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No tax funds for business bailouts

Update: August, 07/2012 - 09:57

HA NOI — The Government will not use funds from tax collections to bail out enterprises, Government Office Minister Vu Duc Dam told a televised Q&A session on Sunday.

The question was raised by TV viewers concerning the establishment of a national debt trading company with the capacity to buy up about VND100 trillion (US$4.8 billion) worth of bad debt.

Dam said there were many solutions to handle bad debt and that policy choices were not focused solely on establishing a national debt trading company.

Regarding concerns that the nation's economy might fall into recession, Dam said that this was not likely to be happened although he admitted the economy was facing difficulties. Economic growth continued to be positive, even it was slower than in recent years and below targets. — VNS

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