Vietnam is considering a raising of the ceiling on its public debt from the current level of 60% of gross domestic product to shore up an economy hit by the coronavirus, its investment minister has announced.
Although Vietnam’s Chinese debt burden is low compared to some of its neighbors, it is still a worry for the Communist Party mandarins in Hanoi.
The Ministry of Planning and Investment estimates the country’s GDP growth in 2021 at 3-3.5 percent, down 0.5 percentage points from the forecast in September.
Warnings that lockdowns were crippling businesses heaped pressure on Communist government
Vietnam’s gross domestic product contracted 6.17% in the third quarter of 2021 from a year earlier as pandemic restrictions hit, the sharpest quarterly decline on record, government data released on Wednesday showed.
Vietnam’s gross domestic product (GDP) grew by 5.64 per cent in the first half of 2021, according to a government report this week.
US exports contribute, though delayed vaccinations hinder prospects