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Deputy Prime Minister Ho Duc Phoc meets with a delegation from S&P Global Ratings, led by Mr. Kim Eng Tan, Senior Director at S&P Global Ratings. Photo: VGP
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Vietnam consistently strives to meet international standards
On May 14, Deputy Prime Minister Ho Duc Phoc met with a delegation from S&P Global Ratings, led by Mr. Kim Eng Tan, Senior Director at S&P Global Ratings.
At the meeting, the Deputy Prime Minister expressed his delight in welcoming and working with the S&P delegation, which was in Vietnam to assess the country’s financial market and sovereign credit rating for 2025.
Thanking S&P for maintaining Vietnam’s sovereign credit rating at BB+ with a stable outlook in 2024, the Deputy Prime Minister briefed the delegation on Vietnam’s efforts to boost economic development and reform its apparatus to foster socio-economic progress. He emphasized that Vietnam consistently strives to meet international standards and believes that with S&P’s support and understanding, the country will accelerate this process.
Deputy Prime Minister Ho Duc Phoc shared with the S&P delegation Vietnam’s remarkable achievements in economic and social development, including a GDP growth rate of 7.09% in 2024, well-controlled inflation, and positive macroeconomic indicators. In the first five months of 2025, the economy maintained its strong growth momentum, with all macroeconomic indices showing positive results. In the first quarter of 2025, growth was estimated at 6.85%, the highest rate compared to the first quarter in the last five years. Vietnam continues to be among the fastest-growing economies in the world and the region.
Currently, Vietnam is implementing an expansionary fiscal policy, providing tax reductions and extensions to businesses, and investing in infrastructure development. The country is also focused on building a digital economy and a green economy to ensure sustainable development based on science, technology, and digital transformation.
Recently, the Politburo issued Resolution 57-NQ/TW, emphasizing the pivotal role of science and technology in driving economic development and enhancing labor productivity. Additionally, Resolution 68-NQ/TW on private economic development considers the private sector as the most important driver of the national economy. Vietnamese authorities are working diligently to implement these resolutions, laying a solid foundation for robust economic growth in the coming years.
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Mr. Kim Eng Tan, Senior Director at S&P Global Ratings, expressed confidence in Vietnam’s potential to enhance its sovereign credit rating. Photo: VGP
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Vietnam has the potential to enhance its sovereign credit rating
Mr. Kim Eng Tan, Senior Director at S&P Global Ratings, thanked Deputy Prime Minister Ho Duc Phoc for his time and the opportunity to engage in meaningful discussions.
As analysts, Mr. Tan and his team expressed their appreciation for Vietnam’s economic development over the years and affirmed that these achievements formed an essential basis for S&P’s decision on Vietnam’s sovereign credit rating.
Mr. Tan emphasized that with Vietnam’s highly positive economic growth prospects and the government’s determined efforts, he believes that Vietnam has the potential to enhance its sovereign credit rating.
The S&P analysts were particularly impressed by the content of Resolution 68-NQ/TW and Vietnam’s swift actions in reorganizing its administrative units and streamlining its apparatus. They expressed confidence that with these robust reforms, Vietnam’s economy would grow rapidly, and its sovereign credit rating would continue to improve in the coming years.
During the meeting, Mr. Kim Eng Tan and the S&P experts had in-depth exchanges with leaders from the Ministry of Finance, the State Bank of Vietnam, the State Securities Commission, Vietcombank, and Techcombank on various topics related to finance, banking, credit, and capital market development.
The Deputy Prime Minister, Ho Duc Phoc, candidly discussed the issues of interest to the S&P experts and shared Vietnam’s strategic orientations for economic development in the coming years. He requested S&P to continue its support and provide objective, comprehensive, and accurate assessments that reflect the reality of Vietnam’s financial market. This will contribute to Vietnam’s efforts in upgrading its market status and enhancing its capacity to attract investment capital, ultimately fostering the country’s economic development.
Japanese Quang
– 15:23 14/05/2025
“Businesses Remain Cautious About Taking on Loans Amidst Downsizing”
Despite implementing various promotional solutions and mechanisms, bank credit growth has not met expectations due to subdued capital demands. Many businesses have scaled back their production, and a cautious approach to risk means they are hesitant to utilize loans.
