Public Debt and Improvement of Laws on Public Debt Management in Vietnam

Abstract

In the highly unstable context of current world economy, public debt has become a hot issue that many countries are concerning. In Vietnam, in the industrialization and modernization progress, the country needs more capital and technology to restructure the economy and facilitate economic development, social stability and sustainable direction. Over the years, Vietnam has organized to mobilize capital through various forms of debt, such as government bonds, ODA, etc. In fact, Vietnam's public debt is now so high and having an upward trend, while the budget deficit is increasingly heavy and investment is non-stop expanding leading to inflation and rising interest rates. This caused Vietnam’s debt situation becomes more serious. In the meanwhile, public debt management in Vietnam has really been focused in recent years, which is marked by the promulgation of Public Debt Management Law. Besides, the laws on public debt management is incomplete and not compatible with international law such as the shortage of the concept of public debt, the regulations on issuing, using, paying plan and management of all kinds of public debts, regulations on publicizing, monitoring the information of public debt. Therefore, some suggestions on improving regulations on the concept of public debt; regulations on publicizing and reporting information on public debt; regulations on developing strategies and plans debt; regulations on improving the efficiency of loans; and establishing a public debt court can be withdrawn based on some guidelines of World Bank and International Monetary Fund and experience of some countries (Japan, China and Germany).



Author Information
Nguyen Hai Yen, Kyushu University, Japan

Paper Information
Conference: ECPEL2016
Stream: Law 7. Public Law and Policy

This paper is part of the ECPEL2016 Conference Proceedings (View)
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