... no empirical evidence on the effects of domestic debt on both financial and macroeconomic conditions in the context of Vietnam Much of the existing studies have focused mainly on external debt. .. address the effects of the shift in the composition of country’s public debt toward domestic debt on the stability of the economy, this chapter includes the ratio of domestic debt to external debt. .. % of Vietnam s public debt was external debt, domestic debt accounted for only less than a third of the country’s total debt However, since 2009, the structure of the overall public debt of Vietnam