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Vietnamese PM admits increasing public debt, payment pressure

Xinhua, March 22, 2016 Adjust font size:

"Public debt has been increasing quickly, payment pressure remains high, while managing and using loans at several projects have been ineffective," said Vietnamese Prime Minister (PM) Nguyen Tan Dung on Tuesday.

The remarks were made by Dung while presenting a report on the work of Vietnamese government and Prime Minister in 2011-2016 tenure at the ongoing 11th session of the 13th National Assembly in Vietnam's capital Hanoi.

According to the report's statistics, Vietnam's public debt-to-GDP ratio as of the end of 2015 was 62.2 percent. Earlier statistics showed that as of the end of 2013, the figure stayed at 54.2 percent.

The report presented by Dung also reads that during the 2011-2016 tenure, the government and PM have strengthened management and uses of loans and controlled public debt within stipulated limit.

A resolution adopted by Vietnamese parliament in 2013 regulated that the proportion of public debt must not exceed 65 percent of GDP as of the end of 2015.

Commenting on the report, Phan Trung Ly, chairman of Vietnamese National Assembly's Law Committee said on Tuesday that it is needed to have further assessment on public debt issue as well as government's responsibility in directing and managing which led to quick increase of public debt. Enditem