The Deputy PM made the request during a working session in Ha Noi on May 14 with a visiting delegation from S&P, led by Senior Director Kim Eng Tan.
He expressed appreciation for S&P’s 2024 decision to maintain Viet Nam’s sovereign credit rating at BB+ with a stable outlook, and highlighted the importance of such ratings to helping the country upgrade its stock market status to attract capital for economic development.
Deputy PM Phoc briefed the S&P delegation on Viet Nam’s recent socio-economic progress and its proactive policy measures aimed at stimulating growth. These include expansionary fiscal policies, such as tax reductions, deferred tax and land rent payments for businesses, and broader economic reforms involving organisational restructuring to enhance public administration efficiency.
He also highlighted Viet Nam’s commitment to infrastructure development, digital transformation, and green growth - positioned as pillars of a sustainable development strategy grounded in science, technology, and innovation.
He said that the Politburo has issued Resolution 57-NQ/TW, which identifies science and technology as a key driver of productivity and economic growth, and Resolution 68-NQ/TW, which promotes the private sector as a central force in the national economy. These resolutions are being swiftly institutionalised by relevant authorities, laying the groundwork for robust economic expansion.
The Deputy PM reaffirmed Viet Nam’s determination to meet international standards and expressed confidence that with the understanding and support of S&P, the country would make accelerated progress towards improved creditworthiness.
In response, Kim praised Viet Nam’s consistent economic performance in recent years, calling it a solid foundation for the agency’s current rating decision. He shared optimism about the country’s future growth prospects, especially in light of the Vietnamese Government’s continued reforms efforts.
The meeting also included candid discussions on key areas of interest to S&P’s analysts, including developments in the financial, banking, credit, and capital markets.
The S&P delegation took particular note of Resolution 68 and Viet Nam’s efforts to streamline administrative units and downsize state apparatus.
The S&P experts expressed a belief that with such strong institutional reforms and a dynamic policy agenda, Viet Nam’s economy is poised for rapid growth, and its sovereign credit rating will see further improvement in the near future.
