National Credit Rating Improvement Project by 2030 adopted
Illustrative image (Photo: VNA)
Deputy Prime Minister Le Minh Khai on March 31 signed a decision approving the National Credit Rating Improvement Project by 2030.
The project aims to turn Vietnam into a developing country with modern industry and high middle income; improve Vietnam's position and prestige in the international arena; and create favourable conditions to raise the national credit rating to the investment grade by 2030, thus helping to reduce capital mobilisation costs and national credit risks.
The specific goal is to achieve a credit rating of Baa3 (for Moody's) or BBB- (for S&P and Fitch) and above by 2030. The average growth rate of gross domestic product (GDP) for the whole period is about 7 percent a year, GDP per capita at the current price by 2030 reached about 7,500 USD, and total social investment averages 33-35 percent of GDP.
It also sets a target of controlling the State budget overspending approved by the National Assembly in the annual state budget estimates and the 5-year national financial plan, striving to ensure that the overspending is equal to around 3 percent of GDP, public debt does not exceed 60 percent of GDP, and Government debt does not surpass 50 percent of GDP.
Its main solutions are to build a firm public financial system, expand a sustainable revenue base to improve debt indexes and promote fiscal consolidation, increase the transparency of fiscal policies, and improve the structure and quality of the banking system and State sector as well as the credit-related legal corridor./.
Related News
Effectively implement the State's credit capital investments to attract borrowers
11:13 | 17/03/2024 Finance
Credit and access to credit: A problem for banks and businesses
15:24 | 19/03/2024 Finance
Good management of public debt creates room to implement expansionary fiscal policy
10:06 | 19/03/2024 Finance
Accumulating bad debt ratio put pressure on banks
09:53 | 11/03/2024 Import-Export
Latest News
Central bank urges card issuers to review procedures
14:40 | 27/03/2024 Finance
Warning about impersonating tax authorities to commit fraud during tax finalization month
10:22 | 27/03/2024 Finance
“3 priorities, 3 breakthroughs” in task deployment of State Treasury
10:19 | 27/03/2024 Finance
Effectively apply M&A to go long distance
09:51 | 26/03/2024 Finance
More News
Hanoi State Treasury proactively digitizes and transforms operating methods
10:15 | 25/03/2024 Finance
The Ministry of Finance continues to strongly improve the business environment, reducing the rate of businesses temporarily suspending operations
19:40 | 24/03/2024 Finance
Vietnam tackles obstacles to stock market upgrade
19:28 | 24/03/2024 Finance
Looking forward clear instructions in tax finalization in 2023
15:40 | 24/03/2024 Finance
Proactive in dealing with exchange rate pressure
10:49 | 23/03/2024 Finance
Tax sector accompanies and supports tax finalization
09:34 | 21/03/2024 Finance
Minister of Finance: Fairness and transparency for the insurance market
14:37 | 20/03/2024 Finance
Vietnamese securities companies race to boost capital amid high market demand
14:36 | 20/03/2024 Finance
Central bank required to take urgent measures to stabilise gold market
14:33 | 20/03/2024 Finance
Your care
Central bank urges card issuers to review procedures
14:40 | 27/03/2024 Finance
Warning about impersonating tax authorities to commit fraud during tax finalization month
10:22 | 27/03/2024 Finance
“3 priorities, 3 breakthroughs” in task deployment of State Treasury
10:19 | 27/03/2024 Finance
Effectively apply M&A to go long distance
09:51 | 26/03/2024 Finance
Hanoi State Treasury proactively digitizes and transforms operating methods
10:15 | 25/03/2024 Finance