Prime Minister Pham Minh Chinh meets with Lynn Maxwell, Global Chief Commercial Officer at S&P Global Ratings, in Hanoi on February 26 (Photo: VNA)
Prime Minister Pham Minh Chinh met with Lynn Maxwell, Global Chief Commercial Officer at S&P Global Ratings, in Hanoi on February 26, seeking to attracting international investment for Vietnam’s ambitious infrastructure plans.
Expressing appreciation for S&P’s recent BB+ credit rating and stable outlook for Vietnam, PM Chinh reaffirmed the country’s commitment to improving its credit standing, and its hope for stronger and more effective cooperation with the agency.
Despite COVID-19-related disruptions, Vietnam achieved over 7% growth in 2024 and aims for 8% in 2025, targeting double-digit growth in the following year, he said.
To realise these goals, Vietnam is pushing for institutional reforms, facilitating the operations of private businesses, streamlining administrative procedures, and cutting compliance costs. The government also focuses on strategic infrastructure development in transportation, health care, education, and culture to lower logistics costs and boost global competitiveness.
The PM emphasised the need for skilled human resources to support Vietnam’s digital economy, green economy, circular economy, and knowledge-based economy. He reaffirmed the nation’s commitment to sustainable development, balancing economic growth with social welfare and environmental protection.
Calling for greater support from the US, Chinh highlighted the importance of the Vietnam-US Comprehensive Strategic Partnership, established in 2023. Vietnam is working to ensure balanced trade relations with the US, including plans for major aircraft purchases to strengthen its aviation sector, he said.
The leader used the occasion to call on the US to recognise Vietnam as a market economy, facilitate its intensive and extensive integration, and lift export restrictions on some technology.
Maxwell noted that S&P’s operations have significantly contributed to the development of Vietnam’s financial market, enhancing market confidence through credit ratings.
She highlighted S&P’s global expertise, with over 1,000 analysts operating in 108 countries. Maxwell reaffirmed S&P’s commitment to supporting Vietnam’s development by connecting its market with international capital.
PM Chinh outlined Vietnam’s extensive infrastructure plans, including airport expansion, aircraft purchase, and the North-South high-speed railway project. Vietnam needs about 100 billion USD for railway development and 40-50 billion USD for its urban rail system by 2035. The country has set the goals of building 3,000 km of expressways by 2025 and 5,000 km by 2030, while investing heavily in seaports, inland waterways, and logistics.
He called on S&P to provide guidance on mobilising capital through diverse formats and stressed Vietnam's efforts to refine the legal framework in order to attract more investments./.
