S&P maintains stable outlook for Vietnam’s sovereign credit rating

Saturday, 2020-05-23 11:31:18
 Font Size:     |        Print
 

S&P maintains stable outlook for Vietnam’s sovereign credit rating (Photo: VNA)
 Font Size:     |  

NDO/VNA - S&P Global Ratings has announced it has retained Vietnam’s sovereign credit rating at BB, with a stable outlook, according to the Ministry of Finance.

The move is a reflection of the strong potential for recovery in Vietnam’s economy following a period of deceleration due to the COVID-19 pandemic.

S&P evaluated that Vietnam’s solid growth achievements over recent years will continue to help maintain the country’s sovereign credit rating.

In a scenario where the global pandemic is basically under control by the end of 2020 or early 2021, S&P forecasts that Vietnam’s real GDP growth will recover in 2021 and from 2022 onward will approach the development target the country has set in the long term, of 6 to 7%.

Globally, since the beginning of April, S&P has adjusted the negative credit rating of 32 countries.

While working with S&P to evaluate the sovereign credit rating in late April, the Ministry of Finance and relevant agencies had presented convincing evidence about the adaptive capacity of Vietnam’s economy, which has been clearly illustrated in this challenging global context.

Apart from successfully curbing the COVID-19 pandemic, Vietnam has supported, cooperated, and shared its experience in fighting the disease with other countries and international organisations, which has been greatly appreciated by the international community, the ministry said.

This outcome demonstrates the deep connection between the Vietnamese Government and people, which facilitated the strong recovery of the economy after COVID-19, it added.