September 12, 2018 / 12:24 PM / in 7 months

Exclusive - Vietnam finance mininister calls for flexibility in forex policy, says debt ratio decreasing

Vietnam's Finance Minister Dinh Tien Dung (C) is seen during an interview at his office in Hanoi, Vietnam September 12, 2018. REUTERS/Mai Nguyen

HANOI (Reuters) - Vietnam should be more flexible in handling its exchange rate, and is on track to cut its public debt to about 60 percent of gross domestic product by 2020, the Southeast Asian country’s finance minister said on Wednesday.

“If the dong loses value and we still prop it up, it’s not beneficial in the long term,” Dinh Tien Dung told Reuters. “It needs to be more flexible to support development and growth.”

Dung said Vietnam’s public debt is projected to fall to 60 percent of GDP by 2020, from an expected 61.3 percent this year, citing strong economic growth and debt reform.

Reporting by James Pearson and Mai Nguyen; Editing by Clarence Fernandez

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