Việt Nam, HSBC accelerate push for credit upgrade and global capital inflows

Việt Nam, HSBC accelerate push for credit upgrade and global capital inflows

Việt Nam is stepping up efforts to secure a sovereign credit rating upgrade and deepen access to global capital, with HSBC expected to play a key advisory role in the process.

Finance Minister Nguyễn Văn Thắng holds a working session with an HSBC delegation led by Group CEO Georges Elhedery on March 29, 2026.  — Photo Ministry of Finance

At a recent meeting with an HSBC delegation led by Group CEO Georges Elhedery, Finance Minister Nguyễn Văn Thắng highlighted the importance of an early credit upgrade to reinforce macroeconomic stability, reduce borrowing costs and strengthen investor confidence, while calling for continued technical support from the bank.

Thang described HSBC as a long-standing strategic partner that has supported Việt Nam at critical junctures, notably as a lead advisor in sovereign bond issuances on international markets in 2005, 2010 and 2014.

Việt Nam is now preparing to re-enter global bond markets, with a focus on cost efficiency and feasibility. Expanding engagement with international investors remains central to the strategy, with the ministry ramping up outreach activities across major financial hubs and planning further market promotion campaigns.

By end-2025, the government bond market was valued at an estimated VNĐ2.62 quadrillion (US$99.5 billion USD), equivalent to 20.4 per cent of GDP, with annual issuance reaching approximately VNĐ371.5 trillion. The investor structure is also improving, as long-term non-bank financial institutions now account for roughly 62 per cent of holdings.

Alongside capital mobilisation, Việt Nam is advancing its sustainable finance agenda, including efforts to finalise a green taxonomy and develop a carbon credit market to attract large-scale global investors.

The minister also urged HSBC to support capacity building through specialised training and secondment programmes, enabling officials to gain practical experience in leading financial centres. He stressed the need to resolve technical bottlenecks and fast-track the upgrade of Vietnam’s stock market classification to facilitate stronger foreign participation.

Elhedery reaffirmed HSBC’s commitment to Việt Nam, describing it as a priority market, and pledged to continue acting as a conduit for global capital flows. He voiced strong support for Việt Nam’s credit upgrade ambitions, calling it a key lever for attracting long-term institutional investors.

He added that an improved credit rating would significantly enhance Việt Nam’s competitiveness, with HSBC ready to assist in developing internationally aligned frameworks for sustainable finance and advanced risk management to bolster resilience against global uncertainties.

The HSBC chief also committed to expanding training and staff exchange initiatives, noting that global investors are increasingly optimistic about Việt Nam’s reform progress and economic stability. The bank will continue promoting these strengths to credit rating agencies and financial institutions, supporting both sovereign rating upgrades and stock market reclassification to unlock stronger capital inflows.

Both sides expressed confidence that enhanced cooperation will deliver meaningful results, helping elevate Việt Nam’s financial profile and support sustainable growth. The finance minister also encouraged HSBC to expand its operations in Việt Nam, scale up lending and deepen cooperation in future sovereign bond issuances on international markets. 

Bizhub