The Vietnamese Government has set a target of raising Vietnam’s credit rating to Investment Grade by 2030, contributing to cutting capital costs and easing national credit risks, according to Minister of Finance Ho Duc Phoc.

At separate meetings with Standard & Poor’s and Moody’s in New York on September 29, Minister Phoc said the Prime Minister approved the “Project to Improve the National Credit Rating to 2030” on March 31, 2022, with a goal of elevating Vietnam’s credit rating to Investment Grade.

It targets raising its credit rating with Moody’s to Baa3 or better and BBB- or better with Standard & Poor’s and Fitch by 2030.

He proposed the two agencies help Vietnam further improve its credit rating by sharing experience and advice.

Mr. Phoc also suggested they help Vietnam develop a stable and healthy corporate bond market, including formulating rules related to credit ratings for bond issuers, collateral, and other factors.

Moody’s affirmed it would share experience and help Vietnam update its legal framework for securities.

Both stressed that Vietnam’s economy will continue to benefit in many areas, particularly its capacity to attract foreign investment in manufacturing and processing.