According to Dr. Bui Ngoc Son, despite massive debt and high interest rate pressure, the US economy has not fallen into a default scenario.
Dr. Bui Ngoc Son believes that the possibility of the US defaulting on its debt is unthinkable, and this principle will remain true as long as the world continues to place its trust in the US dollar.
Saigon Seafood Trading Joint Stock Company borrowed more than 5.830 SJC gold ounces from banks when the price was 17,5 million VND/ounce in 2009, but has since become unable to repay the debt.
In a scenario of bad debt, the International Monetary Fund (IMF) forecasts that public debt could reach 115% of global GDP in the next three years.
Vietnam's government debt is assessed by international organizations as stable and significantly lower than that of countries with similar ratings.
According to Bloomberg, government bond sales could increase further next year as budget deficits soar around the world.
Minister of Finance Ho Duc Phoc affirmed that sufficient funds are expected to be available to implement the comprehensive reform of salary policies in accordance with Resolution 27-NQ/TW from July 1, 2024.
The record was achieved just two weeks after the government was allowed to continue borrowing without limits until the end of 2024.
Vietnam's public debt-to-GDP ratio has tended to decrease in recent years, falling from 58,3% of GDP (in 2018) to 43,1% in 2021.
On January 13, US Treasury Secretary Janet Yellen stated that the US could reach its $31,4 trillion debt ceiling by January 19.
Elected Speaker of the U.S. House of Representatives after 15 rounds of voting, Kevin McCarthy declared his commitment to ending wasteful public spending and curbing the ballooning national debt.
The US Treasury Department announced on October 4th that the total US national debt had exceeded $31 trillion for the first time.
It is necessary to improve debt management tools and risk control mechanisms to ensure fiscal space and policies are in place to achieve the set goals.
The government stated that thanks to controlling the budget deficit and restructuring public debt, the public debt ratio has decreased sharply from 63,7% of GDP at the end of 2016 to 55,2% of GDP at the end of 2020.
Finance Minister Ho Duc Phoc said that 180.000 billion VND could be raised through the issuance of government bonds and public debt denominated in foreign currency.
Regarding the proposal to raise the public debt ceiling, many National Assembly deputies have expressed the opinion that caution is needed, as this could increase the size of the outstanding debt.
The Ministry of Finance forecasts that in 2022, recurrent expenditures will account for approximately 62% of total state budget expenditures, and by the end of 2022, public debt will be around 43-44% of GDP.
On October 12, the US House of Representatives voted to pass a bill raising the debt limit by early December, ensuring the country does not default on its debt.
The US Senate has passed a temporary bill to raise the debt ceiling until December of this year in order to avoid the risk of government default.
Researchers have identified at least $385 billion in debt owed by 165 countries to China for projects under the Belt and Road Initiative (BRI).
On September 22, the US House of Representatives passed a spending bill that would cover the budget until early December and temporarily lift the national borrowing limit until the end of 2022.
The Prime Minister approved the 3-year Public Debt Management Program for the period 2021-2023 and the Public Debt Borrowing and Repayment Plan for 2021.
The Institute of International Finance (IIF) has just announced that global debt increased by $9 trillion, reaching a record high of nearly $253 trillion in the first nine months of last year.
"The fear of making mistakes, the fear of taking responsibility, and the reluctance to act are the main reasons for the slow disbursement of public investment funds," said Associate Professor Dr. Vu Minh Khuong.
The amount of money the State budget has had to spend to repay domestic and foreign loans is 246.496 billion VND (approximately 10 billion USD) since the beginning of the year.
Minister Dinh Tien Dung stated that state budget revenue has exceeded projections for the past four years. In particular, 2019 marked the second consecutive year that the central government budget revenue exceeded expectations.
The errors in the public debt figures were discovered by National Assembly deputies during a group discussion on the socio-economic situation on the afternoon of October 22nd...
The government's total debt repayments in the first nine months of the year amounted to approximately VND 237.470 billion, of which domestic debt repayments totaled VND 196.281 billion and foreign debt repayments totaled VND 41.189 billion.
Of the 213.142 trillion VND allocated for government debt repayment, domestic debt accounts for approximately 180.025 trillion VND, while foreign debt is approximately 33.117 trillion VND.
Prime Minister Nguyen Xuan Phuc has just issued a directive requesting ministries, sectors, and localities to accelerate the implementation and disbursement of public investment capital plans for 2019.
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