HCMC – The Government has approved a plan to borrow up to VND815.2 trillion in 2025, with repayments capped at VND506.9 trillion, according to a decision signed by Deputy Prime Minister Ho Duc Phoc on September 8.
Of the planned borrowing, VND804.24 trillion will go toward the central budget. This includes VND443.1 trillion to cover the budget deficit, VND361.1 trillion for principal repayments, and nearly VND11 trillion for relending.
Funds will be raised through multiple channels, including government bond issues, official development assistance (ODA), concessional loans, and other legal financing sources.
For debt repayments, direct government payments are projected at VND468.5 trillion, while repayments related to relending projects are capped at VND38.4 trillion.
The Government will not guarantee any domestic bond issuance for the Vietnam Development Bank in 2025. The Vietnam Bank for Social Policies may issue up to VND10.52 trillion in government-guaranteed bonds.
No new government loan guarantees will be granted for enterprises in 2025, as current projects only require debt servicing, in line with Politburo Resolution 07 and National Assembly Resolution 23/2021.
Local governments are allowed to borrow up to VND31.8 trillion, with VND3.3 trillion allocated for principal repayments and VND3.1 trillion for interest and fees.
Separately, Vietnamese businesses and credit institutions may raise foreign capital without government guarantees. Medium- and long-term external borrowing is capped at around US$5.5 billion, while short-term external debt is expected to rise 18–20% compared to the end of 2024.
