Deputy Prime Minister Ho Duc Phoc believes that with the support and understanding of the S&P credit rating agency, Vietnam will accelerate this process
On May 14, working with the expert group of the Driver OrganizationRegarding the S&P credit rating , led by Mr. Kim Eng Tan, Senior Director, Deputy Prime Minister Ho Duc Phoc requested that S&P continue to pay attention, support, and provide objective, comprehensive, and accurate assessments that closely reflect the situation of Vietnam’s financial market so that Vietnam can soon upgrade its market rating and improve its ability to attract capital sources to serve the country’s economic development.
Expressing his excitement to welcome and work with the S&P expert delegation to learn about the financial market and assess Vietnam’s national credit rating in 2025, the Deputy Prime Minister thanked S&P for maintaining Vietnam’s national credit rating at BB+ in 2024; Stable outlook.
The Deputy Prime Minister informed about the good results Vietnam has achieved in socio-economic development and said that Vietnam is making efforts to promote economic development, implement an expansionary fiscal policy; reduce taxes for businesses; extend tax and land rent payments to give businesses the opportunity to develop; reform the organizational apparatus for socio-economic development. At the same time, Vietnam is also increasing investment in infrastructure development; building a digital economy, a green economy for sustainable development on the basis of science, technology and digital transformation…
In particular, the Politburo recently issued Resolution 57-NQ/TW, which considers science and technology as a breakthrough to promote economic development and improve labor productivity; and issued Resolution 68-NQ/TW on private economic development, considering the private economy as the most important driving force of the national economy. Currently, competent authorities of Vietnam are urgently institutionalizing the above resolutions. This is a very important foundation to promote strong economic development in the coming time.
According to Deputy Prime Minister Ho Duc Phoc, Vietnam always strives to achieve international standards; he believes that with the support and understanding of the S&P credit rating agency , Vietnam will accelerate this process.
Thanking Deputy Prime Minister Ho Duc Phoc for taking the time to work with the delegation, Mr. Kim Eng Tan, Senior Director of S&P Credit Rating Agency, expressed his impression of Vietnam’s economic development in recent years; saying that these results are an important basis for S&P to decide on Vietnam’s national credit rating. Mr. Kim Eng Tan believes that with the extremely positive prospects for Vietnam’s economic growth in the coming time, along with the efforts of the Government, Vietnam will be able to improve its national credit rating.
At the meeting, the two sides had a frank discussion on a number of issues that S&P experts were interested in, related to the fields of finance, banking, credit, capital market development, etc.; major orientations for Vietnam’s economic development in the coming time. S&P experts expressed their impressions of the contents of Resolution 68-NQ/TW and the work of arranging administrative units and streamlining the apparatus that Vietnam is urgently implementing; believing that with strong reforms, Vietnam’s economy will grow very quickly and Vietnam’s national credit rating will continue to be improved in the coming time.