Deputy Prime Minister Nguyen Van Thang signed Decision 1919 amending a government scheme adopted in 2022 to improve Vietnam’s sovereign credit rating through 2030.
Under the revised plan, Vietnam aims to achieve a rating of at least Baa3 from Moody’s or BBB minus from S&P Global Ratings and Fitch Ratings by 2030.
The plan sets a target for average annual GDP growth of at least 10% with GDP per capita expected to reach about 8,500 USD by 2030. Total social investment is targeted at around 40% of GDP on average during the period, while public investment is expected to account for 20% to 22% of GDP.
To achieve these targets, the government will manage fiscal policy in a proactive, flexible, and prudent manner, balancing support for growth with the maintenance of stability over the medium and long term. Vietnam will continue to diversify export markets, supply chains, and investment partners, while strengthening energy security, developing infrastructure, and enhancing reserve capacity.
Vietnam currently remains below investment grade in its sovereign credit ratings from the three major agencies. S&P Global Ratings and Fitch Ratings both rate Vietnam at BB+, with a stable outlook. Moody’s rates Vietnam at Ba2 and upgraded its outlook from stable to positive in May.
According to the Vietnam Bond Market Association (VBMA), an improvement in Vietnam’s credit rating could bring about 10 billion to 20 billion USD in capital inflows into the bond market, dozens of times the amount flowing into the stock market.
