Illustrative image (Photo: VNA) Moody’s raised the creditrating for Vietnam to Ba3 in August 2018, and this is the first time it has changedthe outlook for the country by two places, to “positive”, since the COVID-19pandemic broke out.
It explained that thisdecision is the recognition of Vietnam’s impressive economic development that hasoutpaced other countries with similar credit ratings amid extremely complexdevelopments of the COVID-19 pandemic around the world.
It noted that Vietnam’seffective economic policies and disease containment solutions have supporteddomestic economic activities and foreign trade to recover quickly and helpedwith budget collection.
The medium-term growthprospects were also assessed as highly promising thanks to improvements in fiscaland debt metrics.
Truong Hung Long, Directorof the Finance Ministry’s Department of Debt Management and External Finance,said the move by Moody’s reflects its recognition of Vietnam’s solidmacro-economic foundation, the Government’s remarkable success in controlling thepandemic and maintaining positive growth, as well as the enhanced staturethanks to the capacity of integrating into Asian supply chains.
Moody’s decision is animportant recognition of the outcomes of the effective macro policies and theengagement of the entire political system in Vietnam in successfully containingthe pandemic and quickly recovering the economy, thus helping the countryoutpace others with similar ratings in the region and the world, he noted.
It is also a result of thepatience and proactiveness of Government agencies, including the Ministry ofFinance, in sharing updated macro-economic information with Moody’s for a longtime, Long added./.
VNA
