Vietnam's Central Government Debt (% of GDP), 1991-2022

Vietnam's Central Government Debt (% of GDP), 1991-2022

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TGM StatBox. (2024). Vietnam's Central Government Debt (% of GDP), 1991-2022. TGM StatBox.
Chart Details
Timeframe: 1990-2022
Country: Vietnam
Published date: 2024
Note: The Central Government Debt (Percent of GDP) by the International Monetary Fund (IMF) refers to the total debt owed by a country's central government as a percentage of its Gross Domestic Product (GDP).
Key Takeaways
Vietnam's central government debt-to-GDP ratio showcased a dramatic decline from 1991 to 2000, falling from 220.13% in 1991 to 31.4% in 2001. This remarkable reduction was largely driven by high economic growth rates following the Đổi Mới (Renovation) reforms of the late 1980s, which modernized the economy and increased GDP. The period also witnessed effective debt restructuring and international support, which alleviated Vietnam's debt burden.

From 2001 onwards, Vietnam's debt levels remained relatively stable, fluctuating between 25% and 42% of GDP. The moderate increase from 2013 to 2016, peaking at 42.08%, was influenced by rising infrastructure investments to support rapid economic expansion. However, proactive fiscal management kept debt levels in check, maintaining a downward trend to 37.6% in 2019. The slight uptick in 2020 to 39.02% reflects the fiscal pressures of the COVID-19 pandemic, as Vietnam increased spending to cushion economic impacts. By 2022, the debt ratio remained relatively stable, demonstrating Vietnam's commitment to prudent fiscal policies.

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