The Government plans to borrow VND815,238 billion (more than $32.4 billion) in 2025, an increase of 20.6 per cent compared to 2024, according to a report from the Government.

Of the figure, VND804,242 billion (more than $31.9 billion) shall be used to offset overspending and repaying debts payments, up 21.9 per cent against 2024. The rest shall be used for refinancing.

The Government also said it plans to repay debts worth nearly VND470 trillion (nearly $18.7 billion) next year, accounting for around 24 per cent of the total budget revenue estimates.

It is estimated that the Government's debts and national debts would be around 34-35 per cent and 33-34 per cent of GDP, respectively, by the end of 2025.

The National Assembly  had approved the government's proposal to borrow over VND690 trillion ($28.35 billion) in 2024, 6 per cent higher than its borrowings in 2023.

Vietnam's ratio of public debt to GDP decreased from 63.7 per cent in 2016 to 37 per cent in 2023, which means the pressure from public debts eased significantly over the past nine years, according to the Ministry of Finance.