Three solutions outlined to lift VN's sovereign credit rating
The recent upgrade of Việt Nam’s senior secured long-term debt instruments is viewed as an important initial step, creating momentum for further sovereign rating improvements in the coming period.
HÀ NỘI — Việt Nam is sharpening its push towards an investment-grade sovereign credit rating, with the Ministry of Finance setting out three priority solution groups centred on prudent debt management, macroeconomic stability and deeper engagement with international rating agencies.
Deputy Minister of Finance Trần Quốc Phương said the ministry will prioritise policies to manage public, government and national debt in a safe and effective manner, keeping key indicators at sound levels in line with international rating criteria. Ensuring debt sustainability, he stressed, is a core pillar in strengthening investor confidence and improving credit assessments.
In parallel, the ministry will work closely with other ministries, sectors and localities to refine mechanisms and policies that support economic growth while safeguarding macroeconomic stability. Stable inflation, balanced public finances and resilient growth, he noted, are among the critical factors that positively influence sovereign credit ratings.
The third focus is closer coordination with major international credit rating agencies such as S&P and Fitch Ratings through the provision of timely, transparent and comprehensive information. This approach, he said, will help agencies gain a fuller understanding of Việt Nam’s economic fundamentals, reform agenda and development objectives, leading to more accurate and favourable assessments.
Phương noted that recent intensive engagement between Vietnamese authorities and rating agencies has already produced results, with agencies developing a clearer picture of the country’s progress and future prospects.
The Ministry of Finance is currently coordinating with relevant agencies, including the State Bank of Vietnam and line ministries, to carry out a five-year review of the national credit rating improvement scheme to 2030. The scheme targets securing an investment-grade sovereign rating of Baa3 or BBB- or higher by 2030, in line with Việt Nam’s broader development goals.
Fitch Ratings recently upgraded Việt Nam’s senior secured long-term debt instruments to BBB-, equivalent to investment grade, while affirming the sovereign rating at BB+ with a stable outlook as of June 2025. Although assessed independently, the two ratings signal a lower perceived risk profile and help reinforce foreign investor confidence as Việt Nam moves into the 2026–2030 development phase. — VNS
