The move is a reflection of the strong potential for recovery in Viet Nam’s economy following a period of deceleration due to the COVID-19 pandemic. — VNA/VNS Photo

S&P Global Ratings has announced it has maintained Viet Nam’s sovereign credit rating at BB, with a stable outlook, in its latest report released late last week, according to the Ministry of Finance.

The move is a reflection of the strong potential for recovery in Viet Nam’s economy following a period of deceleration due to the COVID-19 pandemic.

S&P evaluated that Viet Nam’s solid growth achievements over past years will continue to support the maintenance of the country’s sovereign credit rating.

In the scenario where the global pandemic is basically controlled by the end of 2020 or early 2021, S&P forecasts that Viet Nam’s real GDP growth will recover in 2021 and from 2022 onward will approach the development speed the country set in the long term, of 6 to 7 per cent.

Globally, since the beginning of April, S&P has adjusted the negative credit rating of 32 countries.

While working with S&P to evaluate the sovereign credit rating in late April, the Ministry of Finance and relevant agencies presented convincing evidence about the adaptive capacity of Viet Nam’s economy, which has been clearly illustrated in the challenging global context.

Apart from successfully curbing the COVID-19 pandemic, Viet Nam has supported, cooperated, and shared experience in fighting the disease with other countries and international organisations, which has been greatly appreciated by the international community, the ministry said.

This outcome demonstrates the deep connection between the Vietnamese Government and people, which facilitated the strong recovery of the economy after COVID-19, it added. — VNS