PM's directive on effective management and use of foreign loans
The Prime Minister has recently issued Directive No. 03/CT-TTg on the implementation of the National Assembly Standing Committee’s Resolution No. 582/NQ-UBTVQH14 on a number of tasks and solutions to continue accelerating the implementation of policies and laws on management and use of foreign loans.
Hanoi (VNA) - The Prime Minister has recently issued Directive No.03/CT-TTg on the implementation of the National Assembly Standing Committee’sResolution No. 582/NQ-UBTVQH14 on a number of tasks and solutions to continueaccelerating the implementation of policies and laws on management and use offoreign loans.
Based on the evaluation of the results of the implementation of policies andlaws on the management and use of foreign loans, tasks and solutions set out inthe Resolution, the Government leader instructs the Ministry of Planning andInvestment (MPI) to continue completing the Law on Public Investment and reportit to the PM and the Government, before it is submitted to the 14th NationalAssembly for approval at the upcoming 7th session.
In addition, the MPI is asked to develop the five-year and annual publicinvestment plans for official development assistance (ODA) capital andpreferential loans from foreign donors, report the plans to the authorisedlevels for approval, organise the implementation in line with the progressstipulated in the Law on Public Investment, and examine the disbursementprogress and efficiency of projects using foreign loans in accordance withprovisions of the law.
The PM also asks the MPI to coordinate with the Finance Ministry (MoF) andother agencies to guide the implementation of orientations for the attraction,management and use of ODA capital and preferential loans from foreign donors inthe 2018-2020 period, vision to 2021-2025.
The MoF is requested to complete the building of a directive on enhancing theuse of ODA capital and foreign preferential loans for development investmentand not for regular spending, while continuing to finalise the orientations forthe attraction, management and use of ODA capital and preferential loans in the2021-2025 period in accordance with the 10-year socio-economic developmentstrategy (2021-2030) and the five-year socio-economic development plan(2021-2015).
The PM asks ministries, sectors andlocalities to carefully select projects for the use of foreign loans, ensuringthe efficiency of use and debt repayment capacity on the basis of improving thequality of project documents and meeting well with Vietnam’s reciprocalconditions. - VNA
The Standing Committee of the National Assembly (NA) has recently issued a resolution on promoting law enforcement on the management and use of foreign loans.
Struggling to attract domestic funds, banks are rushing to seek foreign capital ahead of the central bank’s tightened policy on medium- and long-term lending early next year.
Many local enterprises are concerned about paying higher corporate income tax according to regulations on the deductibility of loan interest under Decree 20, in effect from May 1, 2017.
General Secretary of the Communist Party of Vietnam Central Committee To Lam and his spouse Ngo Phuong Ly departed from Hanoi on August 10 morning for a four-day state visit to the Republic of Korea (RoK), which is made at an invitation of RoK President Lee Jae Myung.
As part of the ASEAN Day celebrations, the Vietnamese embassy will also host the ASEAN Family Day 2025 in Ottawa to foster solidarity and community spirit among ASEAN members in Canada.
State President Luong Cuong’s trip once again reaffirmed the Party and State’s foreign policy of independence, self-reliance, diversification and multilateralisation of relations. It also reflected the strong trend of enhanced cooperation among countries of the Global South in shaping a new, more multipolar, fair and equitable world order.
The outcomes of Party General Secretary To Lam's visit will serve as a driving force and source of inspiration for the two countries to inherit, promote, and elevate their Comprehensive Strategic Partnership, contributing to the national construction and development cause in each country, and to peace, cooperation, and development in the region and the world.
Prime Minister Pham Minh Chinh on August 9 inspected the construction site of the new Phong Chau bridge, and surveyed a planned route for the Lao Cai – Hanoi – Hai Phong railway section running through the northern province of Phu Tho.
Across print, broadcast, and online platforms, Angolan media portrayed State President Luong Cuong's visit as a warm and historic occasion, strengthening bilateral ties and boosting Vietnam’s presence in Africa through the AU.
The 500kV Lao Cai – Vinh Yen power transmission line has a total investment of over 7.41 trillion VND (282.5 million USD), and a total length of 229.5 km, passing through 31 communes in the two provinces, and comprising 468 transmission tower foundations.
The visits reflected the elevated position of Vietnam’s foreign policy in the new era—aimed at not only advancing ties with key regional partners like Egypt and Angola but also delivering a strategic message about Vietnam’s commitment to deepening relations with African nations as a whole.
At their talks and meetings, President Cuong and Angola’s top leaders affirmed that the close brotherhood and traditional friendship are a valuable shared asset and a solid foundation for the two nations to advance into a new phase of development.
The ruling People’s Movement for the Liberation of Angola (MPLA) attaches great importance to the friendship, solidarity, and comradeship with the Communist Party of Vietnam, and voiced her Party’s wish to further deepen and expand relations between the two sides for the benefit of the Vietnamese and Angolan people.
Vietnam pledges to do its utmost to build an ASEAN of solidarity, consensus, and unity in diversity, and to foster a fast and sustainable development path for ASEAN, grounded in science, technology, and innovation, said Prime Minister Pham Minh Chinh.
Party General Secretary To Lam called on the criminal police force to accelerate the application of science, technology, artificial intelligence, and digital transformation in criminal investigation tasks such as crime prevention, detection, tracking and verification, ensuring that no area remains out of their reach.
Many Koreans living, studying, and working in Hanoi see the upcoming state visit to the Republic of Korea (RoK) by Party General Secretary To Lam as an opportunity to generate strong synergy in economic cooperation, people-to-people exchanges, and cultural understanding.
The achievements of the five decades of Vietnam–Angola cooperation provide a strong and enduring foundation, as well as momentum for the two sides to consolidate, expand, and bring their partnership into a new phase of development.
Prime Minister Pham Minh Chinh stressed that the emulation and commendation work is a vital driver, fostering patriotism, dedication, and collective momentum in the run-up to the 11th National Patriotic Emulation Congress, Party congresses at all levels, and the 14th National Party Congress.
Emphasising the need for sustainable, long-term collaboration, National Assembly Chairman Tran Thanh Man called on Japanese investors not only to bring in capital but also to share expertise and modern technology, especially in areas such as green transformation, the circular economy, and advanced corporate governance.
President Luong Cuong's activities during his state visit to Angola, the celebration of the financial sector's 80th traditional day, and the Foreign Ministry's flag-hoisting ceremony marking the 58th founding anniversary of ASEAN are among news highlights on August 8.
Vietnamese Ambassador to Thailand Pham Viet Hung praised the Thai Ministry of Foreign Affairs’ meaningful initiative, noting that the ASEAN Family Run was not only a sporting activity but also an opportunity for diplomats and their families to show unity, connection, and solidarity within the ASEAN family.
Politburo member, Prime Minister Pham Minh Chinh on August 8 attended the first congress of the Party Organisation of Tay Ho ward of Hanoi for the 2025–2030 term, during which he called for fresh momentum to turn the ward into a model that takes the lead in all fields.
The size of the economy increased from over 5 billion USD in 1986 to over 476 billion USD by 2024, making Vietnam the fourth-largest economy in Southeast Asia and the 34th largest in the world.
Illustrative image (Source: internet)
