Vietnam set to borrow over $4.5bn from foreign sources in 2014

Vietnam has planned to borrow some 95.8 trillion Vietnamese dong (4.52 billion U.S. dollars) from foreign sources in 2014, said the Ministry of Finance (MoF) on Thursday. During the year, the country will spend 49 trillion Vietnamese dong (2.32 billion U.S. dollars) on paying international debts, said the ministry. In addition to foreign loans, Vietnam is projected to collect some 367 trillion Vietnamese dong (17.39 billion U.S. dollars) from domestic loans in 2014 following the Decision 477/QD-TTg recently approved by Vietnamese prime minister. The decision ordered relevant ministries and agencies to review government-committed key projects to ensure that the national foreign debts by 2020 will not exceed 50 percent of the country's Gross Domestic Product.