Malaysia's public debt is now equivalent to 65 percent of the country's gross domestic product (GDP). Aside from the pay cut, he has been advocating other measures, including forming a small cabinet, downsizing the government and … [Read more...] about Malaysian PM vows to cut public debt, downsize government
VietNamNet Bridge - The pressure for more debt/equity swaps has increased as 50 percent of Vietnam's domestic debt matures in the next three years. In recent years, the Ministry of Finance’s (MOF) announcements on imposing new taxes or raising tax rates is no longer stirring long debates. Formosa and Samsung were the two enterprises which made great contributions to the miracle GDP growth rate of 6.81 percent last year, but the tax collections from them increased insignificantly as they were both enjoying tax incentives. The public debt in 2017 decreased to 61.3 percent of GDP, but the amount was still very high, over VND3,000 trillion. More seriously, Vietnam is among the countries with the highest debt-to-GDP ratios (up by 10 percent in 2012-2017), according to the World Bank. US$1=VND22,000 RELATED NEWS Finance Ministry plans new personal income rates Will US amended tax law divert FDI flow from Vietnam? Kim Chi … [Read more...] about What should be done when overspending and public debt are on the rise?