Vietnam public debt accounted for 55 pct of GDP in 2011

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The Finance Ministry said public debt in 2011 accounted for nearly 55 percent of economic growth that year, news website VnExpress reported.

The debt reached VND1.4 trillion (US$68.8 billion).

Of the total amount, central government debts piled up to VND1.096 trillion, while government-guaranteed loans totaled VND285 trillion.

Local government debts were estimated at VND10.7 trillion.

While the ministry can only provide figures from 2011, up-to-date statistics on The Economist website revealed that the country's public debt has piled up to VND1.5 trillion ($72 billion), equal to 50 percent of gross domestic product.

Vietnam ranks sixth on The Economist's 1-8 rankings that goes from low debt to high debt.

Vietnam's goal is keeping the public debt from exceeding 65 percent of economic growth over the next two years.

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