HÀ NỘI — Deputy Prime Minister Hồ Đức Phớc has signed a decision to approve the 2025 public borrowing and debt repayment plan and the three-year public debt management programme for the 2025–27 period.

The plans aim to ensure full and timely repayment of public debt without affecting Việt Nam’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 prioritised 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 maximise official development assistance (ODA) and foreign concessional loans.

Regarding the 2025 public borrowing and debt repayment plan, government borrowing is capped at VNĐ815.238 trillion (US$30.86 billion), including up to VNĐ443.1 trillion to cover the central budget deficit, VNĐ361.1 trillion for debt repayment, and nearly VNĐ11 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 VNĐ506.949 trillion, of which direct obligations of the Government account for VNĐ468.5 trillion, and repayments for on-lent projects total VNĐ38.4 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 VNĐ10.5 trillion in guaranteed domestic bonds.

Local administrations are allowed to borrow up to almost VNĐ31.8 trillion in 2025, with VNĐ3.3 trillion allocated for principal repayment and VNĐ3.1 trillion for interest and fees.

Vietnamese enterprises and credit institutions without government guarantees may take on the maximum of about $5.5 billion in medium- and long-term foreign commercial loans, and short-term external debt is expected to rise 18–20 per cent from the end-2024 levels.

Public debt management for 2025–2027

For the 2025–27 period, total government borrowing is capped at VNĐ2.218 quadrillion, including VNĐ2.18 quadrillion for the central budget and VNĐ35 trillion for on-lending from ODA and foreign concessional loans.

Debt repayments during the three years are capped at VNĐ1.346 quadrillion, comprising VNĐ1.2 quadrillion in direct obligations and VNĐ120 trillion in on-lent debt.

The plan requires full and timely repayment of government obligations to avoid overdue debt and ensure Việt Nam’s fulfilment of international commitments.

The ceiling for government guarantees over the period includes up to VNĐ14.16 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 programme.

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. — VNA/VNS