Sunday, October 16, 2016

VN government borrows US$16 billion in 9 months

 Vietnam's pace of borrowing foreign loans and raising capital from government bonds this year is higher compared with the corresponding period of recent years.


According to the Finance Ministry's latest report, by the end of September 2016 the Vietnamese government mobilized more than $11 billion through issuing government bonds, equivalent to nearly 89% of the goal set for 2016. 

In the past nine months, Vietnam also signed a new loan agreement with France worth $58.4 million, bringing the total amount of foreign loans during this time to around $4.88 billion. 

Generally, foreign debt and capital raised from government bonds during this period totals $16 billion, nearly double the figure of $8 billion of the same period last year. In 2016 Vietnam plans to borrow about $20 billion to balance the budget.

The Ministry of Finance said by September 25, the government paid debt of nearly $7.9 billion, including $6.2 billion for domestic debt and the remaining for foreign debt. This year Vietnam plans to spend $12 billion to pay off debts.

Also in this report, the Ministry of Finance said the State budget revenue in nine months reached VND718.3 trillion, or 70.8% of the yearly plan. Meanwhile, expenditures amounted to VND870.5 trillion. 

The 9-month budget deficit is estimated at VND152.2 trillion, or nearly 60% of the yearly estimate.
Song Ha
Read more at Vietnamnet


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