These actions stem from the sharply lower – albeit positive – growth that Vietnam faces from the Covid-19 pandemic. Fitch Ratings has revised the outlook on the Long-Term Issuer Default Ratings (IDRs) of two state-owned banks and a wholly foreign-owned bank in Vietnam to Stable from Positive, and the outlooks for two joint stock commercial banks to Negative from Stable. Illustrative photo. These actions stem from the sharply lower – albeit positive – growth that Vietnam faces from the Covid-19 pandemic and its potential to negatively affect the banks’ credit profiles in the near term, at least. The IDRs of all five banks were affirmed at existing levels as Fitch expects a firm economic recovery in 2021, although there will be lingering effects on the banks. Fitch Ratings previously revised the outlook on Vietnam’s IDR to Stable from Positive and affirmed the rating at ‘BB’. Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank), Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank), and ANZ Bank (Vietnam) Limited (ANZV) had their outlooks lowered to Stable from Postive. Meanwhile, Fitch lowered the outlooks of Asia Commercial Joint Stock Bank (ACB) and Military Commercial Joint Stock Bank (MB) to Negative… Read full this story
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