Economists question validity of statistics on public debt The statistics released by the Ministry of Finance and relevant agencies about Image may be NSFW. Clik here to view.  The State Audit Office of Vietnam (SAO) stated at a press conference last week that there were some problems in the statistical work about the public debt. Chief State Auditor Nguyen Huu Van, in his April report to the National Assembly’s Steering Committee, pointed out that the Ministry of Finance (MOF) overcounted and missed some loans and debentures. The SAO’s auditing report showed that the The figure of VND1.632 trillion is not big, but the gap between the statistics in the SAO and MOF reports was wide enough to make the dubious statistics seem even more unreliable. A representative of SAO admitted at the press conference that auditing public debts was a very unfamiliar work in Vietnam, and that the audit results could not be absolutely accurate because a public debt audit is just one part of the annual state budget audit program. He said that the SAO was still creating a procedure to be specifically applied to the public debt audit. In mid-July, economists present at a workshop on public debts held by the National Assembly’s Finance and State Budget Committee, warned about MOF and the government have many times said that A report from MOF showed that as of December 31, 2013, However, the economists at the workshop pointed out that the figures do not truly reflect the public debt situation because MOF did not count other kinds of loans, including state-owned enterprises’ debts. Dr. Vu Dinh Anh from the Anh cited The Global Debt Clock (GDC) as reporting that as of the end of March 2014, every Vietnamese had borne a debt of VND20 million ($887.51). GDC showed that Dr. Trinh Tien Dung, former assistant to the UNDP Vietnam Country Director, gave two different figures about Public debts, if calculated in accordance with the Public Debt Management Law, account for 54.4 percent of Under the law, public debts comprise government debts, government-guaranteed debts and local authorities’ debts. However, if TBKTVN |
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