The credit rating agency has announced it will retain Vietnam’s credit rating, and raise the country’s credit from stable to positive. Vietnam is the only country in the world to have its outlook improved.

S&P has decided on retaining the sovereign credit rating and changing the economic outlook of Vietnam to “positive,” in recognition of the country’s impressive economic development and continuous reform in policymaking during Covid-19 pandemic.

According to S&P, Vietnam had the highest GDP growth worldwide in 2020, and will continue this to recover economically in the next two years thanks to government measures against the Covid-19 pandemic, improved foreign investment attractiveness, stable exports and strong domestic demand.

In the last months, the Covid-19 pandemic and unstable situation has let to recession in most countries in the world.

There have been 16 global nations that have been downgraded in their credit ratings by Moody’s, S&P and Fitch. The Finance Ministry said Vietnam was the only country in the world to have its outlook improved by the organization.

This year and in subsequent years, the Vietnamese Government will continue pursuing the goal of consolidating macro-economic foundation, maintaining stable growth in production and trade, improving internal capacity of the economy, boosting institutional reform in combination with fighting the pandemic, contributing to realising the country’s mid- and long-term goals and improving national stature.

In the near future, the finance ministry and the government bodies will continue enhancing collaboration and information sharing with credit rating and international organisations to fuel socio-economic development and improve Vietnam’s creditworthiness.

Chau Polly