Resolution 26/2026/QH16 five-year national financial and public debt borrowing and repayment plan 2026–2030

RESOLUTION

On the five-year national financial and public debt borrowing and repayment plan for the 2026 – 2030 period

THE NATIONAL ASSEMBLY

Pursuant to the Constitution of the Socialist Republic of Vietnam, as amended and supplemented by the Resolution No. 203/2025/QH15;

Pursuant to the Law on the State Budget No. 89/2025/QH15, which was amended and supplemented by the Law No. 145/2025/QH15;

Pursuant to the Law on Public Debt Management No. 20/2017/QH14, which was amended and supplemented by Law No. 90/2025/QH15 and Law No. 141/2025/QH15;

Pursuant to the Law on Public Investment No. 58/2024/QH15, which was amended and supplemented by Law No. 90/2025/QH15 and Law No. 135/2025/QH15;

Based on the consideration of Submission No. 17/TTr-CP dated April 03, 2026, Report No. 18/BC-CP dated April 03, 2026, Report No. 19/BC-CP dated April 03, 2026 of the Government; Verification Report No. 02/BC-UBKTTC16-m dated April 08, 2026, Verification Report No. 03/BC-UBKTTC16-m dated April 08, 2026 of the Economic and Financial Committee; Report on reception and explanation No. 254/BC-CP dated April 23, 2026 of the Government and opinions of National Assembly deputies,

RESOLVES:

Article 1. General objectives

Building an effective, transparent and sustainable national financial system. Implementing fiscal policies in a proactive, reasonable and focused manner in close coordination with monetary policies; maximally mobilizing and efficiently using domestic and foreign resources to accelerate sustainable economic growth; continuing to restructure the state budget, ensuring the leading role of the central budget and the proactiveness of local budgets; concentrating resources for implementation of strategic breakthroughs associated with the country’s socio-economic development objectives, ensuring national defense, security and social security; thoroughly implementing thrift practice, waste combat, strengthening financial discipline and order; maintaining national financial security and safety and macroeconomic stability.

Article 2. Specific objectives

1. Striving for total state budget revenues in the 2026 - 2030 period of approximately VND 16.4 quadrillion, with the average state budget mobilization ratio reaching 18% of GDP, the average proportion of domestic revenues of approximately 87 - 88% of total state budget revenues, and the proportion of central budget revenues by 2030 accounting for approximately 53 - 54% of total state budget revenues.

2. Total state budget expenditures in the 2026 - 2030 period is projected at approximately VND 21.2 quadrillion, including:

a) Development investment expenditures of approximately VND 8.51 quadrillion: VND 8.22 quadrillion for the medium-term public investment plan, of which VND 3.8 quadrillion from the central budget and VND 4.42 quadrillion from the local budgets; and VND 290 trillion for other development investment expenditure tasks of the central budget outside the scope of the medium-term public investment plan;

b) The average proportion of development investment expenditures accounting for approximately 40% of total state budget expenditures; the average proportion of current expenditures accounting for approximately 51 - 52% of total state budget expenditures;

c) Interest payment expenditures to ensure full implementation of obligations upon maturity;

d) At least 3% of total annual state budget expenditures for development of science, technology, innovation, digital transformation and ensuring a gradual increase in accordance with development requirements; 20% of total state budget expenditures for education, training and vocational training;

dd) Budget contingencies and contingencies for national financial security and safety in order to administer proactively, flexibly and adaptively in all situations, ensuring the balance of the state budget.

3. The average state budget deficit ratio in the 2026 - 2030 period is projected at approximately 5% of GDP, including the central budget deficit of approximately 4.4% of GDP and the average local budget deficit of approximately 0.6% of GDP; formulating annual state budget deficit levels according to demands and progress of disbursement of development investment tasks.

4. Ensuring public debt safety with the ceiling levels and warning thresholds:

a) The annual public debt ceiling shall not exceed 60% of GDP; the warning threshold shall be 50% of GDP;

b) The annual Government debt ceiling shall not exceed 50% of GDP; the warning threshold shall be 45% of GDP;

c) The annual national foreign debt ceiling shall not exceed 50% of GDP; the warning threshold shall be 45% of GDP;

d) The Government’s direct debt repayment obligation (excluding debt repayment obligation for loans borrowed for on-lending) shall not exceed 25% of total state budget revenue;

dd) The national foreign debt repayment obligation (excluding short-term principal repayment obligations of under 12 months) shall not exceed 25% of total goods and service export value ratio;

e) The Government’s direct interest payment obligation shall not exceed 10% of total state budget revenue.

5. The total borrowing amount of the Government in the 2026 - 2030 period of approximately VND 6.497 quadrillion; of which the total borrowing amount of the central budget shall be approximately VND 6.327 quadrillion. The Government’s direct debt repayment obligation in the 2026 - 2030 period shall be approximately VND 3.2 quadrillion. In case of strong fluctuations in economic growth, inflation, exchange rates and interest rates, the Government shall submit to the National Assembly for consideration and decision plans for adjustment of the Government’s direct debt repayment obligations.

