FacebookInstagramTwitterContact

 

BORNEO HOUSING AGENCY: Shop House in Seria Town • Industrial Warehouse in Menglait, Gadong for Rent • Shop house in Gadong (Ground Floor) for Rent • Industrial Shops in Bunut for Sale • Land in Jerudong for Sale • • Shop house in Kiarong for Sale (B$380.00) • TEL: +6738732975           >>           Private Company Urgently Need Houses & Flats for Rent in Bandar Seri Begawan, Kindly Contact the ff. nos. for further information: +673 222 0178/+673 873 2975           >>           Samsung believes 'programmable objects' will blanket your home           >>           Internal Twitter email explains its new plans to fight abuse           >>           UK collected social media data as part of its mass surveillance           >>           UK post-war schools listed into national historic wonders           >>           CPC should have its say in realm of ideology: Xi           >>           U.S. Treasury says no major trading partner manipulates currency           >>           Chaos on car parks as motorists find meters won't take new pound coin           >>           Xi calls for "putting quality first" in economic development           >>           Kodam Tanjungpura Gelar Nobar “Merah Putih Memanggil”           >>           TYT commends state’s Indian community           >>          

 

SHARE THIS ARTICLE




REACH US


GENERAL INQUIRY

[email protected]

 

ADVERTISING

[email protected]

 

PRESS RELEASE

[email protected]

 

HOTLINE

+673 222-0178 [Office Hour]

+673 223-6740 [Fax]

 



Upcoming Events


The Opening Ceremony of the Eco-Corridor and Mass Junjung Kasih and Kesyukuran Ceremony
October 22nd, 2017 | 07:15 AM


2017 Brunei Motor Show
October 28th, 2017 | 00:00 AM


Brunei Salebration
November 23rd, 2017 | 09:00 AM


JERUDONG PARK SCHOOL HOLIDAY SPECIAL
December 1st, 2017 | 00:00 AM


THE BRUNEI ISLAMIC TOUR EXPERIENCE
December 1st, 2017 | 00:00 AM





Prayer Times


The prayer times for Brunei-Muara and Temburong districts. For Tutong add 1 minute and for Belait add 3 minutes.


Imsak

: 04:38AM

Subuh

: 04:48AM

Syuruk

: 06:05AM

Doha

: 06:28AM

Zohor

: 12:07PM

Asar

: 03:24PM

Maghrib

: 06:06PM

Isyak

: 07:15PM

 



The Business Directory


 

 



Vietnam


  Home > Vietnam


Railway Law Passed, Others Debated


Trains at the Hà Nội Railway Station. — VNA/VNS Photo Thế Duyệt

 


 June 19th, 2017  |  09:24 AM  |   1438 views

HÀ NỘI

 

The third session of the 14th National Assembly (NA) spent the entire yesterday morning discussing the (revised) draft Law on Public Debt Management, for the first time.

 

Deputy Trần Hoàng Ngân of HCM City said Việt Nam’s public debt has risen sharply over the past few years, from 50 per cent of the GDP in 2010 to the current 63.7 per cent.

 

“That public debt is rising fast, the pressure on repayment of government debt is getting higher, and the government has to increase borrowing has collectively increased the demand for capital in the market, which in turn raises the interest rate of credit,” Ngân said. “Not only bad debt, public debt also contributes to rise in interest rates.”

 

By late 2015, public debt was 62.8 per cent of the GDP. The NA’s Resolution 25/2016/QH14 on the nation’s financial plan for the 2016-20 period has set a public debt ceiling of 65 per cent of the GDP. “This is to say that the remainder for this year is around 2.2 per cent of GDP,” Ngân said.

 

Currently, the demand for public investment and investment in infrastructure is pretty huge, but in comparison, the limit for public debt is quite narrow, he said. “Thus, the management, inspection, supervision and risk management of public debt to ensure public debt safety are essential.”

 

Ngân noted that increased public debt is not just because of the inappropriateness of the Law on Public Debt Management, there are several other reasons as well, including increased demand for public expenditure, and budget overspending.

 

“On average, in the past five years, overspending of the state budget has reached 5.8 per cent of the GDP, which is contrary to the target to keep the State budget overspending under 4.5 per cent of the GDP.”

 

“Additionally, low public investment efficiency, uncontrolled economic growth, and prolonged implementation of public investment projects also increased public debt,” he said.

 

Ngân recommended that public debt must be made public and updated regularly rather than only quarterly or annually, or when an NA session convenes.

