The Ministry of Finance’s plan on implementing the Public Debt Strategy to 2030, which has been approved by the Minister of Finance, outlines seven lists of tasks and projects, including a proposal to supplement and amend the Law on Public Debt Management in line with international practice. The 2030 public debt strategy sets a target that, by 2030, Vietnam’s public debt will not exceed 60 per cent of GDP, government debt will not exceed 50 per cent of GDP, and foreign debt will not exceed 45 per cent of GDP.
As of the end of 2021, Vietnam’s public debt totaled VND3.7 quadrillion ($158.88 billion), accounting for 43.1 per cent of GDP. According to the Ministry of Finance, the ratio of public debt to GDP is gradually declining, as is outstanding foreign loans, while domestic loans of the government are increasing rapidly. This helps ensure public debt safety and national financial security.
On April 14, Deputy Prime Minister Le Minh Khai approved the Strategy for Public Debt to 2030, by which time public debt is to not exceed 60 per cent of GDP, government debt is to not exceed 50 per cent of GDP, and the country’s national external debt is to not exceed 45 per cent of GDP. The strategy also sets out renovations to the national external debt management method in line with international practices.
