Fitch upgrades Vietnam’s long-term credit rating
The move strengthens the position and credibility of Vietnam’s debt instruments in international markets.
THE HANOI TIMES — Fitch Ratings on January 22 upgraded Vietnam’s rating for senior secured long-term debt instruments from BB+ to BBB-.
Vietnam's secured long-term debt was raised to 'BBB-'. Photo: Fitch Ratings
According to the Ministry of Finance (MoF), Vietnam’s secured long-term debt was raised to ‘BBB-’, an investment-grade level, one notch higher than the country’s foreign-currency long-term rating for unsecured debt, which remains at ‘BB+.’
The upgrade followed a review under Fitch’s revised sovereign rating criteria issued in September 2025.
The decision reflects Fitch’s expectation of stronger recovery prospects for sovereign unsecured bonds, combined with additional recovery benefits from collateral or guarantees attached to secured instruments.
In Vietnam’s case, the upgrade applies to the 30-year Brady bonds issued in 1998, whose principal is partially or fully secured by zero-coupon bonds issued by the US Treasury.
Fitch said the upgrade does not change Vietnam’s sovereign credit rating, which was affirmed at ‘BB+’ with a stable outlook in June 2025.
Although the upgrade does not alter the national credit rating, it is an important foundation for strengthening the position and credibility of Vietnam’s debt instruments in international markets.
The MoF is establishing a regular dialogue mechanism with international rating agencies, including Fitch, Moody’s and S&P. The ministry not only provides data as required but also works closely with other ministries and agencies to explain and demonstrate Vietnam’s institutional strength, macroeconomic stability and growth potential.
The ministry said it will continue to coordinate with Fitch and other rating agencies and international organizations to ensure a full and up-to-date assessment of Vietnam’s credit profile.
