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Vietnam’s Prime Minister Pham Minh Chinh has called on S&P Global Ratings to assess and consider upgrading the country’s credit rating based on objective factors that accurately reflect the nation’s economic reality.
S&P Global Ratings is one of the world’s three largest and most reputable credit rating agencies, alongside Moody’s and Fitch Ratings. The organization is currently conducting an evaluation of Vietnam’s national credit rating. In its most recent assessment in June 2024, S&P Global Ratings maintained Vietnam’s sovereign credit rating at BB+ with a stable outlook.
During a meeting with Lynn Maxwell, S&P Global Ratings’ Global Commercial Head, on February 26, Prime Minister Chinh reaffirmed Vietnam’s commitment to improving its credit rating and enhancing cooperation with S&P. He urged the agency to conduct an objective evaluation that accurately reflects Vietnam’s economic progress. Additionally, he expressed hope that S&P would share knowledge on credit rating assessments with government agencies and enterprises in Vietnam, helping them understand the necessary steps to improve the country’s credit standing and further integrate into the global financial system.
Vietnam’s Credit Rating & Economic Growth Ambitions
A higher credit rating is crucial for Vietnam as it affects the country’s ability to raise capital, the cost of borrowing, and investor confidence. The rating also influences interest rates on foreign loans for both public and private sector entities.
In 2024, Vietnam achieved economic growth exceeding 7%. For 2025, the government has set a GDP growth target of at least 8%, with an ambitious vision to achieve double-digit growth over the next two decades to transition into a high-income nation.
According to Prime Minister Chinh, Vietnam is actively implementing regulatory reforms to create a more business-friendly environment. The government is also focused on decentralization, expanding strategic infrastructure, and supporting private sector development.
Vietnam is committed to fast but sustainable economic development, ensuring that social progress, economic fairness, social welfare, and environmental protection are not sacrificed for short-term economic gains.
Vietnam-U.S. Economic Relations & Trade Balancing Efforts
Since Vietnam and the U.S. upgraded their relationship to a Comprehensive Strategic Partnership in September 2023, bilateral economic and trade relations have continued to expand.
Vietnam is making efforts to balance trade relations with the U.S. by increasing imports of American industrial products, including a plan to purchase a significant number of aircraft to support the country’s aviation industry development.
The Prime Minister called on S&P to assist Vietnam in securing capital for strategic infrastructure projects and aligning local regulations with international financial standards, further supporting Vietnam’s integration into the global economy.
Strengthening Vietnam’s Position in Global Markets
- Advocating for the U.S. to remove Vietnam from restrictions on high-tech exports, which would open new opportunities for technological advancement and economic growth.
- Recognizing Vietnam as a market economy, a move that would facilitate trade and foreign investment while strengthening Vietnam’s position in global markets.
S&P’s Commitment & Expanding Presence in Vietnam
Lynn Maxwell stated that S&P is keen to explore Vietnam’s public-private partnership (PPP) projects, recognizing that PPP models can be highly effective across various sectors.She emphasized that S&P is actively involved in evaluating creditworthiness for infrastructure projects, green bonds, and corporate sustainability initiatives, ensuring alignment with international best practices.S&P Global is also expanding its presence in Vietnam’s financial market. On February 25, the company announced its acquisition of shares in FiinRatings, a leading Vietnamese credit rating agency. Both sides expect to finalize the transaction before June 30, 2025, pending regulatory approvals.
A Stronger Partnership for Financial Market Development
Maxwell reaffirmed S&P’s commitment to supporting Vietnam’s financial market development, with a focus on providing transparent credit assessments to strengthen investor confidence.As one of the world’s top financial analytics and credit rating organizations, S&P Global Ratings continues to play a crucial role in supporting Vietnam’s long-term economic development and global financial integration.
