HCM City carries out international credit evaluation project - HCM City carries out international credit evaluation project - Website Ho Chi Minh City
In the afternoon of June 18, Permanent Vice Chairman of HCMC People’s Committee Le Thanh Liem had a working session with a delegation of International Finance Corporation (IFC) and Standard &Poor’s Rating Service (S&P).
At the meeting, Mr. Liem thanked IFC for its positive coordination to carry out contents of MOU signed by IFC and HCMC late 2017, including implementation of international credit rating evaluation project.
He said Vietnam economy is operating under the socialist oriented market mechanisms and global integration, it requires a high level of transparency in economic relations. International credit rating has been very common around the world to remove “dark space” of information between investors, businesses but is is still new to Vietnam.
Mr. Liem expressed his belief that the results of international credit rating project will be a solid foundation for investors and financial organizations to exactly evaluate capacity and potential of HCMC. Then, this will help enhance the city’s position, prestige and mobilization of financial resources for the city’s development. He added international credit rating is completely new to Vietnam, so it needs support and coordination from IFC and S&P.
In his recognition of the progress of implementation of international credit rating of HCMC, Mr. Kyle Kelhofer – Seninor Director of IFC in Vietnam-Laos-Cambodia – affirmed this project is very significant for HCMC to issue credit bonds or to receive financial resources for the development without Government’s guarantee.
At the meeting, representatives of S&P and HCMC have discussed issues related to implementation of this project, agreeing on the fact that HCMC will make it public the results of interational credit rating project.