6. The total borrowing amount of local administration in the 2026 - 2030 period is projected at approximately VND 622 trillion. Debt repayment obligation of local administration is projected at approximately VND 47 trillion.

7. The Government guarantee limit in the 2026 - 2030 period shall be VND 68.4 trillion. Where necessary, the Government shall decide to adjust and increase the guarantee limit in a timely manner to meet capital demands for policy credit programs and national key and important projects but without exceeding the ceilings and thresholds of public debt safety indicators to ensure efficiency and report on it to the National Assembly at the nearest session.

Article 3. Orientations for national financial and public debt borrowing and repayment work

1. Synchronously implementing solutions to realize growth objectives in the 2026 - 2030 period in accordance with the Resolution and Action Program of the Central Committee on implementation of the Resolution of the 14 National Party Congress, the Resolution of the National Assembly on five-year socio-economic development plan for the 2026-2030 period on the basis of ensuring major balances of finance and the state budget; conducting annual and mid-term assessments and promptly proposing competent authorities to consider and decide on adjustment of financial and state budget indicators in case major fluctuations occur, in conformity with actual conditions.

2. Managing and administering the state budget and public debt in order to realize socio-economic development objectives; improving the investment and business environment, unblocking resources so that all economic sectors invest capital for socio-economic development; results and efficiency in use of state budget and financial resources as criteria, making annual assessment and associating them with responsibility of heads of sectors, agencies, units and localities.

3. Building a modern, efficient and transparent tax system with reasonable regulations to both promote economic growth and ensure state budget revenues; ensuring neutrality of the tax system and minimizing the integration of social policies into tax policies; expanding the tax bases and increasing sustainable revenues.

4. Enhancing efficiency of public expenditures in association with assessment of socio-economic efficiency of public investment projects, allocating capital in a focused manner; perfecting the system of national standards, national technical regulations and techno-economic norms of sectors and fields towards consistency, synchronism and harmonization with international standards, suitable to practical conditions.

5. Loans borrowed to offset the state budget deficit may be used for development investment only. State budget expenditures shall only be made within the capacity of the economy and borrowings shall only be made within debt repayment capacity. Closely controlling contingent debt obligations to ensure compliance with regulations and efficiency.

Article 4. Tasks and implementation solutions

1. Synchronously perfecting institutions, innovating management and administration, establishing a new growth model driven primarily by science and technology development, innovation, and digital transformation, enhancing national competitiveness; strengthening smooth, consistent and effective coordination mechanisms between fiscal policies, monetary policies and other macroeconomic policies; synchronously and uniformly implementing the five-year national financial and public debt borrowing and repayment plan and the medium-term public investment plan for the 2026 - 2030 period; controlling major financial and budget balances; performing proactive and flexible administration to respond to domestic and foreign adverse socio-economic impacts, creating foundations and orientations for all levels and sectors to fully tap advantages and potential in implementation organization.

Continuing to perfect law regulations on public finance and studying the consolidation of the Law on Public Investment and the Law on State Budget.

2. Continuing to review and perfect the legal system on taxes, charges and fees; adopting policies to create revenue sources and nurture revenue sources; proactively studying and formulating appropriate roadmaps for implementation of new taxes, ensuring comprehensive coverage of revenue sources, expansion of the tax bases, enhancement of publicity and transparency and conformity with international practices. Focusing on revenue sources from land, natural resources, minerals, e-commerce and business activities on digital platforms, etc. Modernizing processes and revenue administration, minimizing compliance costs. Building a smart tax administration system and implementing comprehensive digital transformation in tax administration based on databases, ensuring correct, full and timely collection of state budget revenues; strengthening prevention of revenue losses, tax fraud and transfer pricing; focusing on handling and recovery of tax debts to the maximum extent possible and striving to reduce the ratio of outstanding tax and fee debts to below 5% of total state budget revenues.

3. Ensuring the leading role of the central budget and increasing the proactiveness of local budgets. With regard to specific local finance - state budget policies, focusing on exploitation of new revenue sources; not promulgating specific mechanisms, policies and regulations on tax exemption, reduction and incentives higher than those prescribed by taxation law and other law regulations on state budget revenues. Not stipulating decentralization of state budget revenue sources and retention of central budget revenues contrary to the provisions of the Law on State Budget, Conclusion No. 93-KL/TW dated August 26, 2024 of the Political Bureau on continuing innovation of decentralization mechanisms for management and allocation of the state budget to ensure the leading role of the central budget and the proactiveness of local budgets, relevant agencies and units, except for cases under the competent authorities’ guidelines.

4. Continuing to promote equitization and divestment of state capital from enterprises, ensuring efficiency and avoiding losses and wastefulness. Managing and efficiently using after-tax profits of the state-owned enterprise sector, prioritizing the use of public assets, the development investment funds and the charter capital addition reserve funds for state capital investment in enterprises in order to both realize objectives of development of the state economy and avoid major impacts on state budget revenues.

