Fitch upgrades VN rankings to BB

VGP - Fitch Ratings on May 14 upgraded Viet Nam’s long-term foreign and local currency from BB- to BB with stable prospects thanks to increases in foreign reserves and strong economic growth.

May 15, 2018 11:23 AM GMT+7

The upgrade in rankings has made Viet Nam listed in the category of high speculation, equal with Costa Rica.

The Vietnamese Government commits to limiting debts and reforming State-owned enterprises as well as enhancing to follow policy-making process.

Fitch forecasted that Viet Nam’s economy may reach an economic growth of 6.7% in 2018, becoming one of fastest-growing nations in Asia-Pacific region and highest-economies among nations ranked at BB.

The nation’s foreign reserves may increase from US$49 million in 2017 to around US$66 billion at the end of 2018 while public debt may reduce under 50% of the GDP before 2019.

By Thuy Dung