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Public debts to be kept at under 60 percent of GDP in 2030: Strategy

Deputy Prime Minister Le Minh Khai has signed a decision approving the public debt strategy until 2030, which sets a target of keeping it at under 60 percent of the GDP and Government debts not exceeding 50 percent of the GDP in 2030.
Public debts to be kept at under 60 percent of GDP in 2030: Strategy ảnh 1Deputy Prime Minister Le Minh Khai (Photo: VNA)
Hanoi (VNA) – Deputy Prime Minister Le Minh Khaihas signed a decision approving the public debt strategy until 2030, which setsa target of keeping it at under 60 percent of the GDP and Governmentdebts not exceeding 50 percent of the GDP in 2030.

The strategy aims to control the State budget overspendingthat has been approved by the National Assembly in the State budget estimateand national financial plan for the 2021-2025 period, ensuring debt safety.

Government’s direct debt obligations are expected to notexceed 25 percent of the annual total State budget collection and the nationalforeign debt obligations, to be below 45 percent of the GDP, accordingto the scheme.

Governmental bonds will be issued regularly with standardterms, focusing on at least five years in terms, while bonds with terms of lessthan five years will also be issued flexibly, along with foreign-currency bondsin the domestic capital market to meet the capital mobilisation demands and tocomplete targets in developing Government bond market.

International bonds will be issued to make up for the annualState budget overspendings on development investment and restructure theGovernment’s debts in favourable market conditions.

At the same time, efforts will be made to disburse ODA capitaland foreign soft loans that Vietnam had borrowed until the end of 2020. Newloans will be borrowed for major sectors, prioritising projects that directlypromote growth and sustainable development.

Local administrations’ loans will be kept within the scope oflocal budget overspendings approved by the National Assembly, and within theoutstanding loan limit in line with regulations of the Law on State Budget.

Meanwhile, contingent debt obligations will be tightlycontrolled, while the growth rate of Government guarantee loans will be managedto not exceed the GDP growth rate of the previous year. Alongside, foreign debt of enterprises and creditinstitutions will be strictly managed at reasonable limits.

The decision took effect from April 14, replacing the decision issued by the Prime Minister on July 27, 2012./.
VNA
#Deputy Prime Minister Le Minh Khai #public debt #Government debts #debt safety #Governmental bonds #ODA #Law on State Budget #Vietnam #Vietnam news #Vietnam News Agency
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