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Vietnam’s 2021 public debt under control: Finance Ministry

The Saigon Times

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HCMC – Vietnam kept its public debt under control last year at 43.7% of gross domestic product (GDP), way below the 60% cap, according to the Ministry of Finance.

Nguyen Xuan Thao, deputy director of the Department of Debt Management and External Finance under the Finance Ministry, said during a recent meeting that all debt indicators of Vietnam last year were within the safety limit set by the National Assembly.

In particular, public debt, Government debt and foreign debt were equivalent to 43.7%, 39.5% and 39% of GDP, respectively.

Last year, Vietnam signed 12 loan agreements worth a total of more than US$958 million under the advisory of the Department of Debt Management and External Finance.

The country also completed negotiations or the technical transfer for 11 other loan deals worth a combined US$924 million.

Besides, the Ministry of Finance adjusted or extended 22 framework agreements.

The Department of Debt Management and External Finance also urged the disbursement of loans.

The disbursement of official development assistance (ODA) and preferential loans from foreign countries for public-funded projects reached nearly VND13.8 trillion, meeting 26.76% of the plan.

Of the figure, localities disbursed over VND8.2 trillion, meeting 23.59% of the target, while ministries and departments disbursed more than VND5.5 trillion, meeting 33.41% of the target.

Deputy Minister of Finance Tran Xuan Ha asked the Department of Debt Management and External Finance to resolve shortcomings and improve its efficiency in ODA and foreign loans management this year.

The department should review the negotiations of framework and loan agreements and closely monitor related projects to ensure their efficiency.

The deputy minister also suggested the department work closely with ministries and departments to speed up capital disbursement and help localities and investors ride out difficulties.

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