S&P raises Vietnam’s outlook to 'positive'

By Dat Nguyen May 21, 2021 | 08:03 pm PT

Workers of a state-owned bridge building company at a construction site in Hanoi. Photo by Reuters/Kham.

S&P Global Ratings has maintained Vietnam’s sovereign credit rating but raised its outlook from "stable" to "positive" thanks to the country’s effective measures to contain Covid-19.

The decision Friday in fact makes Vietnam the first country in the world with a "positive" outlook from all three major credit ratings companies, the others being Moody’s and Fitch, since the pandemic began, according to a statement from the Ministry of Finance.

The reason for the decision is the country's notable economic development and reforms in policies amid the ongoing Covid-19 pandemic which has made socio-economic impacts.

With last year’s GDP growth among the world’s highest, Vietnam is set to achieve firm recovery in one or two years thanks to the effective solutions of the government in containing the spread of Covid-19.

The country remains among the top destinations in Southeast Asia in attracting foreign direct investment, with stable exports growth and strong domestic demand.

The government will continue to pursue its strategy of maintaining economic growth while combating the Covid-19 pandemic.

So far, Vietnam has registered 4,961 cases and 3,482 are locally-transmitted cases.