Experts from S&P Global Ratings have expressed their strong impression with Vietnam's newly issued Resolution 68-NQ/TW on development of private economy and its ongoing efforts to restructure administrative units and streamline the state apparatus.

They believe that with robust reforms, Vietnam’s economy will experience rapid growth, leading to further upgrades in the country’s national credit rating in the near future.

The insights were shared during a May 14 meeting between Deputy Prime Minister Ho Duc Phoc and a delegation of S&P Global Ratings experts, led by Mr. Kim Eng Tan, S&P Senior Director.

Deputy PM Phoc highlighted Vietnam’s recent socio-economic achievements, noting that in 2024, GDP grew by 7.09%, while inflation remained well-controlled, and key macroeconomic balances were maintained.

In the first five months of 2025, the economy continued its strong momentum, with all macroeconomic indicators showing positive results. Q1/2025 growth reached 6.85%, marking the highest first-quarter growth in five years. Vietnam remains among the fastest-growing economies globally and regionally.

The Deputy Prime Minister expressed appreciation for S&P’s 2024 decision to maintain Vietnam’s sovereign credit rating at BB+ with a stable outlook, and highlighted the importance of such ratings to helping the country upgrade its stock market status to attract capital for economic development.

He reaffirmed Vietnam’s determination to meet international standards and expressed confidence that with the understanding and support of S&P, the country would make accelerated progress towards improved creditworthiness.

Currently, Vietnam is pursuing an expansionary fiscal policy, which includes tax reductions for businesses and extensions on tax and land rent payments to stimulate development. At the same time, the country is boosting investment in infrastructure, fostering a digital and green economy, and focusing on science, technology, and digital transformation for sustainable growth.

Significantly, the Politburo recently issued Resolution 57-NQ/TW, which recognizes science and technology as a key driver of economic development and labor productivity. Additionally, Resolution 68-NQ/TW places the private sector at the heart of national economic strategy, recognizing it as the most important driving force behind growth. Vietnamese authorities are actively institutionalizing these resolutions, laying a solid foundation for strong future economic development.

Mr. Tan, speaking as an analytical expert, praised Vietnam’s economic performance in recent years, stating that these achievements provide a crucial basis for S&P’s upcoming assessments of Vietnam’s national credit rating.

He emphasized that, given Vietnam’s positive growth trajectory, coupled with the Government’s reform efforts, an upgrade in the country’s credit rating is highly likely.

During the meeting, Mr. Tan and S&P experts held detailed discussions with leaders from the Ministry of Finance, the State Bank of Vietnam, the State Securities Commission, Vietcombank, and Techcombank on various topics, including finance, banking, credit, and capital market development.