Hanoi (VNA) – Vietnam is stepping up efforts to secure a sovereign credit rating upgrade and deepen access to global capital, with HSBC expected to play a key advisory role in the process.
At a recent meeting with an HSBC delegation led by Group CEO Georges Elhedery, Finance Minister Nguyen Van Thang highlighted the importance of an early credit upgrade to reinforce macroeconomic stability, reduce borrowing costs and strengthen investor confidence, while calling for continued technical support from the bank.
Thang described HSBC as a long-standing strategic partner that has supported Vietnam at critical junctures, notably as a lead advisor in sovereign bond issuances on international markets in 2005, 2010 and 2014.
Vietnam is now preparing to re-enter global bond markets, with a focus on cost efficiency and feasibility. Expanding engagement with international investors remains central to the strategy, with the ministry ramping up outreach activities across major financial hubs and planning further market promotion campaigns.
By end-2025, the government bond market was valued at an estimated 2.62 quadrillion VND (around 99.5 billion USD), equivalent to 20.4% of GDP, with annual issuance reaching approximately 371.5 trillion VND. The investor structure is also improving, as long-term non-bank financial institutions now account for roughly 62% of holdings.
Alongside capital mobilisation, Vietnam is advancing its sustainable finance agenda, including efforts to finalise a green taxonomy and develop a carbon credit market to attract large-scale global investors.
The minister also urged HSBC to support capacity building through specialised training and secondment programmes, enabling officials to gain practical experience in leading financial centres. He stressed the need to resolve technical bottlenecks and fast-track the upgrade of Vietnam’s stock market classification to facilitate stronger foreign participation.
Elhedery reaffirmed HSBC’s commitment to Vietnam, describing it as a priority market, and pledged to continue acting as a conduit for global capital flows. He voiced strong support for Vietnam’s credit upgrade ambitions, calling it a key lever for attracting long-term institutional investors.
He added that an improved credit rating would significantly enhance Vietnam’s competitiveness, with HSBC ready to assist in developing internationally aligned frameworks for sustainable finance and advanced risk management to bolster resilience against global uncertainties.
The HSBC chief also committed to expanding training and staff exchange initiatives, noting that global investors are increasingly optimistic about Vietnam’s reform progress and economic stability. The bank will continue promoting these strengths to credit rating agencies and financial institutions, supporting both sovereign rating upgrades and stock market reclassification to unlock stronger capital inflows.
Both sides expressed confidence that enhanced cooperation will deliver meaningful results, helping elevate Vietnam’s financial profile and support sustainable growth. The finance minister also encouraged HSBC to expand its operations in Vietnam, scale up lending and deepen cooperation in future sovereign bond issuances on international markets./.
