Vietnam had stacked up more than VND2,000 trillion, or US$94 billion, in public debt by the end of 2015, the Ministry of Finance admitted in its latest bulletin on government debt.
The country’s 2015 national debt equaled 61 percent of its GDP, up by three percentage points from 2015, according to the fifth edition of the bulletin.
By the end of 2015, the government’s debt to foreign creditors totaled $39.6 billion, or 42 percent of GDP. Domestic borrowing accounted for $54 billion of the debt.
In 2015 alone, Vietnam’s government borrowed a combined $52 billion, much higher than 2011. That same year, the government earmarked more than $13.3 billion for debt repayment.
The public debt bulletin was first released in March 2013 in a government bid to keep the public informed of the country’s national debt. The fifth edition of the bulletin was released more than one year behind schedule.
Vietnam’s government debt is currently capped at 65 percent of GDP.