Vietnam owes $36.5b in 2009: state audit

30-Jul-2011 Intellasia | Tuoi Tre News | 7:01 AM Print This Post

Vietnam’s total foreign debt as of December 31, 2009 was $36.5 billion, or a 39 percent of the country’s GDP of that year, according to the state budget audit conducted by the State Audit of Vietnam (SAV).

In its audit report recently submitted to the National Assembly, SAV also showed that state budget collection in 2009 exceeded estimates by 16.6 percent, despite a troubled economy that year.

The report also revealed that state spending was lower than estimates, but spending for administrative management has increased by 4.2 percent, while spending for sectors including education, profession training, science – technology has all decreased, by 3.7 percent, 8.7 percent and 13.2 percent, respectively.

The audit also found a total 3.2 billion dong misspent in HCM City, while the figure is 1.1 billion dong in the central province of Phu Yen.

31 localities were found to exceed local People’s Council spending targets. Nine of them even exceeding limits by 30 percent.

SAV suggested increasing the state budget by 4.9 trillion dong and reducing budget spending by 2.4 trillion dong.

It also called for crackdowns on the violators detected by the audit as well as amendments on 60 out-dated legal documents.


Category: Economy

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