According to the Ministry of Finance , Vietnam's long-term secured debt instruments have been upgraded from BB+ to 'BBB-' (equivalent to investment grade), one notch higher than the long-term foreign currency rating for Vietnam's unsecured debt instruments (currently at 'BB+').
The upgrade is the result of a review based on new national credit rating criteria issued in September 2025.
This decision reflects Fitch's expectations regarding the recovery prospects of unsecured government bonds, combined with additional recovery benefits from the secured or guaranteed portions of the debt instruments.
In the case of Vietnam, this refers to Brady bonds with a 30-year maturity issued in 1998, with the principal partially or wholly secured by interest-free bonds of the U.S. Treasury.
Fitch affirmed that this upgrade does not change Vietnam's national credit rating, which was already affirmed at 'BB+' with a stable outlook in June 2025.
Although the upgrade of this debt instrument has not yet changed the country's credit rating, it is an important prerequisite for affirming the position and prestige of Vietnamese debt instruments in the international market.
The Ministry of Finance is currently establishing a mechanism for regular and frequent dialogue with international credit rating agencies (Fitch, Moody's, S&P) on the basis of not only providing data as requested by these organizations but also coordinating closely with ministries and agencies to proactively explain and demonstrate Vietnam's institutional strengths, macroeconomic stability, and growth potential.
The Ministry of Finance stated that it will continue to cooperate with Fitch and other credit rating agencies and international organizations to conduct a full and updated assessment of Vietnam's credit profile.
Source: https://hanoimoi.vn/fitch-ratings-nang-xep-hang-tin-nhiem-cong-cu-no-dai-han-cao-cap-co-bao-dam-cua-viet-nam-730998.html
Comment (0)