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Fitch Affirms Vietnam's Sovereign Credit Rating at BB+

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Fitch Ratings has affirmed Vietnam's sovereign credit rating at BB+ with a stable outlook, citing strong medium-term growth prospects and relatively low government debt compared with peers.

The agency expects Vietnam's economy to expand 6.8% in 2026, supported by foreign investment into export manufacturing, solid electronics shipments and continued infrastructure spending, according to a Tuesday press release.

However, it warned that heavy reliance on credit-led expansion, tightening liquidity and external trade risks could weigh on stability.

Public debt is projected to rise to 33.7% of GDP by 2027 but remain below peer levels, while strong external inflows and current account surpluses provide support. Fitch said vulnerabilities persist from state-owned enterprise debt, limited policy transparency and potential shocks to export demand.

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