Approving the Public Debt Borrowing and Repayment Plan for 2025 and the 3-year Public Debt Management Program for 2025-2027

(Chinhphu.vn) - Deputy Prime Minister Ho Duc Phoc has just signed Decision No. 1940/QD-TTg dated September 8, 2025 approving the Public Debt Borrowing and Repayment Plan for 2025 and the 3-year Public Debt Management Program for the 2025-2027 period.

The Prime Minister approved the Public Debt Borrowing and Repayment Plan for 2025 and the 3-year Public Debt Management Program for 2025-2027.

The goal is to ensure resources to fully and timely repay public debts without affecting the national credit rating; continue restructuring the government bond debt portfolio in accordance with market conditions and implementation needs.

At the same time, ensure the task of mobilizing loans through diversifying capital sources and borrowing methods domestically and internationally to meet the needs of balancing the state budget and socio -economic development with appropriate levels of cost and risk, focusing on prioritizing foreign capital mobilization for large and important projects that are of a situation-changing and status-changing nature.

In addition, strictly control debt safety indicators within the ceiling and warning threshold approved by competent authorities and promote the development of the domestic capital market; make full use of ODA capital and foreign preferential loans.

In 2025, the Government will borrow a maximum of VND 815,238 billion and repay a maximum of VND 506,949 billion.

Regarding the 2025 public debt borrowing and repayment plan, the Government's borrowing plan is a maximum of VND 815,238 billion, including:

- Maximum loan for balancing the central budget is 804,242 billion VND, of which maximum loan to cover central budget deficit is 443,100 billion VND, loan to repay principal is not more than 361,142 billion VND;

- Maximum loan to re-lend is 10,996 billion VND.

Flexible mobilization of resources from tools (i) issuing government bonds; (ii) borrowing ODA and foreign preferential loans; and (iii) if necessary, borrowing from other legal financial sources.

Government debt repayment is maximum 506,949 billion VND , of which direct debt repayment of the Government is not more than 468,542 billion VND, debt repayment of re-lending projects is maximum 38,407 billion VND.

Regarding loans guaranteed by the Government, the Decision clearly states: - The level of domestic bond issuance guaranteed by the Government for the Vietnam Development Bank is 0 VND.

- The maximum amount of domestic bond issuance guaranteed by the Government in 2025 by the Vietnam Bank for Social Policies is VND 10,521 billion.

- For guarantees for domestic and foreign loans for enterprises: According to the principles stated in Resolution No. 07-NQ/TW of the Politburo and Resolution No. 23/2021/QH15 of the National Assembly, there is no arrangement for a Government guarantee limit in 2025 because the projects do not need to withdraw capital, only repay debt.

Local government borrowing and debt repayment plan: Total borrowing in the year: 31,773 billion VND. Total principal repayment: 3,323 billion VND; total interest and fee repayment: 3,147 billion VND.

Foreign commercial loans of enterprises not guaranteed by the Government in 2025:   The medium- and long-term foreign commercial loan limit of enterprises and credit institutions by self-borrowing and self-repaying method is about 5,500 million USD; the growth rate of short-term foreign debt is about 18-20% compared to the end of 2024.

The Decision states that the 2025 borrowing and debt repayment plan shall be implemented within the maximum levels stated above; in case of arising demand exceeding the above maximum levels, the Ministry of Finance shall submit to the Prime Minister for adjustment of the plan.

Total loan amount for the 2025-2027 period is a maximum of about 2,218 trillion VND

Regarding the 3-year public debt management program for the 2025-2027 period, regarding borrowing and debt repayment of the Government, the Decision clearly states: The total borrowing of the Government for the 2025-2027 period is a maximum of about 2,218 trillion VND, of which borrowing for the central budget is about 2,183 trillion VND; borrowing for re-lending from ODA loans and foreign preferential loans is about 35 trillion VND.

The total debt repayment of the Government in the 2025-2027 period is a maximum of about 1,346 trillion VND, of which direct debt repayment is about 1,226 trillion VND; debt repayment of re-lending loans is about 120 trillion VND.

Proactively arrange resources to fully fulfill the Government's debt repayment obligations, avoid overdue debt, and prevent it from affecting the Government's international commitments.

Regarding the Government guarantee limit , for the guarantee for 02 policy banks issuing bonds, the Decision stipulates the guarantee level for the Vietnam Development Bank in the period of 2025-2027 is a maximum of 14,160 billion VND. For the Vietnam Bank for Social Policies, based on the actual debt collection situation of credit programs under the Socio-Economic Recovery and Development Program as well as the situation of issuing bonds guaranteed by the Government in the market, the period of 2026-2027, the issuance guarantee level for the Vietnam Bank for Social Policies applies according to the same principle as in 2025, equal to the amount of debt repayment of the due bonds minus the amount of debt collection of the Recovery Program.

Thoroughly implement the goal of strictly controlling the issuance of Government guarantees for loans within the guarantee limit approved by competent authorities; the withdrawal level must not exceed the principal repayment obligation within the year.

On borrowing and debt repayment of local governments: Control the limit on deficit and debt of local governments according to the provisions of the State Budget Law and relevant legal provisions.

Monitoring public debt, government debt, local government debt

Decide on the requirements for the Government's foreign loans for programs and projects, assigning ministries, central agencies and localities to urgently allocate the detailed 2025 central budget public investment plan according to the list and capital allocation level of each project according to the time limit prescribed in the Law on Public Investment; new foreign loan projects focus on prioritizing important projects that are of a situation-changing and status-changing nature; overcome existing problems related to slow disbursement of projects using ODA loans and preferential loans.

Ministries, branches and localities shall carry out state management, monitor, inspect, supervise, report and provide information on public debt, government debt and local government debt according to regulations; speed up the disbursement of public investment capital, in accordance with the list of projects allocated annual public investment capital and the 5-year medium-term public investment plan, contributing to improving the efficiency of mobilizing and using borrowed capital, ensuring savings and preventing waste.

Issuing a variety of government bond maturities

The Ministry of Finance strictly controls the state budget deficit, local budget deficit and local budget debt level, the Government's debt repayment obligation ratio; researches new methods of mobilizing loans, ensuring sufficient loan capital mobilization for development investment, meeting the needs of major projects on transport infrastructure, climate change response, and digital transformation. At the same time, control public debt and national foreign debt within the ceiling limit and warning threshold for the 2021-2025 period and the following period.

At the same time, the Ministry of Finance proactively manages the volume of government bond issuance according to the market's demand and absorption capacity, ensuring that the capital needs of the central budget are met with interest rates appropriate to market conditions. Issuing a variety of government bond maturities, ensuring the average government bond issuance maturities according to the National Assembly's targets; proactively managing the central budget's debt repayment estimate for 2025 and mobilizing from government bond issuance in 2025; arranging for full and timely debt repayment, avoiding overdue debt that affects the government's commitments and the national credit rating...

The State Bank of Vietnam strictly controls the implementation of the self-borrowing and self-paying foreign debt limit of enterprises not guaranteed or secured by the Government within the approved limit; presides over the management of foreign debt of the private sector and presides over and coordinates with the Ministry of Finance to report to the Prime Minister in case of negative developments...

Phuong Nhi

Source: https://baochinhphu.vn/phe-duyet-ke-hoach-vay-tra-no-cong-nam-2025-va-chuong-trinh-quan-ly-no-cong-3-nam-2025-2027-102250908110146495.htm