HCM City expects its project on international credit evaluation to be highly effective, contributing to the prestige, reputation and expansion of financial resources for the development of the city.

This was said by Le Thanh Liem, standing deputy chairman of the municipal People’s Committee, at a meeting with the working team of the International Finance Corporation (IFC) and Standard & Poor’s (S&P) Ratings Service in HCM City on Monday.

The project is part of a memorandum of understanding signed by the city authorities and IFC at the end of last year.

Liem said an international credit rating for the city was a new issue and the city hoped that IFC and S&P would continue to promote coordination and implementation of the project as scheduled.

Sharing the upcoming orientation of the city’s socio-economic development, Liem emphasised that credit rating for the city would help investors and international financial organisations evaluate the capacity, potential as well as financial resource flows serving the city’s socio-economic development programme.

According to Kyle Kelhofer, IFC country manager for Viet Nam, Cambodia and Laos, this is the most favourable time for the city to receive an international credit rating and become a role model for the mobilisation of financial resources for the development of other localities in the country.

The implementation of the international credit rating project is also significant in supporting other developmental programmes and projects, especially in the area of ​​financial management and policymaking.

At the meeting, representatives of S&P and HCM City discussed issues related to the co-ordination of project implementation and both the sides agreed that the city would publicly announce its credit rating result. — VNS