According to information from the Ministry of Finance, on January 22, Fitch Ratings (Fitch Organization) raised its credit rating for Vietnam's secured high-end long-term debt instruments from BB+ to BBB- (equivalent to investment rating), one level higher than the long-term foreign currency rating for Vietnam's unsecured debt instruments (currently at BB+).
According to the Ministry of Finance, the upgrade is the result of Fitch's review according to the new national credit rating criteria issued in September 2025.
This decision reflects Fitch's expectations about the prospect of debt recovery for unsecured bonds of the issuing country, combined with additional recoveries benefits from secured or guaranteed parts for debt instruments. For the case of Vietnam, it is Brady Bonds with a term of 30 years, issued in 1998 with a capital secured in part or all by US Treasury's interest-free bonds.
Fitch affirmed that this upgrade does not change Vietnam's national credit rating, which was affirmed at 'BB+' with the Stability Prospects in June 2025. Although the upgrade of this debt instrument has not changed the national credit rating, it is an important premise to affirm the position and prestige of Vietnamese debt instruments in the international market.
The Ministry of Finance is establishing a mechanism for periodic and regular dialogue with international credit rating organizations (Fitch, Moody's, S&P) on the basis of not only providing data as required by these organizations but also closely coordinating with ministries and sectors to proactively explain and prove the strengths of institutions, macroeconomic stability and growth potential of Vietnam.
Fitch's upgrade of the debt instrument to BBB- recently is also the result of close coordination and timely information provision on the structure of Brady bond debts between the Ministry of Finance and Fitch in the past time.
The Ministry of Finance said it will continue to coordinate with Fitch and credit rating agencies as well as other international organizations to continue to have a full and updated assessment of Vietnam's credit records.
