The Government will not raise the public debt ceiling in order to ensure debt payment capacity and balance the national financial system, said Deputy Prime Minister Vuong Dinh Hue during the hearing session of the 14th National Assembly’s fourth sitting on November 16.


Deputy PM Vuong Dinh Hue has affirmed that the Government will not raise public debt ceiling. (Credit: VGP)

The Deputy PM said that in 2015, the public debt hit the ceiling of 65% of gross domestic product (GDP) and Government debt exceeded 53% of GDP.

He highlighted the target of ensuring rapid, sustainable development in tandem with addressing the shortcomings of the national economy during 2016-2020, describing this as a hard task for the entire political system.

To that end, the Government has assigned the Ministry of Finance to review the project on the restructuring of budget collection and spending, he said, adding that the Politburo has issued a resolution on measures to restructure the state budget and manage public debt to ensure a safe and sustainable national financial system.

Deputy PM Hue presented a number of solutions taken or to be taken by the Government by 2020, focusing on developing the market economy and combining fiscal, monetary, and other macro policies together.

He underlined the need to push the restructuring of the economy and model of growth, while improving economic competitiveness and developing sustainably.

The official also talked about tax fraud in foreign investment attraction and domestic tax management.

 

                                       Source: NDO

Related Topics


Communications about 80th anniversary of Vietnam People’s Army to be boosted

The Hoa Binh provincial People’s Committee has held a meeting of the organising committee for celebrations of the 80th founding anniversary of the Vietnam People’s Army (December 22, 1944 - 2024) and the 35th anniversary of the All People’s National Defence Festival (December 22, 1989 - 2024). Vice Chairman of the provincial People’s Committee Nguyen Van Toan presided over the event.

Role models in patriotic emulation movements

Exemplary collectives, individuals and households in the patriotic emulation movements have contributed greatly to building ethical and moral standards in the community.

State Bank of Vietnam’s Governor pays working visit to Hoa Binh

A delegation of the State Bank of Vietnam (SBV) led by its Governor Nguyen Thi Hong paid a working visit to Hoa Binh province on February 22.

Hoa Binh people welcome Lunar New Year happily, healthily, safely

Together with the whole country, people of all ethnic groups in Hoa Binh province celebrated the Lunar New Year of the Dragon happily and safely. The warm weather on the first days of the new year made people more joyful, in harmony with the bustling pace of spring life.

Khoan Du commune flourishes under Party’s leadership

Over the last 94 years under the Party’s leadership, the Party organisation, administration, and people of Khoan Du commune (Lac Thuy district), where the first unit of the Communist Party of Vietnam in Hoa Binh province was established, have upheld their glorious revolutionary tradition and stayed united to strongly develop their hometown.