PM asks S&P Global Ratings to consider upgrading Vietnam's credit rating

Vietnamese Prime Minister Pham Minh Chinh on Wednesday urged S&P Global Ratings to conduct an assessment and consider upgrading Vietnam's sovereign credit rating based on objective factors that accurately reflect the country’s current situation.

Meeting with Lynn Maxwell, chief commercial officer for S&P Global Ratings, in Hanoi, PM Chinh said S&P Global Ratings is currently conducting a sovereign credit rating assessment for Vietnam. Most recently, in June 2024, it rated Vietnam at BB+ with a stable outlook.

He appreciated the positive assessment that S&P Global Ratings has given to the Vietnamese market, as well as its practical and effective contributions to Vietnam's economic development and the Vietnam-U.S. relationship.

The Vietnamese leader reaffirmed the country’s commitment to improving its credit standing, and its hope for stronger and more effective cooperation with the agency.

Chinh asked the agency to disseminate knowledge about credit rating assessments to Vietnam’s government agencies and businesses, enabling them to devise and implement solutions to improve the credit rating. This would support Vietnam in creating more favorable conditions for deeper and more effective integration, he noted.

The PM asked S&P to support Vietnam in mobilizing funds for the development of strategic infrastructure, particularly in transportation, as well as harmonizing regulations with global financial partners. “Vietnam is willing to listen to S&P's advice and recommendations,” he stressed.

The Vietnamese leader also urged S&P to support the enhancement of sustainable economic, trade, and investment cooperation between Vietnam and the U.S., advocate for the U.S. to remove Vietnam from the list of countries with restrictions on high-tech exports, and recognize it as a market economy.

Sharing Vietnam’s socio-economic development and recovery achievements post Covid-19, Chinh said the country achieved an economic growth of over 7% in 2024 and aims for 8% in 2025 and double-digit rates in the following years.

To realize these goals, Vietnam is pushing for institutional reforms, facilitating the operations of private businesses, streamlining administrative procedures, and cutting compliance costs, he said.

"The Vietnamese government is also focusing on strategic infrastructure development in transportation, health care, education, and culture to lower logistics costs and boost global competitiveness."

The PM emphasized the need for skilled human resources to support Vietnam’s digital economy, green economy, circular economy, and knowledge-based economy. He reaffirmed the nation’s commitment to sustainable development and balancing economic growth with social welfare and environmental protection.

For her part, Lynn Maxwell stated that S&P is deeply involved in credit rating activities for infrastructure, especially in relation to public-private partnerships, as well as green bonds and green transition for companies aligned with international standards. She noted that investors have a high level of trust in S&P's analyses.

Maxwell also shared updates on S&P Global's collaborative efforts with leading enterprises in credit rating in Vietnam. Through this partnership, S&P has gained a deeper understanding of Vietnam, especially in terms of infrastructure development.

The agency has committed to supporting the Vietnamese market in its development, contributing to the growth of the country’s financial market and building trust in its credit ratings.

As one of the world’s leading corporations in providing financial data, analysis, and evaluations, S&P Global operates in over 128 countries, with the largest market capitalization in the financial information sector, valued at $167 billion.

As the core of S&P Global, S&P Global Ratings is the world’s leading independent credit rating organization, specializing in providing assessments of the financial capabilities and creditworthiness of governments, financial institutions, businesses, and financial products.