Vietnam to boost foreign debt by 65 pct next four years

Vietnam’s medium- and long-term foreign debt will rise to US$27 billion in the next four years, 65 percent more than the amount in the 2005-to-2008 period, as the government seeks to fund state projects.

Vietnam’s government plans to disburse as much as $8 billion in official development assistance and $4 billion in commercial loans from foreign sources during the period, the government said in a statement posted on its website Friday.

The government will prioritize foreign loans for the funding of important development projects and to help balance its budget, according to the statement.

Of the $27 billion, the public sector will borrow no more than $19 billion while private companies may borrow as much as $8 billion, the government said.

In another statement on its website this month, the government said medium- and long-term foreign debt would be limited this year to $4.7 billion.

It would borrow no more than $1.1 billion in commercial loans this year.

thanhnien, Bloomberg

>   Australian firms high on prospects (26/04/2009)

>   Iron hand to rescue beat forex market (26/04/2009)

>   Banks are slow going with stimulus packages (26/04/2009)

>   Finance Ministry makes public petrol tax calculation method (25/04/2009)

>   Tax debtors still guaranteed for loans at commercial banks (25/04/2009)

>   Taxes to be slashed until year’s end (25/04/2009)

>   VDB will arrange enough money for demand stimulus packages (24/04/2009)

>   It’s toy money, not counterfeit money: SBV (24/04/2009)

>   Loans inaccessible by businesses because of labour departments (24/04/2009)

>   State Bank eyes black market in dollars (24/04/2009)