5. Enhancing efficiency in allocation, management and use of the state budget in association with substantive decentralization and delegation of authority and responsibilities of heads; prioritizing development investment promoting economic growth, important political tasks of the country, national defense, security, foreign affairs, promulgated policies and regimes, implementation of guidelines of the Party and the State on science, technology, innovation, digital transformation, education, health, culture, development of high-quality human resources, digital economy, green economy and circular economy; continuing to study comprehensive reform of salary regime for the public sector. From 2027, a number of security and national defense tasks approved by competent authorities shall be included in the state budget balance.

6. Closely reviewing funding demands for implementation of promulgated programs, tasks, schemes and projects and arranging annual state budget estimates on the basis of implementation progress, implementation resources, capital absorption capacity and requirements on implementation results; for new policies, regimes, programs, tasks, schemes and projects and guidelines being submitted to competent authorities, strictly complying with the principle of promulgation only after reviewing necessity, effectiveness, efficiency, non-duplication and within the scope of state budget resources.

Arranging expenditures for implementation of National target programs to ensure efficiency, feasibility, non-duplication of them and non-duplication of National target programs and other programs, projects, policies, regimes and expenditure tasks, in conformity with implementation progress, disbursement capacity and state budget balance.

7. Continuing to perfect the institutional framework and strengthen efficiency and effectiveness in management of the State’s off-budget financial funds; comprehensively reviewing and resolutely consolidating and dissolving off-budget funds that operate inefficiently, have expenditure tasks overlapping with expenditure tasks of the state budget, are inconsistent with development requirements; not establishing the State's off-budget financial funds, except for urgent and necessary cases as required by the Political Bureau and the Central Committee of the Party.

8. The Government shall proactively administer flexibly with regard to instruments, forms, terms, times and volumes of borrowing during the year, in association with management of cash fund, reducing capital mobilization pressure for the state budget, meeting capital mobilization demands and reserves for periods of unfavorable market conditions, ensuring public debt safety and liquidity of the Government bond market. For the annual budget administration, the Government shall proactively review and reduce unnecessary expenditures or use contingencies for financial security and safety and increased state budget revenues (if any) to reduce deficits, increase debt repayments and reduce state budget mobilization pressure.

9. Managing public debt in a unified, proactive, safe and sustainable manner. The Government shall administer risk indicators of the Government debt portfolios in accordance with international practices and the context of Vietnam. Diversifying mobilization of state budget resources in conformity with the market and requirements for mobilization of state budget resources. Closely associating management of the state budget and public debt with management of the State’s cash fund in order to enhance efficiency in management of the State’s financial resources and ensure sovereign liquidity at all times. Striving to attain an investment-grade sovereign credit rating.

Closely managing borrowing by local administrations on the principle of ensuring compliance with permitted borrowing limits, full and timely debt repayment and strengthening proactive management of risks arising from localities’ borrowing activities.

Studying and comprehensively assessing national foreign debt management in order to reform the policy framework on foreign debt management in conformity with the context of Vietnam and reviewing and adjusting relevant legal normative documents.

Official development assistance (ODA) loans and foreign concessional loans must be associated with long-term debt repayment capacity, with priority given to key infrastructure projects and fields having high spillover effects.

10. Perfecting planning of networks and systems and rearranging public non-business units in association with socio-economic development master plans and plans, in conformity with the actual organizational apparatus of the political system after rearrangement; innovating mechanisms, enhancing operational capacity and provision of public non-business services, increasing autonomy of public non-business units and promoting socialization for public services capable of generating revenues; formulating mechanisms and policies for transformation of public non-business units in appropriate sectors and fields into single-member limited liability companies with 100% charter capital held by the State.

11. Enhancing efficiency and effectiveness in management and use of public assets, maximizing utilization functions of existing working offices; minimizing construction of new working offices and administrative centers in provinces and cities; ministries, sectors and localities shall take responsibility for necessity upon making decisions, ensuring efficient use of the state budget, avoiding impacts on other important objectives and combating wastefulness and negativity.

12. Strengthening discipline and order of finance, state budget, public debt, management of public assets; enhancing supervision, inspection, examination and audit activities in accordance with the law regulations. Effectively implementing objectives, tasks and solutions on thrift practice; promoting waste, corruption and negativity prevention and combat; thoroughly saving current expenditures, especially expenditures for conferences, seminars and domestic and overseas business trips; upholding personal responsibility of heads; rewarding and encouraging organizations and individuals with outstanding achievements; strictly handling organizations and individuals committing violations in accordance with the law regulations.

13. Establishing a modern financial foundation and digital finance, enhancing quality of state budget estimates and forecasts; reforming administrative procedures to create favorable conditions, reduce compliance costs and improve Vietnam’s investment and business environment.

Article 5. Organization of implementation

1. The Government, Ministries, central agencies and local administration at all levels shall, according to their assigned functions and tasks, organize effective implementation of this Resolution.

2. The National Assembly Standing Committee, the Ethnic Council, the National Assembly’s Committees, National Assembly deputies’ delegations, National Assembly deputies, the Vietnam Fatherland Front and member organizations shall, within the scope of their duties and powers, be responsible for supervising the implementation of this Resolution.

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This Resolution was adopted on April 24, 2026, by the XVINational Assembly of the Socialist Republic of Vietnam at its 1 session.