Moody's Raises Vietnam Credit Ratings

According to the Ministry of Finance (MoF)’s external finance department, Moody’s - a New York-based international credit rating agency - on July 6 upgraded Vietnam’s foreign currency rating for the government debts by one notch from B1 to B3.

The international credit rating agency maintained the foreign currency rating at B1 for the past seven years (from 1998).

Previously, Moody’s was invited to attend the Vietnam Investment Forum. The forum saw participation of more than 500 representatives including 400 major US investors. The forum was organized by the Ministry of Finance, the Vietnam Chamber for Commerce Industry (VCCI) and the Credit Suisse First Boston bank (CSFB) in Waldorf hotel in New York on June 23 during the Vietnam’s Prime Minister Phan Van Khai’s US visit.

After the meeting (forum), Moody’s brought out its statement about upgrading Vietnamese government’s credit rating. According to an economic advisor from the MoF, the upgrade is very meaningful. This will make more foreign financial investors pay attention to issues of Vietnam’s government bonds abroad.

• K.P