Vietnam to Borrow US$4.7B Abroad This Year
Prime Minister Nguyen Tan Dung has just signed a decision to allow borrowing US$4.7 billion in medium-, long-term foreign loans this year.
Of that sum, the government will borrow US$1.1 billion and will guarantee foreign loans worth of US$3.5 billion for local businesses and credit institutions, but did not specify from which countries or organizations.
Under the decision, the government has allowed state-owned enterprises to get at most US$600 million in foreign loans, it said.
Private enterprises are expected to borrow US$1.7 billion this year.
Mr Dung has authorized the State Bank of Vietnam, the country's central bank, to coordinate with ministries to define foreign loans by local firms and FDI ones within this quarter.
This year, the government expects to receive US$1.726 billion of soft loans and grants and will cover foreign debts of US$930 million.
Recently, the government got approval from the Politburo to revise down GDP growth to 5 per cent and fiscal spending deficit of 8 per cent of the GDP value. (chinhphu.vn, Stock Investment)
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