Ministry urged to keep public debt under strict control

Ministry urged to keep public debt under strict control

Deputy Prime Minister Vu Van Ninh has asked the Ministry of Finance to keep public debt under strict control even though it is still within the safe limit, adding that the use of loans must be closely managed in order to achieve the highest efficiency.

Addressing the ministry’s conference in Hanoi on July 4 to review its performance in the January-June period and set tasks for the second half of the year, the Deputy PM instructed that the sector review the budget estimates for 2014 and make forecast on possible financial resources that can be mobilized when necessary.

In addition, the ministry should make recommendations to the government and local authorities in drafting out response plans for emergencies and in expanding economic and trade relations.

Deputy PM Ninh also required the ministry to intensify inspection of the implementation of financial policies and regulations as well as market and price management.

Finance Minister Dinh Tien Dung said the ministry will continue to coordinate with other ministries and localities to remove difficulties for production and business activities, and at the same time accelerate administrative procedure reform as well as the modernisation of tax and customs management work.

He affirmed that the tax and customs will strive to exceed the target on budget revenues for this year.

Regarding State budget spending, the ministry will focus on speeding up the disbursement of development investment and the settlement of debts in capital construction, while ensuring funding for major socio-economic tasks.

The restructuring of the economy, particularly the re-arrangement of State-owned enterprises, the stock market and insurance companies is also a top task for the remaining months of the year.

Statistics from the ministry showed that State budget collection and spending were estimated at 413.6 trillion VND (19.3 billion USD) and 492.4 trillion VND (23.1 billion USD), respectively in the first six months of this year. The figures represent respective rises of 15.8 percent and 8.8 percent year-on-year.-VNA

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