‘From newborns to the elderly will take 40 million dong of public debt’ | News

11/02/2020 Vietnam, World



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“That is a painful subject,” said Vice Chairman of the Finance and Budget Committee, Bui Dang Dung, when discussing in the group on 2.11 on the 2020 socio-economic budget plan for 2021.

Budget revenue in 2021 decreased by 11%

Mr. Dung recounted that at the beginning of his term, voters asked him, why did they do nothing but have their children bear 30 million dong of public debt? “At the end of the period, from 30 million per person it has now increased to 40 million,” Dung said.

With regard to public debt, Mr. Dung also asked the Government to report more clearly and carefully on the number of direct debt payments. According to Mr. Dung, in 2020, the direct debt payment is more than VND 318 billion, which represents more than 27% of budget revenue.

According to estimates, in 2021, the amount used for the payment of direct debt is more than VND 368 billion, which represents 27.4% of budget revenue.

“We anticipate charging 100 dong and having to pay the 27 dong debt, national financial security is very difficult,” said Mr. Dung.

Additionally, Mr. Dung said that recurring spending in 2020 is still high, supposedly up to 63.4%. Meanwhile, investment spending for development is “a sad 2020 story.”

“It is true to say that due to the Covid-19 epidemic, then cautiously, floods and storms, but in 9 months, we only disbursed 57.2% of the estimate. In particular, the disbursement of ODA only reached 24.8%, of which 14 billion VND has not yet been allocated. The National Assembly decided and still hung it up, ”said Mr. Dung.
Deputies Nguyen Huu Quang, a permanent member of the Finance and Budget Committee of the National Assembly, said that there are still many problems, many areas that need careful evaluation. Specifically, the speed of restructuring and restructuring of state-owned companies has decreased in recent years, in which divestment has not been as effective as expected, while “in a period of 20-30 years, some countries will they have “become a dragon, they have become a tiger.”

The Quang delegates also expressed their concern about financial security when the rate of overspending and public debt was high and the forecast for the coming period is even higher.

Furthermore, according to Quang, the report said that in 2021, GDP is expected to increase by 6%, but budget revenue is expected to decrease by 11%. “There has never been a lower figure for the estimate for next year than the previous year”, so the Government needs to clarify.

'From newborns to the elderly, they will carry 40 million dong of public debt' - photo 1

The Minister of Labor, Invalids and Social Affairs, Dao Ngoc Dung, discussed in the group

If the growth rate is greater than 4%, the overspending is greater than 6%, the public debt will be very high and it will certainly not be safe.

Speaking at the group, the Minister of Labor, Invalids and Social Affairs, Dao Ngoc Dung, said that, with the direct, comprehensive and effective leadership of the Party, the State and Party committees, the authorities, our country Still achieving encouraging achievements in 2020, as well as the 5-year trip.
“4 years of good growth, in 2020, if Covid-19 can continue like this, it is a joy. Politics and society continued to be stable. Even during a pandemic, storms and floods, we can also see mutual trust and love, but not all countries have this, “said Mr. Dao Ngoc Dung.
However, Minister Dao Ngoc Dung also pointed out that in the coming times we must face new challenges, in which the competitive trend of the main countries directly and comprehensively affects Vietnam. The Covid-19 epidemic in the world is still very complicated, while the opening of the Vietnamese economy is very large, so it will have a lasting effect.

The Minister of Labor, Invalids and Social Affairs also expressed concern about the public debt and the budget deficit. If the growth rate is greater than 4%, the overspending is greater than 6%, the public debt will be very high and it will certainly not be safe. “This is an issue that should be of primary concern next time,” Dung said.



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