During the visit, the MoF delegation held a series of in-depth meetings with leading Japanese financial institutions, banks, asset management companies and insurers. The delegation also paid courtesy visits and held strategic discussions with credit rating agency Rating and Investment Information, Inc. (R&I) and the Japan Bank for International Cooperation (JBIC).
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| At Mizuho’s headquarters, the MoF delegation worked with leading Japanese financial institutions, banks, asset management companies, and insurance firms. Photo: Quoc Phi |
Samurai bonds and the credit rating upgrade roadmap
During the meetings, discussions focused on the Vietnamese government’s international capital mobilisation plans, particularly the possibility of issuing bonds denominated in Japanese yen (Samurai bonds). Japanese investors expressed considerable interest in the potential issuance size, maturities, offering timeline and expected yields.
One key factor highlighted by Japanese investors was the role of JBIC’s guarantee. JBIC’s participation in providing a guarantee is regarded as an important support mechanism, helping build confidence among Japanese financial institutions considering investment, particularly in Vietnam’s inaugural Samurai bond issuance.
The programme aimed to explore the feasibility of issuing Vietnamese government bonds in the Japanese market while strengthening links between Vietnam’s economy and the international financial community.
Alongside the guarantee mechanism, Vietnam’s roadmap for improving its sovereign credit rating towards achieving investment-grade status before 2030 also attracted considerable attention. Most investors expressed interest in maturities of three to five years, while some institutions indicated that they could consider longer maturities if an appropriate guarantee mechanism were available.
Representatives of Japanese financial institutions expressed positive assessments of Vietnam’s economic resilience. Against a backdrop of persistent global geopolitical uncertainty and volatility in financial markets, Vietnam’s ability to maintain stable growth demonstrates the effectiveness and flexibility of its macroeconomic policy management.
Japanese investors also examined in depth Vietnam’s medium- and long-term growth drivers, including public investment, foreign direct investment inflows, processing and manufacturing industries, the private economic sector, and innovation. Emerging technology sectors such as AI, data infrastructure, and major transport and energy infrastructure projects attracted particular interest.
Other technical issues were also discussed candidly, including exchange rate management, foreign exchange reserve levels, potential impacts of US tariff policies, the recovery of the real estate market, and the safety of Vietnam’s banking system.
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| MoF delegation and Japanese investors. Photo: Quoc Phi |
With a focus on transparency and capital safety, Japanese investment institutions sought further clarification on Vietnam’s fiscal framework, the structure of capital mobilisation sources, medium-term debt repayment obligations, and the impact of major infrastructure projects planned for 2026-2030 on borrowing requirements and public debt sustainability.
Some financial institutions also inquired about the mechanisms and potential for issuing local government bonds, particularly in major cities such as Ho Chi Minh City, where infrastructure investment needs are substantial.
R&I credit rating upgrade and JBIC commitment to support Vietnam
On November 10, 2026, the delegation held an important working session with R&I. The meeting followed a significant milestone on October 8, 2026, when R&I officially upgraded Vietnam’s foreign currency issuer rating from BB+ to BBB-, with a Stable Outlook. This marked the first time Vietnam had achieved investment-grade status under R&I’s assessment.
According to R&I, the upgrade objectively recognises Vietnam’s strong growth potential, the government’s institutional reform efforts, ample fiscal headroom, and the economy’s resilience to external shocks.
The agency noted that the new BBB- rating was only a starting point and that Vietnam’s credit profile could improve further if its macroeconomic fundamentals remained sound. R&I’s assessment is regarded as an important reference point, or a “passport”, for Japanese investors considering investment in Vietnamese bonds.
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| Photo: Quoc Phi |
On the same day, during a meeting with JBIC, its chairman Tadashi Maeda reaffirmed the bank’s commitment to continuing its partnership with the Vietnamese government and MoF.
JBIC stands ready to share practical experience in raising capital in global markets, supporting Vietnam in diversifying its funding channels, optimising financing costs and strengthening its financial risk management capacity.
The Non-Deal Roadshow (ND) in Japan showed positive interest among Japanese investors in Vietnam’s economic prospects and the government’s potential to access international capital markets as a sovereign bond issuer.
Through direct dialogue, Vietnam gained a clearer understanding of market requirements regarding credit ratings, guarantee mechanisms for Samurai bonds, yield expectations and appropriate maturity structures.
The NDR programme not only helped enhance information transparency but also marked further progress in Vietnam-Japan financial cooperation. It provides a foundation for researching and developing optimal capital mobilisation plans while gradually broadening Vietnam’s international investor base in the years ahead.
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