An overview of the meeting (Source: VNA)

HCM City (VNA) – Ho Chi Minh City pays attention to a project assessing its international credit confidence and hopes that it will help raise the city’s position and prestige and expand financial resources to serve its development.

The statement was made by Le Thanh Liem, Permanent Vice Chairman of the municipal People’s Committee, at his meeting on June 18 with a working delegation from the International Finance Corporation (IFC) and Standard & Poor (S&P) Global Ratings.

Liem thanked IFC for actively coordinating with the city in realising the bilateral Memorandum of Understanding signed in late 2017, including the implementation of the above-mentioned project.

The rating of international credit confidence for the city is an unprecedented issue, he said, adding that the city hopes IFC and S&P, the world’s leading providers of credit ratings, will work to ensure the project is implemented as scheduled.

He emphasised the wish that the rating result will contribute to the city’s development through helping investors and international financial organisations have right assessments on the city’s capacity and potential as well as attracting more resources to serve the local socio-economic development programmes.

Kyle Kelhofer, IFC Country Manager for Cambodia, Laos and Vietnam, affirmed that this is the most favourable time for Ho Chi Minh City to have international credit rating and become a model in mobilisation of resources for development.

Speaking highly of the city’s dynamic development, Kelhofer stated that credit confidence rating will create opportunities for the city to mobilise cheaper and more diverse capital resources.

The project will also help boost other development projects and programmes in the city, especially in the fields of financial management, and policy making.-VNA