Vietnam’s public debt management on right track: Ministry
Vietnam’s public debt accounted for 37.4% of the country’s gross domestic product (GDP) as of the end of 2022, while national external debt stood at about 36.1% of GDP, according to data released by the Ministry of Finance (MoF).
Hanoi (VNA) – Vietnam’s public debt accounted for37.4% of the country’s gross domestic product (GDP) as of the end of 2022,while national external debt stood at about 36.1% of GDP, according to datareleased by the Ministry of Finance (MoF).
According to the ministry’s Bulletin No.16 on Public Debt ofVietnam for the 2018-2022 period, to date, all targets set by the NationalAssembly in public debt repayment for the 2021-2025 period have been completed.
In the 2021-2023 period, the Government's total borrowing reached 42.9% of theplan. The Government's direct debt repayment obligation was equivalent to 53.3%of the plan, while withdrawal of Government loans for re-lending has beenwithin the limit.
The average issuance term of government bonds in 2021, 2022,and 2023 ensured the target of 9 - 11 years set by the National Assembly. The growth rate of governmentguaranteed outstanding debt in a year did not to exceed the growth rate of nominal GDP inthe previous year, according to the bulletin.
Meanwhile, the total borrowing level of the local budgetreached 26.3% of the plan approved by the National Assembly. The debt repaymentobligation of local administrations reached 41.1% of the plan approved by theNational Assembly. Debt safety targets for each year in the 2021-2023period have been kept within the approved ceiling levels and safety thresholds.
Truong Hung Long, Director General of the MoF’s DebtManagement and External Finance Department said that in the 2021-2023 period,Vietnam has shown strong performance in public debt management, while makingfull and on-time debt payments, contributing to improving the national creditrating.
He noted that in 2022 when many countries saw their credit ratings downgraded, bothMoody’s and S&P, the two international credit rating agencies, upgradedVietnam’s ratings, while Fitch maintained its ratings.
Speaking at a recent conference, Andrea Coppola, the WB’s Lead CountryEconomist, lauded Vietnam’s reforms in public debt management in terms of legalframework and institutional management.
He advised Vietnam to reform institutions to facilitate public debtmobilisation, thus supporting the development of the domestic capital marketand contributing to effective budget management./.
Vietnam’s public debt in the 2017-2021 period decreased dramatically from 61.4% of its GDP to 43.1%, according to the latest information released by the Ministry of Finance.
Legislators are scheduled to continue discussing the supplementary assessment of the implementation of the socio-economic development plan and State budget in 2022 as well as the performance of the socio-economic development plan and State budget in the first months of 2023 as part of the 15th National Assembly (NA)’s fifth session on June 1.
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Illustrative image (Source: VNA) 
