Decision No. 352/QD-TTg approving Vietnam's Public Borrowing and Debt Repayment Plan for 2026
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Based on:Quyết định số 352/QĐ-TTg ngày 27/02/2026 - Government Official Gazette
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Prime Minister Decision No. 352/QD-TTg dated 27 February 2026 approves Vietnam's public borrowing and debt repayment plan for 2026. Total government borrowing is capped at VND 969,796 billion, of which up to VND 583,700 billion covers the central budget deficit and up to VND 376,005 billion repays principal. Government debt repayment is estimated at approximately VND 534,739 billion, comprising direct repayments of up to VND 493,405 billion and on-lending project repayments of about VND 41,334 billion. The self-borrowed, self-repaid medium- and long-term foreign commercial borrowing limit for enterprises is approximately USD 6,124 million per year. The Decision emphasizes maintaining debt-safety indicators within limits, optimizing the debt portfolio, developing the domestic government bond market, and achieving an investment-grade sovereign credit rating by 2030.
Decision 352/QD-TTg – Vietnam Public Debt Borrowing and Repayment Plan 2026
Issuing body: Prime Minister of Vietnam Date issued: 27 February 2026 Effective: From the date of signing
Objectives
- Mobilize sufficient capital at reasonable cost and acceptable risk
- Repay debts fully and on time without affecting the national credit rating
- Maintain debt-safety indicators within approved limits
- Optimize the government debt portfolio
- Develop the domestic government bond market
Government Borrowing Plan (up to VND 969,796 billion)
- Cover central budget deficit: up to VND 583,700 billion
- Repay principal: up to VND 376,005 billion
- On-lending to sub-borrowers: approximately VND 10,092 billion
- Sources: domestic government bonds, ODA/concessional loans, international bonds
Debt Repayment Plan (approximately VND 534,739 billion)
- Direct government repayment: up to VND 493,405 billion
- On-lending project repayments: approximately VND 41,334 billion
Government Guarantees
- Vietnam Development Bank (VDB): limit equals maturing government-guaranteed bond principal (VND 2,910 billion)
- Vietnam Bank for Social Policies (VBSP): up to VND 251 billion
- Domestic/foreign enterprise borrowing: no new guarantee limit for 2026
Local Governments
- Total borrowing: approximately VND 26,079 billion
- Total principal repayment: approximately VND 3,979 billion
Enterprise Foreign Commercial Borrowing (self-borrowed, self-repaid)
- Medium/long-term limit: approximately USD 6,124 million per year
- Short-term foreign debt growth: approximately 19-20%
Implementation Responsibilities
- Ministry of Finance: control deficit, manage debt portfolio, improve credit ratings
- State Bank of Vietnam: monitor private sector foreign borrowing limits
- VDB and VBSP: fulfill all principal and interest obligations on government-guaranteed bonds