The greek public debt crisis and lessons for vietnam,

THE STATE BANK OF VIETNAM BANKING ACADEMY Foreign Language Faculty - - GRADUATION THESIS Title: THE GREEK PUBLIC DEBT CRISIS AND LESSONS FOR VIETNAM Student: Class: Student code: Supervisor: Hanoi, 20th May 2015 Le Thi Thu Ha ATCC-K14 14A7510049 Can Thuy Lien (M.A.) Graduation Thesis i Banking Academy ACKNOWLEDGEMENTS First of all, I would like to show my deep gratitude to my supervisor, Ms Can Thuy Lien, for providing me with enthusiastic support and valuable advice during the time I did my research Without her guidance and persistent help, this thesis would not have been possible I am also grateful to all teachers at Banking Academy for having equipped me with a variety of knowledge, and my family who have encouraged me in my studies Le Thi Thu Ha ATCC_K14 Graduation Thesis ii Banking Academy ABSTRACTS Public debt crisis (also known as sovereign debt crisis) currently has become a common concern of many countries, especially after the outbreak of the Greek debt crisis in late 2009 In Vietnam, public debt is at risk level and tends to increase rapidly This thesis analyzes the context of public debt crisis in Greece and policy responses of this country Through analyzing the case of Greece together with the current situation of Vietnam’s public debt, the research draws lessons and suggests some solutions for Vietnam to control its public debt Le Thi Thu Ha ATCC_K14 Graduation Thesis iii Banking Academy TABLE OF CONTENTS ACKNOWLEDGEMENTS i ABSTRACTS ii LIST OF ABBREVIATIONS v LIST OF DIAGRAMS, FIGURES AND TABLES vii CHAPTER 1: INTRODUCTION 1.1 Research rationale 1.2 Research questions 1.3 Research objectives .2 1.4 Research scope 1.5 Research methodology 1.6 Thesis outline CHAPTER 2: AN OVERVIEW OF PUBLIC DEBT AND PUBLIC DEBT CRISIS 2.1 An overview of public debt 2.1.1 Definition and classification of public debt .4 2.1.2 Economic essence and impacts of public debt 2.2 Public debt crisis .9 2.2.1 Definition 2.2.2 Causes of public debt crisis 2.2.3 Consequences of public debt crisis 10 CHAPTER 3: THE GREEK PUBLIC DEBT CRISIS .12 3.1 The Greek background 12 3.2 Real situation of the Greek public debt crisis 12 3.3 Causes of the Greek public debt crisis 15 3.3.1 Internal factors 15 3.3.2 External factors .18 3.4 Impacts of the Greek public debt crisis 19 Le Thi Thu Ha ATCC_K14 Graduation Thesis iv Banking Academy 3.4.1 Impacts on the Greek economy and society .19 3.4.2 Impacts on the Eurozone and the global 21 3.5 Policy responses 23 3.5.1 The Greek Domestic Policy Responses 23 3.5.2 Financial assistance of international institutions to Greece .25 CHAPTER 4: PUBLIC DEBT IN VIETNAM AND LESSONS FROM GREECE 28 4.1 Real situation 28 4.1.1 Government revenues and expenditures 28 4.1.2 Budget deficit and public debt 33 4.1.3 Risks relating to the Vietnamese public debt 37 4.2 The inferred lessons from the Greek public debt crisis 38 4.3 Suggested solutions for Vietnam 39 4.3.1 Increasing the government revenues and reducing public spending 39 4.3.2 Improving the economic efficiency 40 4.3.3 Increasing the transparency of information on the national budget and public debt 40 4.3.4 Developing the domestic financial market .41 CONCLUSION 42 REFERENCES 43 Le Thi Thu Ha ATCC_K14 Graduation Thesis v Banking Academy LIST OF ABBREVIATIONS ADB Asian Develop Bank CEPR Centre for Economic Policy Research EC European Commission ECB European Central Bank EMU Economic and Monetary Union EU European Union GDP Gross Domestic Product IMF International Monetary Fund MoF Ministry of Finance NATO North Atlantic Treaty Organization ODA Official Development Assistance OECD Organization for Economic Co-operation and Development OSCE The Organization for Security and Co-operation in Europe S&P Standard and Poor’s SOE State-owned Enterprises USD United States Dollar US The United States VND The Vietnamese Dong WB World Bank WTO World Trade Organization Le Thi Thu Ha ATCC_K14 Graduation Thesis vi Banking Academy LIST OF DIAGRAMS, FIGURES AND TABLES Figure Budget deficit (% of GDP) and debt-to-GDP ratio in selected European countries in 2009 .14 Figure Debt-to-GDP ratio in Greece and European Union Average from 2007 to 2014 15 Figure Greek government spending from 2007 to 2014 (% of GDP) 16 Figure Yields of the 10-year government bonds for selected euro area countries from 2007 to 2012 (%) 20 Figure Real GDP growth rate of Greece from 2001 to 2014 21 Figure Unemployment rate in Greece from 2008 to 2014 21 Figure Budget revenues in Vietnam from 2008 to 2014 (% of GDP) 29 Figure Tax revenues in Vietnam and some Asian countries from 2008 to 2013 (% of GDP) .30 Figure Structure of Vietnam’s budget revenue from 2003 to 2014 divided into sectors (% of total revenue) .30 Figure 10 Proportion of Vietnam’s crude oil revenue from 2008 to 2014 (% of total revenue) .31 Figure 11 Structure of Vietnam’s total expenditures from 2008 to 2014 (% of GDP) 32 Figure 12 Public expenditures in Vietnam and some Asian countries from 2008 to 2013 (% of GDP) 33 Figure 13 Deficit in Vietnam and some Asian countries from 2011 to 2013 (% of GDP) 34 Figure 14 Total public debt of Vietnam from 2008 to 2015 (% of GDP) .35 Figure 15 The growth rate of the Vietnamese public debt and GDP from 2010 to 2014 (%) 36 Figure 16 The structure of public debt in 2010 and 2014 (%) 37 Le Thi Thu Ha ATCC_K14 Graduation Thesis Academy vii Banking Table Competitive level of some European countries in 2009 .18 Table Budget deficit of Vietnam from 2006 to 2014 (% of GDP) .34 Le Thi Thu Ha ATCC_K14 Graduation Thesis Banking Academy CHAPTER 1: INTRODUCTION 1.1 Research rationale In the context of unsustainable development of the world economy, typically the global economic crisis in late 2008 and the sovereign debt crisis in Greece which has spread to other European countries, public debt has become a burning issue attracting great interest of the world leaders However, the causes and consequences of public debt to the national economy as well as to the whole region have not been studied profoundly in Vietnam In recent years, after the rapid growth period, Vietnam's economy has shown signs of slowing down The statistics of Vietnam and the international organizations showed that Vietnam frequently has budget deficit and the growing burden of public debt while the investment efficiency is decreasing Many organizations and economic experts, including the International Monetary Fund which has warned that Vietnam will face risks of debt crisis in the next ten years if this situation still persists Therefore, the study’s objective is to analyze the current situation of Vietnam’s public debt by gathering the most relevant public debt theory and the practical debt crisis in Greece Finally, the thesis provides some policy suggestions to improve the debt situation in Vietnam by analyzing together the policy responses of Greece with Vietnam’s context 1.2 Research questions How does public debt crisis impact on the economy? What are the causes of the Greek public debt crisis in early 2010 and the policy responses? How is the current public debt situation in Vietnam? What are lessons and solutions for Vietnam to control its public debt? Le Thi Thu Ha ATCC_K14 Graduation Thesis 1.3 Banking Academy Research objectives Firstly, objective of the research is to systematize general theory about public debt and public debt crisis Secondly, the research analyzes the practical public debt crisis in Greece and the current public debt situation in Vietnam Finally, the study draws lessons from the case of Greece to Vietnam and suggests some solutions for Vietnam to control its public debt efficiently 1.4 Research scope The thesis focuses on studying the Greek public debt crisis which arose in early 2010 and the public debt situation in Vietnam in the period from 2008 to 2014 1.5 Research methodology The study was conducted by means of the qualitative research method using different theories, together with gathering and analyzing facts and figures The thesis was completed through the following steps: Step 1: Collect information and data from books, newspaper, Internet and organization related to the field of study in the topic Step 2: Gather, analyze documents, and combine the textbook knowledge with practice to implement topic content 1.6 Thesis outline The study consists of four chapters The first chapter is an introduction including research rationale, research questions, research objectives, research scopes, research methodology and thesis outline The second chapter gives an overview of public debt and public debt crisis Some fundamental concepts of classification and impacts of public debt as well as public debt crisis are explained Le Thi Thu Ha ATCC_K14 Graduation Thesis Banking Academy 30 Figure Tax revenues in Vietnam and some Asian countries from 2008 to 2013 (% of GDP) 25 India 20 Malaysia 15 Thailand 10 the Phillipines Indonesia 2008 2009 2010 2011 2012 2013 Vietnam Source: ADB 2013 In the structure of revenues in the state budget, revenues from non-state sector tended to increase According to data of the Ministry of Finance’s estimates (2014), revenues from this sector increased by 3% from about 10,1% in 2008 to 12,8% in 2014 (Figure 9) Figure Structure of Vietnam’s budget revenue from 2003 to 2014 divided into sectors (% of total revenue) 100 90 80 70 60 50 40 30 20 10 other sectors non-state sector foreign investment enterprises state-owned enterprises 2008 2009 2010 2011 2012 2013 2014 Source: MoF Le Thi Thu Ha ATCC_K14 Graduation Thesis Banking Academy 31 Meanwhile, it can be seen from the chart that revenue from the sector of foreign investment