Vietnam to spend $4.76 bln paying debts in 2012

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Vietnam will extract VND100 trillion (US$4.76 billion) from its budget to pay its debts in 2012, according to a resolution on the 2012 estimated national budget passed on Thursday by the National Assembly.

Lawmakers also voted to spend VND180 trillion on investments and development, and VND59.3 trillion increasing the minimum wage beginning May 1, 2012.

According to the resolution, Vietnam's budget overspending next year is set at VND140.2 trillion, or 4.8 percent of gross domestic product (GDP). But the country will try to keep its overspending below the objective rate.

The budget's total spending for 2012 is projected to be VND903.1 trillion, while the income is projected to be VND740.5 trillion.

Previously on Wednesday, legislators also passed a resolution to develop the economy and society next year, with the objective of keeping the annual inflation rate below 10 percent and growing the economy by 6 percent to 6.5 percent.

The country recorded an inflation rate of 21.59 percent in October this year.

The National Assembly asked the government to soon complete its economic restructuring plan, which mainly targets public investment, financial markets and state-owned companies.

The government was also asked to take stricter control over national debt, monetary policies, imports and exports.

In the meantime, 16 national programs, including environmental pollution solutions, were approved by the National Assembly. The total investment for those programs was set at VND276.372 trillion, more than half of which will come from the state budget.

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