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Foreign debt at 29.8 percent GDP in 2008   2009-07-27 - TBKTSG

Vietnam’s foreign debt stood at 29.8 percent of its gross domestic product in 2008, down from 32.5 percent in 2007, according to the latest finance ministry figures.


Of the US$21.8 billion taken in loans last year, the government borrowed $18.9 billion while the remaining $2.9 billion went to businesses, the ministry said.

Almost 42 percent of the loans were yen-denominated as Japan was the biggest lender, with loans worth $6.77 billion. Loans denominated in Special Drawing Rights, an International

Monetary Fund-managed asset based on a basket of international currencies, accounted for 27.4 percent. Dollar and euro loans stood at 16.6 percent and 10.68 percent respectively.

Vietnam had to pay $424 million in interest and loan fees last year.

The country’s medium-and longterm foreign debt would rise to $27 billion in the next four years, 65 percent more than the 2005-2008 amount, as the government seeks to fund state projects, the government said in a statement last April.

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