G&P Global Ratings raises Vietnam’s sovereign credit rating
The S&P Global Ratings on May 26 raised its long-term sovereign credit rating on Vietnam to “BB+” with a “stable” outlook on the back of strong economic recovery, according to the Ministry of Finance.
Hanoi (VNA) – The S&P Global Ratings on May 26 raisedits long-term sovereign credit rating on Vietnam to “BB ” with a “stable”outlook on the back of strong economic recovery, according to the Ministry ofFinance.
It is a very positive move when S&P Global Ratingsupgraded Vietnam’s sovereign credit rating amidst numerous global uncertaintiesand challenges, the ministry said in a statement, adding that it reflects aninternational recognition of Vietnam’s efforts to stabilise and recover themacro-economy and reinforce the socio-political foundation.
Vietnam is one of the only two Asia-Pacific nations thathave had its ratings upgraded since the beginning of this year, factoring inthat Vietnam’s economy remains on a solid track to recovery following thecomplete removal of domestic and cross-border mobility restrictions, outstandingimprovement in COVID-19 vaccination rates and a flexible shift in virus controlstrategy.
It is also attributed to the considerable improvement in thegovernment’s public administrative procedures, especially in terms of administeringguaranteed debt obligations; Vietnam’s strong economic outlook and externalposition; and resilient FDI flows despite COVID-19 disruptions.
S&P Global Ratings anticipated that over the next 12 –24 months, Vietnam’s economy will continue to recover from the challenges causedby the pandemic, which will support the external position and contain fiscaldeficit.
It forecast that Vietnam’s GDP growth will reach 6.9 percentthis year and maintain a long-term trend of growing 6.5 – 7 percent from 2023onward./.
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Illustrative photo. (Source: VNA)
