S&P Global Ratings: Vietnam's GDP growth is among the highest in the world
S&P is of the opinion that Vietnam will continue to maintain in good condition for a solid recovery in the next one to two years thanks to the Government's highly effective solutions to contain the COVID-19 pandemic.
Credit rating agency S&P Global Ratings (“S&P”) announced that Vietnam's sovereign credit rating will remain unchanged, economic outlook revised from stable to positive.
Vietnam is the only country in the world that all three credit rating agencies including Moody's, S&P and Fitch simultaneously revised the outlook to positive.
The basis for the S&P to make the decision to keep the sovereign credit rating unchanged and revise the economic outlook of Vietnam to positive is the recognition of our country's impressive economic development achievements and continuous reform in policy making in the context that the COVID-19 pandemic continues to have negative socio-economic impacts.
According to S&P's assessment, following the 2020 GDP growth rate among the highest globally, Vietnam will continue to remain in a good state to recover firmly in the next one to two years thanks to the Government's highly effective solutions to contain the COVID-19 pandemic in the country, to be a leading destination in Southeast Asia in terms of FDI attraction, stable export growth, strong domestic demand and solid external position.
S&P noted that Vietnam's fiscal and public debt results continue to maintain its efficiency and flexibility, helping to support pandemic control.
In 2020, there were 124 downgrades and 133 lower outlook revisions by the global credit rating agencies worldwide; As of May 21, 2021, 16 countries have been downgraded worldwide from the evaluation results of three major global credit rating agencies, i.e. Moody's, S&P and Fitch.
A representative of the Ministry of Finance said: “Since the outbreak of the pandemic to date, Vietnam is the only country in the world that has been simultaneously upgraded to positive by all three credit rating agencies”.
Once again, this confirms the appreciation of the credit rating agencies for the success of the Government of Vietnam in high determination and drastic management to realize the "dual goal": economic recovery and socio-economic development, striving to achieve the highest growth while also drastically preventing and controlling the pandemic.
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.
- Key export commodity groups still maintain growth
- Taking advantage of CPTPP to export agricultural and seafood products to Japan
- Great economic benefits from EVFTA and CPTPP
- Vietnam-EU trade grows strongly after one year of EVFTA implementation
- Exports of consumer industrial goods to Sweden grow amid the COVID-19 pandemic
- Six months of 2021: Hanoi's economy grew 5.91%
- In the first half of 2021, Vietnam's GDP is estimated to increase at a 5.64% rate
- Ho Chi Minh City's economy grew by 5.46%
- WB: Vietnam's economy has coped well with the new wave of pandemic
- Exports to the US increased by more than USD 12 billion over the same period in 2020