Late last week, S&P raised its long-term sovereign credit rating for Vietnam to “BB” from “BB-”.
“The stable outlook reflects out expectation that Vietnam’s economy will continue to expand rapidly, exemplifying gradual improvements in its policy-making setting and underpinning credit metrics,” S&P wrote in a press release.
This was the first upgrade since December 2010. The upgrade reflected continued improvements in the Government’s institutional settings, which S&P believed were supporting consistently strong economic growth and development. Vietnam’s broadly balanced external accounts, strong foreign direct investment inflow and a manageable external debt burden provided further supported to the rating, it said.
S&P said the Vietnamese economy had achieved impressive development including consistently high GDP growth.
“Importantly, the Vietnamese government has delivered strong development outcomes since the global financial crisis and its own domestic banking sector crisis at the beginning of this decade,” the credit rating agency said.
“We believe the government's accession as a founding signatory to the Comprehensive and Progressive Agreement to Trans-Pacific Partnership (CPTPP) in late 2018 reflects the government's willingness to adopt and implement necessary reforms, especially in the state sector, over the long term.”
Although Vietnam had a lower middle-income economy, with GDP per capita projected at approximately 2,695 USD in 2019, the economy was relatively diversified.
“Continued improvements in macroeconomic stability have supported a strong performance in large foreign-owned and export-focused manufacturing sectors (electronics, mobile phones, and textiles). The robust FDI-oriented economy is fuelling stronger domestic activity, particularly through the private consumption channel.”
Vietnam's per capita income increased to an estimated 2,572 USD in 2018 from approximately 1,754 USD in 2012.
According to S&P, strong FDI in manufacturing continued in 2018 despite a more challenging external environment, reflecting the resilience of Vietnam's investment environment.
“The country's competitive unit labour costs, improving educational standards and constructive demographics implied continued growth in FDI and goods exports,” the rating agency said, adding that participation in free trade agreements, including the recently established CPTPP, could provide a further upside to Vietnam's export earnings.
The country still faced a variety of domestic and external risks, such as trade disputes, elevated fiscal deficits and public debt, and q relatively weak banking sector, S&P pointed out.
Senior economist from the Bank for Investment and Development of Vietnam Can Van Luc said that S&P’s upgrade on Vietnam reflected the country’s stable macroeconomy, improved fiscal policy and better business climate.
The upgrade would help consolidate confidence among investors and attract more foreign investment inflow, Luc said, adding that there was still room for improvement.
Luc said the country needed to speed up its restructuring process and increase the economy’s resilience to external shocks by resolving bad debt, improving fiscal policy and increasing foreign currency reserves.
In August 2018, credit rating agency Moody’s Investors Service has also upgraded Vietnam’s long-term issuer and senior unsecured ratings to Ba3 from B1 and changed the outlook to stable from positive.
Fitch Rating in May 2018 upgraded Vietnam’s long-term foreign-currency issuer default rating to BB from BB- with a stable outlook.
VNS/VNA
(seafood.vasep.com.vn) Vietnam’s pangasius exports have shown encouraging signs of recovery in 2026. In the first four months of the year, total export turnover reached USD 720 million, up 17% compared to the same period last year. This result reflects improving demand across many markets, as well as the efforts of Vietnamese pangasius enterprises to maintain production, secure orders, and adapt to changing market conditions.
(seafood.vasep.com.vn) In the first four months of 2026, Vietnam’s tilapia exports reached USD 49 million, up 151% compared to the same period in 2025. This impressive growth reflects positive momentum in the tilapia sector, with Brazil emerging as a key driver of growth, while frozen tilapia fillets continued to be the industry's leading export product.
(seafood.vasep.com.vn) Vietnam’s tuna exports to the UK have shown positive signs in the first months of 2026. While the UK’s overall tuna imports from the world declined, imports from Vietnam increased strongly, indicating that there is still room for Vietnam to expand its market share. However, behind this growth, competitive pressure remains intense, especially as the UK continues to be a major market for established suppliers such as Ecuador, Mauritius, and Ghana.
(seafood.vasep.com.vn) Biofloc technology is being piloted in several rice–shrimp farming models in Ca Mau Province, showing initial positive results in controlling pond environments, improving shrimp seed quality, and supporting sustainable aquaculture development.
(seafood.vasep.com.vn) In the first four months of 2026, Mexico, Brazil, and Colombia together contributed USD 108 million to Vietnam’s pangasius exports, accounting for around 15% of the industry’s total export turnover. Amid tightening global whitefish supply and slowing demand in several traditional markets, Latin America is increasingly becoming an important expansion destination for the sector.
(seafood.vasep.com.vn) Alongside the development of high-tech shrimp farming, Ha Tinh Province is accelerating the cultivation of high-value freshwater aquatic species, with red tilapia emerging as an effective and sustainable farming model.
(vasep.com.vn) Vietnam’s tuna exports reached USD 81 million in April 2026, down 6% compared to the same period in 2025. In the first four months of the year, export turnover totaled USD 289 million, down 4.8%. Although the overall export picture has yet to brighten significantly, market trends are becoming increasingly diversified rather than moving in a single direction.
(seafood.vasep.com.vn) Vietnam’s pangasius industry is undergoing strong restructuring starting from the broodstock and fingerling segment in order to improve productivity, quality, and export competitiveness. This is considered a critical foundation for the sustainable development of the industry amid rising production costs and increasingly stringent market requirements.
(seafood.vasep.com.vn) According to Vietnam Customs data, pangasius exports in April 2026 reached USD 206 million, up 18% compared to the same period in 2025 — marking another consecutive month of double-digit growth since the beginning of the year. Cumulative pangasius export turnover in the first four months of 2026 reached USD 720 million, up 17% year-on-year, reflecting the positive growth momentum of this key export product.
(seafood.vasep.com.vn) Vietnam’s shrimp exports in the first four months of 2026 maintained positive growth momentum, reaching approximately USD 1.5 billion, up 15% compared to the same period last year. However, behind this result lies diverging trends across markets, as the global shrimp industry continues to face pressure from inflation, high inventories, price competition, and increasing trade risks.
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