(Photo by congthuong.vn)

The Ministry of Finance said the upgrade reflects the country’s resilience. Vietnam was among the few economies in the Asia Pacific region that achieved positive growth of 2.91% in 2020. 

Fitch Ratings recognised Vietnam’s fiscal and government debt achievements, its success in bringing the coronavirus outbreak swiftly under control, its strong policy support, export demand, and the continued strengthening of external finances due to persistent account surpluses and growing international reserves.

Fitch noted that Vietnam’s ability to maintain macro-economic stability, sustain high growth, reduce its GDP per capita gap with its peers, and further improve public finances, for example, through sustainable fiscal consolidation and debt stabilisation over the medium term, are factors that could, individually or collectively, lead to further positive rating action.