HCMC – Vietnam’s public debt amounted to around VND4.3 quadrillion in 2024, or 34.7% of gross domestic product (GDP), well below the 60% ceiling set by the legislature, according to a Government report.
At a meeting of the National Assembly Standing Committee today, April 24, to review the report on anti-wastefulness, Minister of Finance Nguyen Van Thang said that public debt is about 1.3-2.3 percentage points lower than the Government’s forecast released in October 2024.
He noted that this figure was about VND490 trillion higher than in 2023.
Central Government debt was projected at 32.2% of GDP, while the country’s external debt was estimated at 31.8%. The Government’s direct debt repayment obligations accounted for 20.8% of total budget revenue. All these figures remain within the limits set by the National Assembly for the 2021-2025 period.
Regarding state budget revenue and expenditure, Minister Thang said that budget revenue last year exceeded VND2 quadrillion, up VND342.7 trillion, or 20%, compared to the initial estimate.
Budget expenditure was estimated at VND1.83 quadrillion, equivalent to 86.4% of the projected figure. Around VND197.3 trillion was allocated for tax, fee, and land rent exemptions, reductions, and deferrals.
This year, the Government is targeting economic growth of 8% or higher, with double-digit growth expected in the coming years.
Public debt in 2025 is projected at 36-37% of GDP, central Government debt at 34-35%, and external debt at 33-34%. The Government’s direct debt repayment obligations are expected to make up around 24% of total budget revenue.
To achieve these targets, Minister Thang said the Government will tighten control over the mobilization, management, and use of borrowed funds for covering budget deficits and debt repayment.
The issuance of G-bonds will also be closely monitored and aligned with the needs for development investment and principal debt repayment, to ensure efficiency and savings.
