Debt held by 35 major public companies are forecast to surpass 670 trillion won this year.

According to the finance ministry's mid- to long-term financial management plan for public institutions submitted to the National Assembly on Friday, the estimated debts stood at 671-point-seven trillion won, or around 507 billion U.S. dollars.

The Korea Land and Housing Corporation held the most at 154-point-five trillion won, followed by the Korea Electric Power Corporation with debt worth 121-point-one trillion won.

The 35 companies' combined debt is projected to jump to 703-point-five trillion won next year, and 743-point-seven trillion won by 2027.

Their combined assets are likely to climb from 985-point-one trillion won this year to one-point-37 quadrillion won next year, before reaching one-point-137-point-seven quadrillion won by 2027.

The ministry said the management plan aims to stabilize the institutions' debts through active improvement efforts while seamlessly implementing state tasks, resulting in an expected drop in the debt ratio from 214-point-three percent this year to 188-point-eight percent by 2027.