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Saturday, July 20, 2024

Gov’t sets 2024 borrowing cap at VND676 trillion

The Saigon Times

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HCMC – Deputy Prime Minister Le Minh Khai has signed the Government’s borrowing and debt repayment plan for 2024, with a borrowing cap set at VND676 trillion.

Compared to the previous year, this represents an increase of over VND31.6 trillion. Of the total borrowing, VND659.93 trillion, or 98%, will be allocated to balance the central budget, with a little more than VND16.12 trillion earmarked for re-lending purposes.

The primary sources of funding include government bond issues, official development assistance (ODA), and foreign concessional loans.

For debt repayment, the Government plans to allocate around VND454 trillion, including nearly VND395.9 trillion for direct debt repayment and around VND58.1 trillion for repayment of project loans.

Local government debt repayment is estimated at nearly VND7 trillion, comprising around VND4.1 trillion for principal repayment and nearly VND2.9 trillion for interest payments.

Over the period spanning 2024 to 2026, the approved borrowing ceiling amounts to more than VND1.8 quadrillion, with the majority allocated to the central budget and lending activities.

During this period, the Government’s total debt repayment is capped at VND1.1 quadrillion, covering both direct (VND976.4 trillion) and re-lent debt repayment obligations (VND126.4 trillion).

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