Public debt borrowing and repayment plan for 2026
1. Objectives:
a) Ensuring resources: Mobilizing sufficient and timely borrowed capital at reasonable costs and acceptable risks to meet expenditure needs of the State budget and investment in socio-economic infrastructure projects, while maintaining macroeconomic stability.
b) Repaying public debt fully and on time, without affecting national credit rating.
c) Controlling debt safety: Maintaining debt safety indicators within limits, strengthening fiscal space to proactively respond to future macroeconomic shocks.
d) Optimizing debt portfolio: Continuing the proactive debt management strategy, focusing on controlling the risks of the government debt portfolio.
e) Developing capital market: Actively developing the domestic capital market, especially the government bond market.
2. Public debt borrowing and repayment plan for 2026:
a) Government borrowing plan: a maximum of VND 969,796 billion, including:
- Borrowing for central budget balance: a maximum of VND 959,705 billion, of which borrowing to cover central budget deficit is a maximum of VND 583,700 billion, and borrowing to repay principal debt is no more than VND 376,005 billion.
- Borrowing for on-lending: approximately VND 10,092 billion.
Sources of mobilization will flexibly combine instruments: (i) issuing government bonds; (ii) ODA loans, preferential foreign loans; (iii) issuing international government bonds and other legitimate financial sources.
b) Government debt repayment: approximately VND 534,739 billion, of which direct government debt repayment is no more than VND 493,405 billion, and debt repayment for on-lending projects is approximately VND 41,334 billion.
c) Regarding government-guaranteed loans:
- For Vietnam Development Bank: The maximum limit for issuing government-guaranteed bonds is equal to principal repayment amount of government-guaranteed bonds due in 2026, which is VND 2,910 billion.
- For Vietnam Bank for Social Policies: The maximum limit for issuing government-guaranteed bonds is VND 251 billion.
- Regarding guarantees for domestic and foreign loans to enterprises: No government guarantee limit is allocated for domestic or foreign loan projects in 2026, as these projects have completed capital withdrawal.
d) Local government borrowing and repayment plan:
- Total borrowing for the year is approximately VND 26,079 billion.

- Total principal repayment is approximately VND 3,979 billion.
3. Foreign commercial loans of enterprises not guaranteed by the Government in 2026: The limit for medium and long-term foreign commercial loans of enterprises and credit institutions under the self-borrowing, self-repaying method is approximately US$6,124 million/year; growth rate of short-term foreign debt is approximately 19-20% compared to outstanding debt at the end of 2025.
4. Borrowing and debt repayment plan for 2026 shall be implemented within the maximum levels stated in Clauses 2 and 3 of this Article; in case of needs exceeding the above-mentioned maximum levels, Ministry of Finance shall submit a proposal to the Prime Minister to adjust the plan.
5. Implementation:
a) Ministries, ministerial-level agencies and People's Committees of provinces and centrally-administered cities:
- Thoroughly understand the viewpoints and guidelines and organize implementation of contents related to finance, budget and public debt in the Resolution of the 14th National Congress of the Communist Party of Vietnam, the 10-year socio-economic development strategy 2021-2030, and Resolution No. 07-NQ/TW dated November 18, 2016, of the Politburo on policy and solutions for restructuring the State budget and managing public debt to ensure a safe and sustainable national financial system.
- For foreign loans of the Government for programs and projects, ministries, central agencies and localities are tasked with promptly allocating 2026 central budget public investment plan in detail according to the list and allocated capital for each project within timeframe stipulated in the Law on Public Investment;
- New foreign loan projects should prioritize key projects that can turn the tide and transform the situation; address existing issues related to slow disbursement of ODA and preferential loan projects;
- Implement state management, monitoring, inspection, supervision, reporting and information provision on public debt, government debt and local government debt as prescribed.
- Accelerate disbursement of public investment capital, in accordance with list of projects allocated public investment capital annually and the medium-term public investment plan for the 5-year period, contributing to improving efficiency of mobilizing and using borrowed capital, ensuring savings and preventing waste.
b) Ministry of Finance:
- Strictly control the state budget deficit, local budget deficit, and the level of borrowing of local budgets and the government's debt repayment obligations.
- Promote method of withdrawing ODA and preferential foreign loans through the mechanism of direct budget support. Develop a plan for issuing international bonds and submit it to the competent authorities to ensure readiness for fundraising when needed. Research new methods of raising loan capital, ensuring sufficient funds for development investment while controlling public debt and national foreign debt within the projected ceiling and warning threshold for 2026-2030 period.