businesses was declining, from 30.7% in 2008 to 27.5% of total revenue in 2014 In this sector, notably crude oil revenue has declined significantly (Figure10) because the price of crude oil worldwide has dropped in recent years, having negative effects on both budget balance and import-export business According to MoF, if the price of crude oil decreases by USD per barrel, then the state budget will go down by 1000 billion VND Figure 10 Proportion of Vietnam’s crude oil revenue from 2008 to 2014 (% of total revenue) 35 30 25 20 15 10 2008 2009 2010 2011 2012 2013 2014 Source: MoF Government expenditure According to the estimates and balance sheets of MoF, total budget expenditure of the state budget includes capital expenditures and current expenditures Starting from 2009, the total expenditure has decreased by government implementing contractionary policies to stabilize the economy and control the inflation Le Thi Thu Ha ATCC_K14 Graduation Thesis 32 Banking Academy Figure 11 showed that despite the narrowing of the total expenditure, the current expenditures rose while capital expenditures decreased during the period 2008 2012 Obviously, this reflected inefficiencies in government spending in this phase The increase in current expenditures indicated that the government had a cumbersome state apparatus and inefficient operations Lately, the situation has been improved significantly; it was proved that current expenditures tended to decline from 23 % of GDP in 2012 to about 19 % of GDP in 2014 However, current expenditures still account for a major proportion of total expenditure The main reason is that the Vietnamese economy has been affected by the recent economic recession, resulting in the increasing needs for spending on social security Due to having the major proportion, these expenditures will be a factor pushing the state budget deficit up if they continue rising Figure 11 Structure of Vietnam’s total expenditures from 2008 to 2014 (% of GDP) 50 45 40 35 30 25 20 15 10 total expenditure current expenditure capital expenditure 2008 2009 2010 2011 2012 2013 2014 Source: MoF Figure 12 showed that in comparison to other countries in the region as well as in Asia, Vietnam's public spending was also remarkable, at over 25% of GDP Le Thi Thu Ha ATCC_K14 Graduation Thesis Banking Academy 33 Meanwhile, except in Malaysia where the rate was as high as that in Vietnam, other countries such as Thailand, Indonesia, the Philippines and India this rate was around 15-20% Figure 12 Public expenditures in Vietnam and some Asian countries from 2008 to 2013 (% of GDP) 35 30 India 25 Malaysia 20 Thailand 15 the Phillipines 10 Indonesia Vietnam 2008 2009 2010 2011 2012 2013 Source: ADB 2013 4.1.2 Budget deficit and public debt Budget deficit Despite the relatively high revenue, Vietnam could not avoid the frequent budget deficits during the past few years Balance sheet figures and budget estimates of the Ministry of Finance distinguished two concepts of budget deficit, which are deficits according to international standards (excluding amortization) and Vietnam’s standards (including amortization) If calculated according to international standards, the deficit or overspending of Vietnam was much lower, and also quite close to the statistics of ADB (Table 2) However as standards of Vietnam, the deficit was around 5% of GDP, only in 2009 Vietnam had significantly higher deficit, which was 6.9% of GDP due to the impact of the global financial crisis Le Thi Thu Ha ATCC_K14 Graduation Thesis Banking Academy 34 Table Budget deficit of Vietnam from 2006 to 2014 (% of GDP) 2006 2007 2008 2009 2010 2011 2012 2013 2014 MoF¹ -0,9 -1,76 -1,81 -3,69 -2,36 -1,2 -2,9 -3,9 -4,1 MoF² -4,99 -5,65 -4,58 -6,90 -5,5 -4,4 -4,8 -5,45 -5,3 ADB 1,2 -0,9 0,6 -4,2 -2,1 -0,5 -4,4 -4,7 _ Source: MoF, ADB 2014 Note: - MoF1 – international standards (excluding amortization) - MoF2 – Vietnam’s standards (including amortization) The level of budget deficits of Vietnam was high compared to other countries in the region In the period 2011-2013, the deficit rate of Vietnam was only lower than Malaysia and India Especially, Vietnam was the only country that continued to increase the budget deficit, while other countries have started to improve their situation (Figure 13) Figure 13 Deficit in Vietnam and some Asian countries from 2011 to 2013 (% of GDP) Indonesia Thailand the Phillipines 2013 Vietnam 2012 Malaysia 2011 India -6 -5 -4 -3 -2 -1 Source: ADB 2013 Le Thi Thu Ha ATCC_K14 Graduation Thesis Banking Academy 35 Public debt Due to the impacts of the financial crisis and the global economic recession, the economic growth rate of Vietnam was quite slow Besides, budget revenue has declined, but the government still has to lower tax levy to back up corporations while the demands for spending on