Vietnam Ministry In Talks For Foreign Loans

The Ministry of Finance is now in talks with foreign creditors over 22 credit agreements, and the amount having been tentatively approved in such loan agreements has reached some US$2.6 billion as of now, the ministry said.

In a press statement on Monday, the ministry said that the loans are to replenish capital sources used for growth and economic recovery.

Besides the agreements under negotiations, the ministry last month also clinched four other agreements to borrow money and receive assistance with a total value of US$253.4 million. The ministry in the January-October period signed 25 agreements with foreign partners worth US$2.37 billion in credits.

The ministry also provided updates of results from carrying out the State budget plan, with total revenue in the ten-month period accounting for an estimated 67% of the year’s target. Meanwhile, total State spending was put at nearly 79% of the year’s plan.

As of end-October, investment funding disbursed from the State budget was around 76% of the planned figure, while funding from Government bonds have reached some 75% of the target.

“Compared to the plan, State budget revenue is still mired in difficulties as the finance industry will have to collect 23.8% of the year’s plan or 11.9% of the plan each month while during the ten-month period, revenue averaged out at only 7.6% of the annual plan,” the ministry said.

The ministry also unveiled information on other activities.

For instance, the State Treasury in January-October mobilized nearly VND15 trillion from various channels excluding government bonds, which amounted to roughly VND115.88 trillion, realizing 96.56% of the annual plan.

The ministry in its statement also said inflation this year would be under control.

“The January-October consumer price index (CPI) jumped 6.02% against December last year. The 2012 CPI will be within the target of 8% assigned by the National Assembly if macroeconomics and price management policies are launched in a prudent and drastic way in the remaining two months of the year without any considerable and sudden changes,” the ministry said.

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