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Vietnam's foreign debt at ‘safe level’ – minister
06/08/2010 - 260 Lượt xem
| Vietnam, one of the world's fastest growing economies, has maintained "a safe level" of foreign debt, a government official said on Thursday, which the IMF estimates at around a third of GDP. | |
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"The foreign debt lies within the limit of permissible safe levels," Planning and Investment Minister Vo Hong Phuc told donors at an annual meeting in Hanoi to review the Southeast Asian country's performance in the past year and decide aid for 2007. Phuc said Vietnam would need US$140 billion in the five years ending 2010 to fuel economic growth targeted at 7.5-8 percent a year, with a third of the total funds expected to come from foreign sources. Finance Minister Vu Van Ninh told the same conference Vietnam would strive to keep foreign debt and general government debt at 50 percent or less of gross domestic product in 2006-2010. Vietnam's end-2006 foreign debt is projected to rise to 32.6 percent of GDP, from 32.5 percent in 2005, the International Monetary Fund said in a report last month based on end-August data. It also projected general government debt to rise to 45.5 percent of GDP at the end of 2006, from 43.7 percent last year. The IMF's 2006 government debt projection put Vietnam nearly on par with Thailand's 45.1 percent but almost three times higher than China, whose debt would be equivalent to 17.3 percent of GDP, down from 17.9 percent in 2005. The IMF did not give any value for Vietnam's foreign debt. The World Bank estimated Vietnam's foreign debt would rise to $19.3 billion this year from $16.9 billion in 2005. Source: Reuters | |
