Hanoi (VNA) – Deputy Prime Minister Le Minh Khai on March 31 signed adecision approving the National Credit Rating Improvement Project by 2030.

The project aims to turn Vietnam into a developing countrywith modern industry and high middle income; improve Vietnam's position and prestige in the international arena; and create favourable conditions toraise the national credit rating to the investment grade by 2030, thus helping to reduce capital mobilisation costs and national credit risks.

The specific goal is to achieve a credit rating of Baa3 (forMoody's) or BBB- (for S&P and Fitch) and above by 2030. The average growth rate ofgross domestic product (GDP) for the whole period is about 7 percent a year,GDP per capita at the current price by 2030 reached about 7,500 USD, and totalsocial investment averages 33-35 percent of GDP.

It also sets a target of controlling the State budgetoverspending approved by the National Assembly in the annual state budgetestimates and the 5-year national financial plan, striving to ensure that the overspendingis equal to around 3 percent of GDP, public debt does not exceed 60 percent ofGDP, and Government debt does not surpass 50 percent of GDP.

Its main solutions are to build a firm public financialsystem, expand a sustainable revenue base to improve debt indexes and promotefiscal consolidation, increase the transparency of fiscal policies, and improvethe structure and quality of the banking system and State sector as well as thecredit-related legal corridor./.