The move is a reflection of the strong potential for recovery in Vietnam’s economy following a period of deceleration due to the COVID-19 pandemic. S&P evaluated that Vietnam’s solid growth achievements over past years will continue to support the maintenance of the country’s sovereign credit rating.

In the scenario where the global pandemic is basically controlled by the end of 2020 or early 2021, S&P forecasts that Vietnam’s real GDP growth will recover in 2021 and from 2022 onward will approach the development speed the country set in the long term, of 6 to 7%.

Globally, since the beginning of April, S&P has adjusted the negative credit rating of 32 countries.