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The Economist releases public debt clock

Released at: 23:40, 26/12/2014

The Economist releases public debt clock

Vietnam's public debt per person exceeds $950, an increase of $84 compared with 2013.

by Yen Thanh

Vietnam's public debt had increased to $86.2 billion as at December 25, 10.3 per cent than at the beginning of the year, according to a global debt clock created by The Economist.

Source: the global debt clock

Public debt per person (PDP) stands at $950.16 and total public debt accounts for 47 per cent of GDP. Debt remains at a medium level, based on the rating scale. Ten years ago Vietnam's total public debt was $19.3 billion and its PDP stood at $234, and over the decade both have increased by more than four-fold.

In May this year PDP was put at $850 and it was estimated at the time it would increase to $1,033 by 2015. Public debt as a percentage of GDP was set at 45.7 per cent.

Minister of Finance Dinh Tien Dung, meanwhile, told the National Assembly in November that by the end of 2014 public debt as a percentage of GDP could stand at 60.3 per cent and reach a peak in 2017 of 64.9 per cent before falling slightly to 60.2 per cent in 2020.

Public debt of ASEAN countries

Source: the global debt clock

Compared with other countries in Southeast Asia (except Laos, Cambodia and Myanmar, where information is not available), Vietnam’s public debt is the lowest. Singapore has the highest, at over $316 billion, followed by Indonesia, with more than $279 billion.

Singapore also the largest public debt as a percentage of GDP, at 94 per cent, while Indonesia has the lowest, at 25.6 per cent. According to The Economist, total global debt rose to nearly $54.994 billion this year, an increase of 5.2 per cent compared to 2013. Japan, China, India, North America and Europe account for the most.

Vietnam’s 2014 State budget increased to VND831.19 trillion ($39.58 billion) as at December 22, 6.2 per cent higher than estimated and accounting for 98.2 per cent of the annual target, according to the latest figures from the Ministry of Finance.

GDP growth is expected to reach 5.93 per cent in 2014, with inflation estimated at nearly 3 per cent, the Ministry of Planning & Investment has reported. Total overseas remittances in 2014 are forecast at $12 billion, higher than 2013's $10.6 billion, according to the State Bank of Vietnam.

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