Deputy Prime Minister Vuong Dinh Hue speaks at the hearing session of the 14th National Assembly’s fourth sitting (Source: VNA)

 Hanoi (VNA) – The Government will not raise public debt ceiling in order to ensure debt payment capacity and balance the national financial system, said Deputy Prime Minister Vuong Dinh Hue during the hearing session of the 14th National Assembly’s fourth sitting on November 16.

The Deputy PM said in 2015, public debt hit the ceiling of 65 percent of gross domestic product (GDP) and the Government debt exceeded 53 percent of GDP.

He highlighted the target of ensuring rapid, sustainable development in tandem with addressing shortcomings of the national economy during 2016-2020, describing this as a hard task for the entire political system.

To that end, the Government has assigned the Ministry of Finance to review the project on the restructuring of budget collection and spending, he said, adding that the Politburo has also issued a resolution on measures to restructure state budget and manage public debt to ensure a safe and sustainable national financial system.

Deputy PM Hue presented a number of solutions taken or to be taken by the Government by 2020, focusing on developing the market economy and combining fiscal, monetary and other macro policies together.

He also underlined the need to push the restructuring of the economy and growth model, improve economic competitiveness and develop sustainably.

The official also talked about tax fraud in foreign investment attraction and domestic tax management.-VNA