Specifically, Vietnam wants to achieve a credit rating of Baa3 (for Moody's) or BBB- (for S&P and Fitch) and above by 2030.
The project aims to turn Vietnam into a developing country with modern industry and high middle income and improve the country’s position and prestige in the international arena.
Under the project, the average growth rate of GDP for the whole period will be about 7 per cent a year, with GDP per capita at the current price by 2030 reaching about 7,500 USD and total social investment averaging 33-35 per cent of GDP.
It also sets a target of better controlling State budget overspending approved by the National Assembly in the annual State budget estimates and the 5-year national financial plan, striving to ensure that overspending equals around 3 per cent of GDP and public debt does not exceed 60 per cent of GDP.
Its main solutions are to build a firm public financial system, expand a sustainable revenue base to improve debt indexes and promote fiscal consolidation, increase the transparency of fiscal policies, and improve the structure and quality of the banking system and State sector and the credit-related legal corridor.
The current credit rating of S&P for Vietnam stood at BB with a positive outlook, while Moody’s is a Ba3 with a positive outlook.
Fitch forecasts GDP growth to accelerate to 6.1 per cent in 2022 and 6.3 per cent in 2023 from 2.6 per cent in 2021.