Vietnam’s foreign currency issuer credit rating has been upgraded from BB+, with a positive outlook, to BBB-, with a stable outlook, by Rating and Investment Information, Inc. (R&I) on October 8, the Ministry of Finance announced.

Construction of technical infrastructure facilities serving APEC 2027 in Phu Quoc Special Zone, An Giang province. (Illustrative photo: VNA)

This marks the first time Vietnam has entered the investment grade category.

According to the ministry, the upgrade reflects R&I’s positive assessment of Vietnam’s economic growth fundamentals, structural reform prospects, fiscal headroom and resilience to external shocks.

It expects strong growth to continue, supported by a shift towards a productivity- and innovation-driven growth model, expanded public investment and sustained foreign direct investment (FDI) inflows.

During the sovereign credit rating assessments in April and May, the Ministry of Finance proactively worked with relevant ministries and agencies and held direct discussions with R&I.

Drawing on Vietnam’s macroeconomic performance in recent years and experience working with international rating agencies Moody’s, Fitch and S&P, the ministry provided updated information on the country’s macroeconomic situation, public finances, public debt and reform achievements.

R&I noted that Vietnam has maintained robust growth, outperforming other Southeast Asian economies.

It said ongoing government reforms aimed at streamlining the state apparatus, promoting the private sector, improving the institutional framework and developing capital markets will strengthen the country’s growth potential and economic resilience.

The agency welcomed the comprehensive reform programme and expects consistent implementation to help sustain high growth more steadily.

On fiscal matters, R&I observed that Vietnam’s public debt-to-GDP ratio remains relatively low, providing room to increase development investment.

Although the budget deficit and public debt ratio are projected to rise in the coming years, the agency sees no immediate concerns over debt sustainability, as expanded public investment is expected to support future growth while the Government seeks to control recurrent expenditure.

Externally, a persistent current account surplus, sustained FDI inflows and relatively low external debt burdens bolster Vietnam’s resilience to external shocks.

However, R&I highlighted risks related to credit growth, banking liquidity, real estate lending, financial system capital adequacy and foreign exchange reserves.

The Ministry of Finance described the upgrade as a major milestone in Vietnam’s efforts to strengthen sovereign creditworthiness through sustained growth, fiscal prudence and comprehensive reforms.

It is expected to boost investor confidence, enhance Vietnam’s standing in international markets and facilitate long-term capital mobilisation for socio-economic development.

The ministry and other government agencies will continue working closely with R&I and other rating agencies, providing timely and comprehensive information to ensure accurate and up-to-date assessments of Vietnam’s sovereign credit profile.

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