Is it a lot or a little for each Vietnamese person to owe nearly 30 million dong?

In 2015, Vietnam's public debt per capita was $1,384, equivalent to nearly 30 million dong, comparable to China, the Philippines, and Indonesia, but lower than many other Asian countries.

Vietnam's public debt stands at 62.2% of GDP, a high level compared to other countries in the region but still low compared to the rest of the world.

Where does Vietnam's debt stand compared to other countries?

If we divide the debt per capita among Vietnamese citizens, the average figure would be approximately $1,384 per person in 2015.

However, Vietnam's debt level is considered to be much lower than that of some other Asian countries. According to IMF data, the average public debt per capita in South Korea is $9,753, and in Japan it is $113,733.

Vietnam's debt per capita is comparable to that of China (US$1,329), the Philippines (US$1,312), Indonesia (US$1,490), etc.

Vietnam's public debt per capita compared to several other countries. Source: WB, IMF, CIA.

In Southeast Asia, the average public debt per capita is $6,973 in Malaysia, $3,551 in Thailand, and $56,518 in Singapore…

This shows that not only Vietnamese people, but also people in many other Southeast Asian countries are struggling under the burden of debt.

Where is public debt highest?

According to data from the CIA World Factbook, several countries around the world have high public debt ratios, such as Japan (227.9% of GDP), the United States (73.6% of GDP), the United Kingdom (90.6% of GDP), and France (98.2% of GDP).

According to the same report, in Southeast Asia, Singapore has the highest public debt ratio at 105.6% of GDP. This ratio is followed by Thailand at 50.6%, Indonesia at 27.7%, Malaysia at 53.5%, the Philippines at 45.5%, Cambodia at 33.9%, and Laos at 48.6%...

In terms of total public debt in 2015, Vietnam's debt was significantly lower than that of Singapore (US$316.5 billion), Thailand (US$233 billion), Indonesia (US$380 billion), Malaysia (US$212.7 billion), and others.

According to a report by the International Monetary Fund (IMF), when considering the East Asian region as a whole, Vietnam's debt is nearly one-fifteenth that of China and almost one-quarter that of South Korea.

According to the IMF, Vietnam's economy is also much smaller than that of other countries in the region. Our 2015 GDP was 53 times lower than China's, more than 7 times lower than South Korea's, and less than half of Singapore's.

Vietnam's public debt ratio compared to several other countries. Source: WB, IMF, CIA.

Is high public debt a cause for concern?

Although there are differences in public debt levels between countries, many experts believe that the level of risk does not depend much on whether the figures are high or low, but rather on the specific characteristics of each economy.

Globally, some countries have very high public debt ratios, such as Japan (227.9% of GDP), the US (73.6% of GDP), Belgium (99.8% of GDP), and the UK (90.6%). However, according to many international organizations, these ratios are not a cause for concern.

Conversely, there are countries where the public debt ratio is not as high as three digits, but they harbor many potential risks and are considered dangerous.

According to Liel