JavaScript is off. Please enable to view full site.

Vietnam in talks to borrow $1 billion as budget deficit seen widening

Vietnam in talks to borrow $1 billion as budget deficit seen widening

Saturday, April 11, 2020, 08:28 GMT+7
Vietnam in talks to borrow $1 billion as budget deficit seen widening
People line up to buy protective masks at a shop in Hanoi, Vietnam February 6, 2020. Photo: Reuters

HANOI — Vietnam plans to borrow US$1 billion from foreign lenders this year, the Ministry of Finance said Friday, adding that the country’s budget deficit is seen widening this year due to the coronavirus outbreak. 

"The Finance Ministry is negotiating with potential lenders (IMF, WB and ADB)," the ministry said in a statement posted on its website, referring to the International Monetary Fund, the World Bank and the Asian Development Bank.

It did not give further details. 

It said Vietnam’s budget deficit is expected to widen by 1.5-1.6 percentage point to 5-5.1 percent of gross domestic product due to the impact of the coronavirus.

The country will lose VND140-150 trillion ($5.94-$6.37 billion) in state budget revenue this year, if the virus pandemic is contained within the second quarter, it added.

 

Reuters / Tuoi Tre News

More

Read more

;

Photos

VIDEOS

‘Taste of Australia’ gala dinner held in Ho Chi Minh City after 2-year hiatus

Taste of Australia Gala Reception has returned to the Park Hyatt Hotel in Ho Chi Minh City's District 1 after a two-year hiatus due to the COVID-19 pandemic

Vietnamese woman gives unconditional love to hundreds of adopted children

Despite her own immense hardship, she has taken in and cared for hundreds of orphans over the past three decades.

Vietnam’s Mekong Delta celebrates spring with ‘hat boi’ performances

The art form is so popular that it attracts people from all ages in the Mekong Delta

Vietnamese youngster travels back in time with clay miniatures

Each work is a scene caught by Dung and kept in his memories through his journeys across Vietnam

Latest news