Vietnam discusses steps to strengthen investment-grade credit standing
Talks with R&I in Tokyo covered foreign exchange reserves, banking stability and investor disclosures following Vietnam’s upgrade to BBB-.
Vietnam’s Ministry of Finance and rating agency R&I discussed ways to reinforce the country’s investment-grade sovereign credit standing during talks in Tokyo, according to the ministry. The discussions addressed economic stability, banking resilience and communication with investors.
The meeting followed R&I’s October 8, 2026 decision to raise Vietnam’s Foreign Currency Issuer Rating to BBB- with a “Stable” outlook, from BB+ with a “Positive” outlook. It was the agency’s first investment-grade assessment of Vietnam.
Nguyen Quoc Phuong, Director General of the Department of Debt Management and External Economic Relations, led the ministry delegation. R&I President and Chief Executive Officer Toru Yoshida attended alongside other executives. The visit was part of a non-deal roadshow to engage international investors without issuing international bonds.
R&I executives said the rating could rise further if Vietnam sustained favourable macroeconomic conditions. The agency highlighted the need to accumulate more foreign exchange reserves, safeguard banking stability and liquidity, and bring lenders’ capital buffers closer to those of similarly rated countries. It also stressed balancing growth ambitions with economic stability and inflation control.
Phuong outlined institutional reforms undertaken in 2024–2025 and continuing into 2026, including simpler administrative procedures and legal improvements. A State Bank of Viet Nam representative said monetary policy would remain focused on economic stability and growth, alongside stronger oversight of credit institutions.
R&I also urged more regular investor disclosures. Ministry representatives said investor relations practices were being improved and had been incorporated into legal regulations.
In explaining its upgrade, R&I cited growth potential underpinned by reforms, low debt and fiscal capacity, and resilience supported by steady foreign direct investment inflows and a current account surplus.
