Vietnam's total public debt in 2023 amounted to nearly VND 3.722.700 trillion (approximately USD 146.4 billion), equivalent to 36.07% of the national GDP. Government debt stood at over VND 3.428.046 trillion, or 33.22% of GDP. All public debt indicators remained within the limits approved by the National Assembly.

On the afternoon of May 16, Minister of Finance Nguyen Van Thang presented the 2023 State Budget Finalization Report to the National Assembly.

According to the report, total state budget revenue in 2023 reached VND 1.770.776 trillion, exceeding the forecast by VND 150.032 trillion (up 9.3%).

This included VND 927.511 trillion from the central budget, up 7.4% compared to the estimate, and VND 843.265 trillion from local budgets, up 11.4%.

Notably, oil-related revenue reached VND 61.971 trillion, exceeding projections by 47.6% (an increase of VND 19.971 trillion), thanks to higher oil prices and production volumes than originally planned.

Conversely, revenue from import-export activities dropped by 8.1%, totaling VND 219.651 trillion – a decrease of VND 19.349 trillion. This decline was attributed to a global downturn in trade, weakened demand for goods, and a drop in orders, all of which negatively affected Vietnam’s import-export performance.

On the expenditure side, total state budget spending in 2023 amounted to VND 1.936.912 trillion, including funds carried over from the previous year. This figure is VND 139.332 trillion (6.7%) below the approved estimate.

Specifically, central budget expenditures totaled VND 697.112 trillion (83.9% of the target), while local budget spending reached VND 1.239.800 trillion (99.6% of the forecast).

The budget deficit for 2023 was finalized at VND 291.564 trillion, equivalent to 2.83% of actual GDP, which is VND 163.936 trillion (36%) lower than planned.

Vietnam’s 2023 public debt figures were broken down as follows:

Total public debt: VND 3.722.700 trillion (36.07% of GDP)
Government debt: VND 3.428.046 trillion (33.22% of GDP)
Government-guaranteed debt: VND 283.530 trillion (2.75% of GDP)

These figures remained within the ceiling limits approved by the National Assembly.

Despite these positive outcomes, the report also highlighted several persistent issues. These include underperformance in tax collection in certain areas, delays in public investment disbursement, insufficient adherence to fiscal discipline and anti-waste regulations in some localities, and slow submission of budget finalization reports by several agencies.

Tuan Nguyen