(VOVworld) – Finance Minister Dinh Tien Dung began the National Assembly Q and A session on Tuesday. His hearing focused on public debt and Vietnam’s ability to pay its debts, the management of budget collection and spending, market price control, and the equitization of state-owned enterprises.

Minister Dung said that Vietnam’s public debt has tended to rise in recent years but has remained within a safe limit, lower than the level set by the National Assembly and the government: “The public debt to GDP ratio has not changed over recent years. It was 53.4% in 2013 lower than the 65% target set by the legislature. Vietnam’s government debt was 41.5% lower than the National Assembly’s 55% target. Moderate GDP growth in the coming year and tight control of economic sustainability will maintain Vietnam’s ability to pay its debts.”

Minister Dung said Vietnam’s public debts include foreign debts, low-interest ODA, government bonds, and other loans. He added that it was essential to restructure Vietnam’s public debts. He also proposed a roadmap to reduce the budget deficit: “The target is to reduce the budget deficit by 4.5% by next year and 4% by 2020. In the coming years, spending must be cut, particularly frequent expenses while improving spending effectiveness to provide the money for poverty reduction and to ensure national defense and security.”

Minister of Planning and Investment Bui Quang Vinh told the deputies that investment sources are safe and were being used for socio-economic development.