(VOVworld) – The National Assembly Standing Committee on Monday debated changes to the Law on Public Debt Management. Under the revised law, public debts include government debts, government-guaranteed debts, and local administration debts.

Lawmakers discussed the revised Law on Public Debt Management on March 20 (Photo: VNA)

Minister of Finance Dinh Tien Dung said the recent rise in public debts is due to weak management and the impact of the global economy. While economic growth has slowed down, spending for social welfares and transport infrastructure has kept rising, Minister Dung stressed, insisting that debts of state enterprises cannot be converted into state debts. He said developing countries, EU countries, and most ASEAN countries do not include debts of state enterprises in public debts.