Fitch Ratings has affirmed Vietnam’s long-term foreign-currency issuer default rating (IDR), assessing it to be a ‘BB’ with a positive outlook. This affirmation reflects the continued strong medium-term growth prospects ahead, despite facing the negative impact of the COVID-19 pandemic, the global economic spillovers from the war in Ukraine, and strong external finance metrics relative to peers. This rating remains constrained by contingent liability risks associated with the large state-owned enterprise (SOE) sector along with structural weaknesses in the banking sector. Experts attribute this positive outlook to the active implementation of measures aimed at stabilising the macro-economy, reforming the financial-banking system, the country's pandemic containment efforts, and high vaccination coverage. According to statistics compiled by Fitch Ratings, the nation's GDP growth is forecast to accelerate to 6.1% this year, reaching 6.3% in 2023 after growth of 2.6% in 2021. This will be led by a recovery in domestic demand, strong exports, and high FDI inflows, particularly in the manufacturing sector. Analysts pointed out that risks to the country's growth outlook remain, including the global economic implications of the war in Ukraine and sanctions placed on Russia, further pandemic-related shocks, and high commodity prices. In its report, Fitch outlines that Vietnamese… Read full this story
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