Vietnam reaffirms macroeconomic stability as Fitch Ratings conducts review

Vietnam reaffirms macroeconomic stability as Fitch Ratings conducts review

On May 19, at the headquarters of Vietnam’s Ministry of Finance (MoF), Deputy Minister Tran Quoc Phuong held a working session with a delegation of experts from Fitch Ratings, led by George Xu, director and lead Sovereign Analyst for Vietnam.

During the meeting, Xu commended Vietnam’s macroeconomic management efforts amid persistent uncertainties in the global economy. He also expressed interest in the Vietnamese government’s measures to control inflation, ensure energy security, sustain economic growth, and advance institutional reforms and improvements to the investment climate.

He said, Fitch Ratings is currently conducting its periodic review of Vietnam’s sovereign credit rating. The delegation therefore sought in-depth discussions with the MoF to gain a clearer understanding of a wide range of issues, from the macroeconomic policy framework and Vietnam’s policy responses to tensions in the Middle East, to the country’s medium- and long-term development outlook.

Speaking at the meeting, Deputy Minister Phuong highly appreciated Fitch Ratings’ longstanding engagement with Vietnam through its independent and objective assessments that closely reflect the country’s economic realities.

He said, "Fitch’s evaluations not only help enhance Vietnam’s credibility in international financial markets, but also serve as an important reference point for the country to continue accelerating reforms, improving institutions, and strengthening macroeconomic governance."

MoF and Fitch experts held detailed discussions on fiscal policy, fuel price stabilisation tools, and plans to mobilise resources for infrastructure investment. Representatives of the MoF also clarified Vietnam’s public debt management strategy, renewable energy development roadmap, and ongoing state-owned enterprise (SOE) reform process.

Deputy Minister Phuong reaffirmed that the Vietnamese government remains committed to maintaining macroeconomic stability, strengthening the economy’s resilience against external shocks, and improving the transparency and effectiveness of policy frameworks.

The MoF and relevant agencies, he said, stand ready to closely coordinate and provide comprehensive information and data to support Fitch’s assessment process, ensuring a holistic and objective view of Vietnam’s economic situation.

Regarding the impact of energy price volatility and geopolitical tensions in the Middle East, the deputy minister said Vietnam has implemented a range of coordinated measures, including market stabilisation tools, tax policy adjustments, tighter market supervision, and the diversification of fuel supply sources.

He added that Vietnam’s fiscal policy space remains well preserved, while existing policy instruments are proving effective in supporting market stability, controlling inflation, and mitigating the impact of energy price fluctuations on the economy and people’s livelihoods.

The MoF will continue closely monitoring market developments and introduce appropriate solutions should global conditions become more complicated.

Phuong said, "Vietnam is reviewing and updating its growth scenarios to ensure the achievement of its 2026 development targets. The government is focusing on removing investment obstructions, improving the business environment, accelerating public investment disbursement, and attracting stronger flows of foreign and private investment."

According to the MoF, despite continued challenges facing the global economy, foreign direct investment inflows into Vietnam in the first months of the year have remained positive. Vietnam is also continuing to push ahead with SOE restructuring and divestment efforts to improve operational efficiency and enhance transparency in the state sector.

In taxation, the ministry will continue refining policies towards greater transparency and closer alignment with international standards, particularly by strengthening tax administration for e-commerce activities, preventing revenue losses, and broadening the tax base to enhance the long-term sustainability of the state budget.

Deputy Minister Phuong also expressed his hope that Fitch Ratings would provide objective assessments that could support Vietnam in further improving its sovereign credit profile in international markets.

VIR