HANOI, May 27 (Xinhua) -- S&P Global Ratings has affirmed its "BB+" long-term sovereign credit ratings on Vietnam, estimating its economy will expand 6.9 pct this year, local media reported on Friday.
The rating agency pointed out that the outlook on the ratings remains stable, Vietnam News Agency reported, citing the country's Ministry of Finance.
The agency's upgrade of Vietnam's ratings was based on the country's strong economic recovery prospect following the lift of travel restrictions, rising vaccination rates and the shift in COVID-19 response policy, said the report.
Over the next 12 to 24 months, Vietnam's economy will continue to recover from the challenges posed by the pandemic over the past two years, according to the report.
The gross domestic product (GDP) growth will maintain a long-term annual growth of 6.5 to 7 percent from 2023 onwards, it said.
The International Monetary Fund earlier estimated that Vietnam's GDP will grow by 6 percent in 2022.