stimulus packages, wages reform and social security have been increasing Thus, public debt to GDP rose sharply in recent times According to the global debt clock of The Economist, public debt of Vietnam was over 85 billion USD accounted for 60,3 % of GDP, which means that each Vietnamese now is bearing around 950 USD on average Although Vietnam’s public debt was within safe limit in 2014, it increased at high level in comparison with the last two years (public debt made up 50,8% and 54,2 % of GDP in 2012 and 2013, respectively) In late 2015, public debt was estimated at about 64% of GDP which is close to permitted threshold stimulated by the National Assembly (65%) (Figure 14) In accordance with the definition on public debt of international institutions, however, if public debt of Vietnam comprised debts of state-owned corporations and debts of the Central Bank, it would exceed 106% of GDP Figure 14 Total public debt of Vietnam from 2008 to 2015 (% of GDP) 70 60 50 40 30 20 10 2008 2009 2010 2011 2012 2013 2014 2015* Source: MoF, the Economist (2015 is projected) Le Thi Thu Ha ATCC_K14 Graduation Thesis Banking Academy 36 Another notable point was that the growth rate of public debt has increased rapidly in recent years If it was only approximate 10% per year in the period from 2005 to 2009, the rate rose to 22% per year on average which was much higher than the average growth rate of the economy (5.87%) in the period from 2010 to 2014 Figure 15 The growth rate of the Vietnamese public debt and GDP from 2010 to 2014 (%) 2014 2013 2012 2011 2010 10 15 20 25 30 Source: General Statistic Office of Vietnam In addition, the structure of public debt is not sustainable Since Vietnam became a country having average income, the proportion of ODA and other foreign debts with long terms and low interests in public debt has been decreasing Hence, the structure of debt has changed with the increase in the proportion of domestic debts, but the majority is short-term debt The Minister of Finance, Mr Dinh Tien Dung, said that the remain term of foreign loans was about 13 years while that of domestic debts was only years which put pressure on short-term repayment In the period 20112015, the government had to issue 335 trillion dong of government bonds which was twice as much as that in the period 2006-2010 In 2013, the average term of bond issuance was above years and the average interest was at 7.96% per year; in the first ten months of 2014, the average term and interest were nearly years and 6.81% per year, respectively This increased the obligation of debt repayment of the Le Thi Thu Ha ATCC_K14 Graduation Thesis Banking Academy 37 government in the short term The figure 16 illustrated that the percentage of domestic debts rose from 40.3% in 2010 to 54.5 % in 2014 while that of foreign debts declined appropriately from 59.7% to 45.5% Figure 16 The structure of public debt in 2010 and 2014 (%) 2010 2014 40.3 45.5 59.7 54.5 domestic debts foreign debts Source: nif.mof.gov.vn 4.1.3 Risks relating to the Vietnamese public debt To pay for the debt, the government must have a stable source of income However, the reality seemed that increasing revenue by direct taxes from businesses or individuals had many difficulties from the discouragement of the people, lead to social unrest If tightening spending, the government might have exchanged for the economic growth slowdown because the target stimulus could not be done as before Besides the intrinsic difficulties, Vietnam, like many other countries around the world, was affected by the global financial crisis The devaluation of the Vietnamese dong generally pushed the value of foreign debt up In addition, investors no longer saw Vietnam as an attractive destination as before Although the currency devaluation could increase exports and trade balance, this positive effect was not great because Vietnam only exported crude goods at low prices All those impacts were the reason why Vietnam could no longer count on the foreign debt The Greek debt crisis did not only lessen the confidence of investors, Le Thi Thu Ha ATCC_K14 Graduation Thesis 38 Banking Academy but also raised wake-up call for developing countries that had to be more vigilant over their debts Due to the limit foreign loans, Vietnam would have to use these loans effectively for right purposes to foster the economic development, repay debts in future and restore investors’ confidence Since Vietnam has focused on the disbursement of its loans, trying to sell bonds to collect money, while the effectiveness of capital investments were rarely considered as success This “chronic disease” in Vietnam came from bureaucracy and corruption with the unreasonable use of public funds Typically, these might be mentioned the cases of large state-owned corporations such as Vinashin, Vinalines