Promote cooperation between MoF and HSBC in improving national credit rating

VCN - On the morning of August 3, Deputy Minister of Finance Vo Thanh Hung had a meeting with Mr. Mark Tucker, Chairman of HSBC Group (UK) and the Group's staffs.
Striving to improve national credit rating to investment grade Striving to improve national credit rating to investment grade
Improving national credit rating in the new period Improving national credit rating in the new period
Promote cooperation between MoF and HSBC in improving national credit rating
The meeting.

At the meeting, Deputy Minister Vo Thanh Hung said that HSBC Bank has actively supported the Ministry of Finance in the national credit rating, has been one of the foreign banks advising the Vienam Government to issue government bonds to the international capital market in 2010 and 2014.

“We regularly follow HSBC's assessments of the world and Vietnam's economic situation, the assessments and recommendations help the Ministry of Finance have more information to review and adjust appropriately financial policy”, said Deputy Minister Vo Thanh Hung.

At the meeting, Deputy Minister Vo Thanh Hung said that due to world economic and political fluctuations and the consequences of the Covid-19 pandemic, the Ministry of Finance has revised the fiscal policy, thereby ensuring Vietnam’s fiscal, improving the balance of budget revenue and reducing public debt in the past year. This is also the basis for increasing investment in climate change prevention and control, promoting further growth and improving Vietnam’s credit rating.

Deputy Minister Vo Thanh Hung said that the country has set a goal to become a middle-income country by 2030, to become a high-income country by 2045. To achieve the goal it is necessary to support international financial institutions, including HSBC Bank.

HSBC Group’s Chairman Mark Tucker said that he always follows Vietnam's development and hightly appriciate with the country’s achievements in recent years.

These achievements will help Vietnam take new steps such as developing frontier markets to emerging markets soon, ensuring management of climate change risks. Chairman Mark Tucker commits to accompany and support Vietnam’s goals.

The Chairman also informed that HSBC Group has committed to invest about US$1 trillion USD in projects related to environmental issues, in which, for Vietnam, HSBC will fund about US$ 12 billion for green projects, green energy transformation. He affirmed that HSBC will further support and cooperate with Vietnam in this field.

Futhermore, Chairman. Mark Tucker committed to accompany and provide useful information for Vietnam in upgrading the market, because it brings great oppotunities and creates a basis to attract foreign investment resources in the Vietnamese market.

Deputy Minister Vo Thanh Hung respectfully acknowledged the support of HSBC and Chairman Mark Tucker. Regarding the energy transformation, the Deputy Minister said that this is a strong commitment of Vietnam. To fulfil the commitment, it requires huge resources which focus mainly on encouraging private sector investment. However, the capital supply capacity of this sector is still limited, so the coordination with international financial institutions, including HSBC, plays a major role in helping Vietnam achieve its commitments in the UN Climate Change Conference (COP26).

For the plan that HSBC will fund US$12 billion to green projects, Deputy Minister Vo Thanh Hung hopes that HSBC will soon announce information and loan conditions so that domestic and international businesses may access to this capital.

Deputy Minister Vo Thanh Hung also suggested that in the near furture HSBC continues to provide and share information with the Ministry about international capital markets, experiences in bond issuance and capacity building in this field; support to disseminate information to potential investors to attract more foreign investment flows into Vietnam's stock market.

Along with that, the Deputy Minister hopes HSBC to provide information on research and assessment of Vietnam's economic situation; continue to support Vietnam in national credit rating to achieve the goal of improving Investment by 2030.

By Hoai Anh/Ngoc Loan

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