Vietnam: Approving the Law on Public Debt Management (amended)

On the morning of November 23, under the chairmanship of Vice Chairman of the National Assembly Phung Quoc Hien, the National Assembly of Vietnam approved the Law on Public Debt Management (amended).

The Law on Public Debt Management (amended) (also known as the Law on Public Debt Management 2017) will consist of 10 chapters and 63 articles that regulate public debt management, which covers the borrowing, use of loans and debt repayment and public debt management transactions.

According to the Law on Public Debt Management 2017, there are 03 types of public debts:

- ”Government debt”: a debt arising from an internal or external loan which is signed or issued in the name of the State or the Government.

- ”Sovereign-guaranteed debt”: a debt arising from a loan borrowed by an enterprise or a bank for social policies guaranteed by the Government.

- ”Provincial debt”: a debt arising from a loan borrowed by a People’s Committee of province.

The voting results for the Law on Public Debt Management 2017 are as follows:

- The number of National Assembly delegates participating in the vote was 438, accounting for 89.21% of the total delegates.

- The number of delegates in favor was 421, accounting for 85.74%.

- The number of delegates against was 9, accounting for 1.83%.

- The number of delegates abstaining was 8, accounting for 1.63%.

With an approval rate of 85.74%, the National Assembly of Vietnam officially approved the Law on Public Debt Management (amended).

Please refer to the draft law submitted to the National Assembly for more details >> DRAFT

(LawNet will update the official text of the Law on Public Debt Management (amended) as soon as possible)

* This article is based on Press Release No. 25 of the 4th session of the 14th National Assembly and the summarized discussions in the session on November 23, 2017.

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