Vietnam's General Government Debt (% of GDP), 1990-2022

Vietnam’s government debt as a percentage of GDP showed gradual increases from 2000, with debt rising from 24.8% to 32.2% by 2007, in line with Vietnam’s extensive infrastructure development and modernization efforts. The 2008 financial crisis led to a temporary rise in debt, reaching 36.3% in 2009. Over the next decade, debt continued to increase as Vietnam invested heavily in economic development and social programs, peaking at 47.5% in 2016.

Subsequent fiscal reforms and efforts to manage borrowing resulted in a gradual decline, with debt levels reducing to 40.8% by 2019. The COVID-19 pandemic slightly reversed this trend, causing debt to rise to 41.3% in 2020 as Vietnam implemented economic support measures. By 2022, debt decreased to 37.1%, reflecting Vietnam’s commitment to fiscal discipline and a gradual return to pre-pandemic economic growth.