According to the Ministry of Finance, on May 21, the credit rating agency STANDARD & POOR'S Global Ratings (“S&P”) announced that the national credit rating of Vietnam will remain unchanged, raising its outlook from Stable to Positive. pole. Thus, Vietnam is the only country in the world that has been upgraded to Positive by all three credit rating agencies including Moody's, S&P and Fitch.
According to the Ministry of Finance, the basis that S&P organization made the decision to keep the national credit rating unchanged and increase the credit outlook of Vietnam to Positive is a recognition of the country's impressive economic development achievements. and continuous reform in policy making in the context that the COVID-19 pandemic continues to have socio-economic impacts.
S&P assesses that following the highest GDP growth in 2020 globally, Vietnam will continue to remain in a good position to recover firmly in the next one to two years thanks to the following solutions. highly effective government measures to contain the epidemic in the country.
At the same time, Vietnam has a leading position in Southeast Asia in terms of FDI attraction, stable export growth, strong domestic demand and a solid external position.
S&P recorded fiscal results, public debt continued to maintain its efficiency and flexibility, helping to control the pandemic.
Unrest from the pandemic led to social unrest and economic recession in most countries around the world.
In 2020, there were 124 downgrades and 133 downgrades worldwide. As of May 21, 16 countries have been downgraded worldwide from the evaluation results of three major global credit rating agencies, Moody's, S&P and Fitch.
Since the outbreak of the pandemic, Vietnam is the only country in the world whose outlook has been raised to Positive by all three rating agencies simultaneously.
Once again, this confirms the appreciation of the rating agencies for the success of the Government of Vietnam in high determination and drastic management to realize the "dual goal": both recovery and socio-economic development, striving to achieve the highest growth, while also drastically preventing and combating epidemics.
This is also the effort of the Ministry of Finance and other ministries and branches under the drastic and consistent direction of the Government and the Prime Minister in raising the national credit rating.
The Ministry of Finance reaffirms the Government's position that: In 2021 and the following years, despite difficulties and challenges are not small, the Government of Vietnam will continue to pursue the goal of strengthening the economic foundation. macro, maintain stable growth of production and business activities and improve the internal capacity of the economy, promote institutional reform in parallel with the task of COVID-19 epidemic prevention and control to continue creating a solid foundation to realize the country's medium and long-term goals and improve the country's credit status.
In the coming time, the Ministry of Finance affirmed that it will work with government agencies to continue strengthening cooperation and information exchange with credit rating agencies as well as other international organizations to convey messages about the decision. efforts to develop the economy, stabilize society and improve Vietnam's credit profile.