 

He suggested that the Law on Public Debt Management must be considered in relation to other laws such as the State Budget Law, the Law on Public Investment, the Law on Management and Use of State Property, and the Law on Organisation of the Government, so as to better monitor budget spending and make optimal use of revenue sources.

 

The restructuring, rearrangement, merger, dissolution and equitisation of State-owned enterprises, especially loss-making ones, must be speeded up, he said.

 

“Public debt and public investment must be incorporated, and public investment must be focused, efficient, profit-making and pervasive so that we can balance debt. If public debt is under control, it will be managed more easily.”

 

Ngân pointed out that public debt management was the responsibility of the political system.

 

“Local authorities must be held responsible for their locality’s debt,” he said.

 

Deputy Phạm Phú Quốc of HCM City shared similar views. “It is necessary to define the responsibility of bodies, organisations and individuals in managing and using public debt,” he said.

 

Minister of Finance Đinh Tiến Dũng said that there were risks involved in the implementation of investment projects, especially those that use government loans and government loans with guarantee, as if they were unable to pay back the debt, the government had to bear the burden.

 

In a report to the NA on Friday morning, minister Dũng, a member of the Drafting Committee for the (revised) draft Law on Public Debt Management, said “ground reality indicates there is a lack of connection between investment decisions and obligations to pay debt.”

 

The minister emphasised the need to restructure the State budget and public debt, perfect institutions, wholly control risks and ensure public debt safety.

 

“The revised Law on Public Debt Management is essential to improve the efficiency of public investment and secure public debt, whilst keeping the legal system consistent,” he said.

 

Besides shortcomings in the management of public debt that Ngân spoke about, Dũng said weaknesses in the management and use of loans, and the allocation of capital sourced from public debts remain unfocused and inefficient.

 

Compared to the Law on Public Debt Management, which was promulgated in 2009 and came into effect a year later, the revised law has three additional chapters with 18 articles. Of the total 49 chapters in the 2009 law, 44 have been amended.

 

Law on Railway approved

 

More than 80 per cent of National Assembly deputies yesterday voted to approve the amended Law on Railways.

 

Earlier, NA deputies and the Chairman of the Committee on Science, Technology and Environment Phan Xuân Dũng presented a report on how the NA had changed the draft amended law in accordance with recommendations by NA deputies.

 

Despite support from some deputies, Dũng rejected fixing the state budget investment rate for the railway sector at 35 per cent of total investment for the transport sector, saying it would be unfeasible since budget allocation for each transport sector should be flexible to meet changing needs.

 

Some also called for dropping favourable income tax policies for railway enterprises as it would create unfair competition. Dũng said since the railway sector was a special sector that required huge investment while profit would take a long time to materialise, the NA Standing Committee wanted to keep this provision to attract enterprises to invest in the sector.

 

Some NA deputies suggested a radical change in the financial mechanism for railway operation, saying that fees for using railway infrastructure should become service prices.

 

Agreeing with this, the NA Standing Committee, however, said that more time was needed to realise this idea. Meanwhile, the Government will shift from collecting fees on railway infrastructure to leasing such facilities to maximise revenues, per the draft amended law.

 

Denunciation Law

 

On the same day, deputies discussed the draft amended denunciation law.

 

Some deputies recommended that there should be additional regulations on the forms of denunciation, such as email and telephone, while anonymous denunciation should be accepted and taken seriously.

 

Deputy Trần Hồng Nguyên  from Bình Thuận Province said if these denunciation forms were not accepted, information sources would be limited.

 

“What the draft law needs to address is offering separating procedures for each form of denunciation so that information can be processed properly, not limiting denunciation forms,” Nguyên said.

 

Deputy Nguyễn Bá Sơn from Đà Nẵng, meanwhile, was worried about the feasibility of this provision.

 

“We aren’t able to properly manage emails, telephone or faxes. In two minutes one can create an email address to send a denunciation. But the Government office which receives this email won’t be able to find the person, therefore we can’t verify the denunciation’s content,” Sơn said.

 

Deputy Nguyễn Chiến from Hà Nội agreed with the drafting committee that anonymous denunciations shouldn’t be accepted. — VNS

 

 


 

Source:
courtesy of VIET NAM NEWS

by Viet Nam News

 

If you have any stories or news that you would like to share with the global online community, please feel free to share it with us by contacting us directly at [email protected]

 

Related News


11 Parti Warisan Sabah members give police statement over Oct 10 rally

 2017-10-18 11:02:18

China's Xi says anti-graft campaign has 'overwhelming momentum'

 2017-10-18 10:32:22

Rio CFO, Ex-CEO Face SEC Fraud Charges Over $3 Billion Project

 2017-10-18 10:54:11