Vietnam embarked on fundamentally building a public debt management system since 2009 as the Law of Public Debt Management was designed and promulgated. From then Vietnam has been following the typical model of public debt management used by developing countries, the market – based model which encompasses gradual building and completion of domestic market for government bond. However, because of several limitations in the national system of public debt management, the current model needs to be improved in alignment with the development level of Vietnam’s economy. Especially, economic shocks such as the 2009 financial crisis or Covid 19 which has increased dramatically the scope of public debt also urge a more technical and effective model. The paper focuses on analyzing the practical models of public debt management in the world and subsequently the current situation of Vietnam’s model. On that basis, the author figures out the limitations of the model and proposes a number of solutions to upgrade the model in accordance with the international practice regarding model of public debt management suitable with development level of economy. 
 Keywords
 Public debt, sustainable public debt, public debt management, risk management, model of public debt management.
 References
 [1] D.Q. Bao, The science of Management and Organization Statistical Publishing House, Hanoi, 1999 (in Vietnamese),[2] IMF, Defining the Government’s debt and deficit, Working paper, WP/15/238, 2015.[3] IMF, Revised guidelines for public debt management, IMF Policy paper, 2014.[4] WB, Government debt management: Designing debt management strategies, Debt management learning & training note, 2017. [5] E. Currie, J. Dethier and E. Togo, Institutional arrangements for Public Debt Management, World Bank Policy Research Working Paper 3021, 2003.[6] E.C. Pascal, The debt office and the effective debt management functions: an institutional and operational framework, Public debt and Public Finance Working Paper, 2006.[7] H. Bohn, Tax Smoothing with Financial Instruments, American Economic Review, 80/5 (1990) pp 1217–1230.[8] J. Tobin, An Essay on the Principles of Debt Management, Fiscal and Debt Management Policies, 2 (1963), Reprinted in J. Tobin Essays in Economics, vol.1, Amsterdam: North Holland, 1971.[9] E. Togo, Coordinating Public Debt Management with Fiscal and Monetary Policies: An Analytical Framework, World Bank Policy Research Working Paper, No. 4369, 2007.[10] L. Hoogduin, B. Ozturk & P.Wierts, Public debt managers’ behavior: interactions with macro policies, DNB Working paper No.273, 2010.[11] WB, Debt management performance assessment (DeMPA) methodology, 2015.[12] R. Cabral, How strategically is public debt being managed around the globe? A survey on public debt management strategies, WB Financial advisory and Banking department report, 2015.[13] C. Aslan, A. Ajazaj & S.A. Wahidh, Study on Public debt management system and results of a survey on solutions used by debt management office, WB Financial advisory and Banking department report, 2018.[14] IMF, G-20 note: Improving public debt recording, monitoring, and reporting capacity in low and lower middle-income countries: proposed reforms, 2018.[15] A.A. Badurina, S. Svaljek, Public debt management before, during and after the crisis, Finance theory and practice, 36(1) (2012) 73 – 100.[16] I. Storkey, Sound practice, in: M. Williams and P. Brione (Eds.), Government Debt Management: New Trends and Challenge, Central Banking Publications Ltd, London, 2006, pp 300 – 325.[17] G. Wheeler, Sound Practice in Government Debt Management, The World Bank Publication, Washington D.C, 2004. doi. 10.1596/0-8213-5073-0.[18] National Treasury Management Agency, Ireland Information Memorandum 2010, National Treasury Management Agency, Dublin, 2010.[19] M. Williams, The growing responsibilities of debt management offices, in: M. Williams, P. Brione (Eds.), Government Debt Management: New Trends and Challenge, Central Banking Publications Ltd, London, 2006, pp 258 – 273.[20] H.N. Au, Public debt management in Vietnam in the international integration period (in Vietnamese), https://hcma.vn/Uploads/2018/8/8/Hoang%20Ngoc%20Au%20-%20Luan%20an%20-%20CN%20Quan%20ly%20kinh%20te.pdf, 2018 (accessed 20 August 2020).[21] T. Phung, Firmly maintaining the country’s credit rate (in Vietnamese), http://tapchitaichinh.vn/su-kien-noi-bat/tiep-tuc-giu-vung-muc-xep-hang-tin-nhiem-quoc-gia-325601.html, 2020 (accessed 21 August 2020).[22] N.T. Binh, The factors affecting the efficiency of public debt management in Vietnam (in Vietnamese), http://www.tapchicongthuong.vn/bai-viet/cac-yeu-to-anh-huong-toi-hieu-qua-quan-ly-no-cong-o-viet-nam-73005.htm, 2020 (accessed 22 August 2020).[23] T. Anh, Six solutions for public management in the new context (in Vietnamese), http://tapchitaichinh.vn/su-kien-noi-bat/6-giai-phap-quan-ly-no-cong-trong-boi-canh-moi-308263.html, 2019 (accessed 23 August 2020).
Read full abstract