Pleased that S&P always cares, shares assessment knowledge, and creates conditions for Vietnam to deeply integrate into the world, the Prime Minister affirmed that Vietnam is ready to listen to S&P's advice.
On the afternoon of February 26, at the Government Headquarters, Prime Minister Pham Minh Chinh received Ms. Lynn Maxwell, General Director of Global Commerce of S&P Global Ratings - the world's leading independent credit rating organization.
Thanking S&P for rating Vietnam at BB+ and stable and developing; emphasizing that Vietnam is making efforts to upgrade its rating according to S&P's assessment and wishing for increasingly close and effective cooperation between Vietnam and S&P, Prime Minister Pham Minh Chinh said that the COVID-19 pandemic has disrupted the supply chain, production chain, and market, but Vietnam is still making efforts to recover and rise.
In 2024, Vietnam achieved a growth rate of more than 7%; in 2025, it is determined to grow at 8% or more, and next year, it is determined to achieve double-digit growth within 20 years to become a high-income developed country.
To achieve the above goal, Vietnam must have solutions to remove open institutions, create favorable conditions for private enterprises to operate smoothly, actively reform administration, reduce administrative procedures, reduce compliance costs for people and businesses, and increase decentralization and delegation of power.
The Prime Minister stated that Vietnam is actively making strategic infrastructure breakthroughs in transportation, healthcare, education, sports and culture, etc., thereby reducing logistics costs and input costs to increase product competitiveness in the world market; improving the quality of human resources to meet the requirements of developing a digital economy, green economy, circular economy, knowledge economy, etc.; developing rapidly and sustainably; ensuring social security, not sacrificing progress, social justice and the environment to pursue pure economic growth.
Wishing to strengthen cooperation and support from the United States in this process, Prime Minister Pham Minh Chinh said that the two countries have established a comprehensive strategic partnership since 2023; the United States is a major trade partner.
Currently, Vietnam is trying to balance the trade relationship between the two countries, importing many industrial products from the United States, and especially planning to buy many US aircraft to develop airlines.
Vietnam hopes that the United States will recognize Vietnam as a market economy, facilitating deep and substantial integration; at the same time, the United States will remove Vietnam from the D1 and D3 high-tech export embargo list.
Global Trade Director Lynn Maxwell thanked Prime Minister Pham Minh Chinh for taking the time to meet him; said that S&P's activities really help develop the Vietnamese financial market, bringing confidence to the market in credit ratings.
According to Ms. Lynn Maxwell, S&P is an organization with more than 1,000 analysts worldwide; S&P's market capitalization is more than 160 billion USD, operating in 108 countries, and has a lot of experience in developing markets in developed and developing countries.
S&P is committed to accompanying the Vietnamese market in development, bringing knowledge and foundations of the Vietnamese market to the international capital market.
Prime Minister Pham Minh Chinh stated that Vietnam is currently developing a large infrastructure, especially five modes of transportation, including aviation, developing airports, purchasing aircraft; developing the North-South high-speed railway system; and investing in standard railway lines connecting to China.
From now until 2030-2035, Vietnam needs about 100 billion USD to develop railway lines, 40-50 billion USD for urban railway lines...
Vietnam is also striving to reach 3,000 km of highway by 2025 and 5,000 km by 2030; is investing in large ports, inland waterway ports, developing the fleet, and enhancing logistics capacity.
Therefore, Vietnam hopes that S&P will guide and discuss to mobilize capital in many forms to invest in infrastructure development.
Pleased that S&P always cares and shares knowledge about rating assessment, creating conditions for Vietnam to deeply integrate into the world, the Prime Minister affirmed that Vietnam is ready to listen to S&P's advice and recommendations.
The Prime Minister said that Vietnam continues to improve its legal institutions to mobilize resources for investment and development, including promoting public-private partnership, especially in larger projects such as nuclear power plants...
Agreeing with the Prime Minister's opinion, Ms. Lynn Maxwell said that S&P is eager to contribute to Vietnam's development, especially through public-private partnership projects in Vietnam./.
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