Fitch Ratings has raised Vietnam’s senior secured long-term debt rating from BB+ to BBB-, the Ministry of Finance has reported.

In a statement last week, the ministry noted that the upgrade places Vietnam’s secured long-term debt at BBB-, reaching investment-grade status, and one level above the country’s long-term foreign-currency rating on unsecured debt, which remains at BB+.

The revision comes after Fitch’s review under its updated Sovereign Rating Criteria released last September, Vietnam Plus reports.

The upgrade reflects Fitch’s view of improved recovery prospects for unsecured sovereign bonds, along with the added protection offered by the secured or guaranteed portions of the debt.

Furthermore, the agency underscored that Vietnam’s overall sovereign credit rating remains unchanged at BB+ with a stable outlook, as affirmed last June. Still, the move is considered a significant step in strengthening the credibility and international standing of Vietnam’s debt instruments in global capital markets.

The ministry stated that it is developing a framework for continuous dialogue with international credit rating agencies, including Fitch, Moody’s, and S&P.

This approach goes beyond simply providing requested data, involving active coordination with various ministries and agencies to highlight Vietnam’s institutional strengths, macroeconomic stability, and growth prospects.

Fitch’s recent upgrade was also credited to this proactive information sharing and close collaboration with the ministry.

In addition, the ministry stated that it will maintain close collaboration with Fitch, other credit rating agencies, and international organisations to ensure thorough and timely evaluations of Vietnam’s credit profile.