Deputy Prime Minister Ho Duc Phoc has signed a decision to approve the 2025 public borrowing and debt repayment plan and the three-year public debt management program for 2025–2027.
The plans aims to ensure full and timely repayment of public debt without affecting Vietnam’s sovereign credit rating, while continuing to restructure the Government bond portfolio in line with market conditions and development needs. They also seek to diversify borrowing channels both domestically and internationally to balance the state budget and support socio-economic development, with foreign capital prioritized for large and strategic projects.
Under the plans, authorities will exercise strict monitoring to keep debt safety indicators within the approved ceilings, promote the development of the domestic capital market, and maximize official development assistance (ODA) and foreign concessional loans.
Regarding the 2025 public borrowing and debt repayment plan, government borrowing is capped at VND815.238 trillion (US$30.86 billion), including up to VND443.1 trillion to cover the central budget deficit, VND361.1 trillion for debt repayment, and nearly VND11 trillion for on-lending. Borrowing will be sourced mainly from Government bonds, ODA and foreign concessional loans, and other lawful financing channels.
Government debt repayments are capped at VND506.949 trillion, of which direct obligations of the Government account for VND468.5 trillion, and repayments for on-lent projects total VND38.4 trillion.
The plan sets no government guarantee for domestically issued bonds of the Vietnam Development Bank in 2025, while allowing the Vietnam Bank for Social Policies to issue up to VND10.5 trillion in guaranteed domestic bonds.
Local administrations are allowed to borrow up to almost VND31.8 trillion in 2025, with VND3.3 trillion allocated for principal repayment and VND3.1 trillion for interest and fees.
Vietnamese enterprises and credit institutions without government guarantees may take on the maximum of about US$5.5 billion in medium- and long-term foreign commercial loans, and short-term external debt is expected to rise 18–20 percent from the end-2024 levels.
Public debt management for 2025–2027
For the 2025–2027 period, total government borrowing is capped at VND2.218 quadrillion, including VND2.18 quadrillion for the central budget and VND35 trillion for on-lending from ODA and foreign concessional loans.
Debt repayments during the three years are capped at VND1.346 quadrillion, comprising VND1.2 quadrillion in direct obligations and VND120 trillion in on-lent debt.
The plan requires full and timely repayment of government obligations to avoid overdue debt and ensure Vietnam’s fulfilment of international commitments.
The ceiling for government guarantees over the period includes up to VND14.16 trillion for the Vietnam Development Bank. Guarantees for the Vietnam Bank for Social Policies will depend on actual debt recovery of credit packages under the socio-economic recovery and development program.
The decision also stresses strict control over local government debt, compliance with the State Budget Law, and accelerated disbursement of public investment. Ministries, agencies, and localities are tasked with monitoring, auditing, and reporting on debt management to ensure efficiency, thrift, and transparency.