or Petro Vietnam Losses from these corporations amounted to tens of trillions Vietnam dong Therefore, fiscal risks and Vietnam's public debt became more severe when these groups would hardly revive and repay their own debts 4.2 The inferred lessons from the Greek public debt crisis The first lesson is about fiscal policy and public debt management One of the common points in the real situation of the Greece and Vietnam’s economy is the prolonged deficit Thus, it is necessary to tighten fiscal policy, manage expenditure and save more reasonably in the future to curb the budget deficit The government is required to have a prudent public debt management policy and a sound borrowing plan to reduce public debt risks Secondly, the lesson is about public investment and efficient use of capital Because of easy access to foreign capital, Greece used its capital in an arbitrary way, leading to ineffectiveness Thus, there was no money left to pay the debt Athens stadium built to use for the Olympic Games in 2004 was evidence; although the government spent a huge amount of money on this project, it hardly brought any profits for Greece Therefore, it is required to consider plans and programs carefully to ensure that investment capital is used with maximum efficiency Le Thi Thu Ha ATCC_K14 Graduation Thesis 39 Banking Academy The third lesson refers to transparency and investors’ confidence After the facts and figures of the budget deficit were exposed, several investors quickly withdrew their capital from the Greek banks This pushed the country into a difficult situation Therefore, transparency and disclosure is always required by both domestic and foreign investors Finally, dependence on external capital sources makes the economy weaker Greece relied too heavily on external borrowings to cover deficits of the country’s budget as well as to meet the needs of public expenditures Therefore, when it was risky to access these foreign capital sources, the economy became too weak or not strong enough to recover debts itself 4.3 Suggested solutions for Vietnam Vietnam’s public debt analysis showed that Vietnam had many signs similar to Greece, which fell into the debt crisis, namely: (i) a reduction in economic growth since the U.S financial crisis in 2008; (ii) huge and increasing budget deficit and public debt; (iii) an increase in foreign debt but decline in foreign exchange reserves against total short term loans; (iv) large debt of state enterprise sector, but not included in the structure of public debt; (v) inability to borrow preferential interest rates loans but higher interest rates and shorter term commercial loans These factors made Vietnam's sovereign debt in high risk area, especially when the economy continued growing based on the exploitation of natural resources, labour and capital intensive, low labour productivity So far, Vietnam’s public debt has been increasing In this part, the research suggests some solutions to the situation that Vietnam is facing 4.3.1 Increasing the government revenues and reducing public spending High foreign debt, budget deficit, and overspending referred to the main causes of the debt crisis of the economy Therefore, it is necessary to come up with increasing revenues and cutting public spending Although Vietnam’s budget income is quite high in comparison with other countries in the area, the budget deficit is still Le Thi Thu Ha ATCC_K14 Graduation Thesis 40 Banking Academy prolonged This is due to the high level of public spending that was largely spent on current expenditures Therefore, if it is possible to reallocate the current expenditures effectively and reduce the cumbersome administrative mechanism which is a burden of the economy, Vietnam will offset the budget deficit The measures to increase budget revenues are raising taxes, adding more new taxes, heavily taxing on subjects with high incomes Currently, Vietnam is not in crisis as Greece Accordingly, the austerity fiscal policy should be applied carefully to avoid the reaction of public opinion as well as social unrest 4.3.2 Improving the economic efficiency One of the big problems is that Vietnam's public debt and public investment brought inefficiency and inessential benefits, leading to losses and serious impacts on the economy A chain of large corporations declared bankruptcy caused psychological concerns to domestic as well as foreign investors As a consequence, the government must generate more public spending to pay those bad debts, causing more serious budget deficit Therefore, the restructuring of the SOE system should be a top priority in improving the situation of Vietnam's public debt The restructuring of public investment are also important This is appropriate to Vietnam when investment efficiency in public sector was only half of that in non-state