- Actively expand revenue base, prioritizing allocation of surplus revenue and saving on state budget expenditures to reduce the budget deficit and increase debt repayment (including capital and interest).
- Flexibly manage maturity and timing of government bond issuance, linking it with treasury management to contribute to reducing costs and pressure on state budget capital mobilization, meeting mobilization and contingency needs during unfavorable market conditions, ensuring public debt safety and liquidity of the government bond market. Research and implement risk management of the government debt portfolio in accordance with Vietnamese law and international practices.
- Submit to the Prime Minister for approval specific limits on government-guaranteed bond issuance for the Vietnam Bank for Social Policies and the Vietnam Development Bank based on Decree No. 91/2018/ND-CP, this Decision, and the banks' bond issuance plans.
- Strengthen inspection of loan utilization and debt repayment.
- Improve efficiency and enhance the capacity of public debt management in accordance with the 2017 Law on Public Debt Management and the Law amending and supplementing certain articles of the Law on Public Debt Management; manage the administrative apparatus in a streamlined, effective, and efficient manner based on the principle of "one task is assigned to only one agency, one person is in charge and primarily responsible, and related agencies are responsible for coordination"; continue to implement the roadmap for reforming the public debt management agency according to a professional, centralized model consistent with international practices (such as the Debt Management Office - DMO model); consolidate the functions and tasks of managing domestic and foreign debt of the Government into a single point of contact; strengthen the function of managing debt portfolio risks; and enhance the transparency and openness of public debt information.
- Continue to implement activities to engage and promote investment in international and domestic capital markets, improve the effectiveness of national credit rating assessment, aiming to achieve an investment-grade rating by 2030, contributing to strengthening Vietnam's position and prestige in the international arena, and facilitating capital mobilization from all economic sectors.
- Ensure full and timely debt repayment, preventing overdue debts that could affect the Government's commitments and the national credit rating. Allocate sufficient funds to fully repay long-term state budget loans, and report this to the National Assembly in the annual state budget estimates and final accounts.
c) State Bank of Vietnam:
- Strictly control implementation of the self-borrowing and self-repayment foreign debt limit for enterprises not guaranteed by the Government, ensuring it remains within the approved limit.
- To take the lead in managing the private sector's foreign debt and to lead and coordinate with the Ministry of Finance in reporting to the Prime Minister in case of negative developments.
d) Social Policy Bank:
- Fully fulfill the obligation to repay principal and interest due on government-guaranteed bonds in 2026.
- Be fully responsible for data and proactively consider and decide on the specific issuance level of government-guaranteed bonds in 2026 based on the actual principal recovery situation of credit programs under the Socio-Economic Recovery and Development Program according to Resolution No. 43/2022/QH15 dated January 11, 2022 of the National Assembly on fiscal and monetary policies supporting the Socio-Economic Recovery and Development Program, Resolution No. 11/NQ-CP dated January 30, 2022 of the Government on the Socio-Economic Recovery and Development Program and the implementation of Resolution No. 43/2022/QH15 of the National Assembly on fiscal and monetary policies supporting the Program, as well as the actual issuance situation of government-guaranteed bonds. in the market. If the Social Policy Bank recovers principal debt of policy credit programs under the Socio-Economic Recovery and Development Program after completing issuance of government-guaranteed bonds in 2026, recovered principal debt will be deducted from the Social Policy Bank's government guarantee limit in subsequent years, ensuring compliance with legal regulations.
- Be fully responsible before law and competent state agencies for management and use of bond issuance capital for intended purpose and effectively, ensuring compliance with current legal regulations on granting and managing government guarantees.
e) Vietnam Development Bank:
- Fully fulfill its obligations to repay principal and interest on government-guaranteed bonds due in 2026.
- Strengthen management and supervision, improve credit quality, and assume full legal responsibility before competent state agencies for the management and use of government-guaranteed bond funds and other legitimate sources of capital, ensuring efficiency and compliance with legal regulations.
6. Funding for implementation of 2026 Public Debt Borrowing and Repayment Plan will come from:
a) Funding for implementation of programs and tasks allocated from the state budget and other legitimate revenues as prescribed by law.
b)Ministry of Finance will preside over and coordinate with relevant units to consolidate and balance annual state budget estimates for implementation of the Plan.

Source: Vitic/ thuvienphapluat.vn