Fitch upgrades VN’s sovereign ratings
VGP - Fitch Ratings on November 3 upgraded Viet Nam'slong-term foreign and local currency issuer default ratings (IDRs) by one notch from “B+” to “BB-”.
November 04, 2014 9:29 AM GMT+7
Fitch said in a report on Monday that the upgrade reflects Viet Nam's improved macroeconomic stability; maintained GDP growth rate of around 5.6% in three years; inflation rate of 3.2% (as of late October, 2014); and higher rates of savings and investment than other countries.
According to Fitch, the balance of payment was improved. The macroeconomic stability altered the balance of payment from a 3.7% deficit in 2010 to a projected surplus of around 4.1% in 2014.
The stable outlook is expected as a positive factor for the restructuring process of SOEs and the banking system in Viet Nam as well as foreign debt payment./.
By Kim Anh