sector 4.3.3 Increasing the transparency of information on the national budget and public debt In order to better the budget deficit and public debt management, the important task of each country is to make these issues disclosed and transparent Thereby, the government sector should be clearly separated from the public organization sector In addition, all fiscal activities relating to the state budget are also reported clearly and transparently In term of the public debt management, the government should also provide an unequivocal legal governance framework and assign responsibilities to a specialized agency This agency will be responsible for choosing necessary tools of borrowing, and researching on the strategy of public debt management through figures of debt thresholds and indicators of debt risks Simultaneously, the Le Thi Thu Ha ATCC_K14 Graduation Thesis 41 Banking Academy agency should establish a department in charge of monitoring to provide the updated and accurate statistics figures 4.3.4 Developing the domestic financial market Since Vietnam became an average-income country, it was difficult to continue to receive ODA loans with preferential interest rates As the risks of foreign debt were mentioned above, consequently, the development of domestic financial market plays an important role in investment capital market in Vietnam The country should have specific strategies for market development, along with the rise of domestic financial markets Le Thi Thu Ha ATCC_K14 Graduation Thesis 42 Banking Academy CONCLUSION To sum up, the Greece’s public debt crisis resulted from the poor public debt management of the Greek government, which led to a number of consequences such as social instability and negative growth of the economy Although the status of public debt in Vietnam is within safe limits, the government should pay special attention to the improvement in the mobilization and utilization of debts, creating strong motivation to foster economic development From the study on the Greek public debt crisis, Vietnam could draw many useful lessons to apply to the management mechanisms The researched case shows that fiscal adjustment is essential but insufficient It is also important to foster domestic savings and get people to purchase the government bond instead of investing their money abroad The research work faces problems that the public data on public debt were very short and lacking specific sources Due to limited resources in terms of time and reference materials on public debt management policies, the work was to analyze only the case of Greece Le Thi Thu Ha ATCC_K14 Graduation Thesis 43 Banking Academy REFERENCES Carner,M, T Grennes, F.Koeheler-Geib (2010), “Finding the Tipping PointWhen Sovereign Debt Turns Bad”, World Bank Policy Research Working M Nautet, L Van Meensel (2011), Economic impact of the public debt Manos Matsaganis (2013), The Greek crisis: Social impact and policy responses Gregory T Papanikos (2014), The Greek Sovereign Debt: Are there really any ptions? Kirkegaard J.F (2009), Greece’s Unlikely Disciplinarians: The European Commission and Europe’s Bond Market Vigilantes, Peterson Institute for International Economics Kumar, M S & Woo, J (2010), “Public Debt and Growth”, IMF Working Paper No WP/10/174, 2010 Nelson, R.M., Belkin, P & Mix, D E (2010), “Greece’s Debt Crisis: Overview, Policy Responses and Implications”, CRS Report for Congress Reinhart, C.M and Rogoff, K.S (2010), “Growth in a Time of Debt”, American Economic Review Mark Mink and Jakob de Haan, Contagion during the Greek sovereign debt crisis 10 Shelby Woods, The Greek Sovereign Debt Crisis: Politics and Economics in the Eurozone 11 The European Commission, Economic outlook Website: ec Europa.eu 12 Communist Review of Vietnam(2011), Improving public debt management Le Thi Thu Ha ATCC_K14 Graduation Thesis 44 Banking Academy http://english.tapchicongsan.org.vn/Home/Focus/2011/169/Improvingpublic-debt-management.aspx 13 The law on public debt management of Vietnam (2009) http://moj.gov.vn/vbpq/en/Lists/Vn%20bn%20php%20lut/View_Detail.aspx ?ItemID=10460 14 The International Monetary Fund, World economic outlook (2008-2014) Website: www imf.org 15 Asian Development Bank: Key indicators for Asia and the Pacific 2014 Website: www.adb.org 16 The Ministry of Finance, State Budget Balance (from 2008-2015) Website: www.mof.gov.vn 17 International Standards of Supreme Audit Institutions Intosai 2010, Debt indicators Website: www issai.org 18 Vũ Minh Long, Khủng hoảng nợ công số kinh tế giới http://tailieu.vn/doc/khung-hoang-no-cong-tai-mot-so-nen-kinh-te-tren-thegioi-nguyen-nhan-dien-bien-hau-qua-bien-phap 1400413.html 19 Thông cáo báo chí Phiên họp Chính Phủ thường kỳ tháng 10 nợ cơng (10/2014), Báo điện tử phủ Website: baodientu.chinhphu.vn Le Thi Thu Ha ATCC_K14