The COVID-19 pandemic has adversely affected Viet Nam’s exports. — Photo vov.vn Fitch Ratings has revised the outlook on Viet Nam’s long-term foreign-currency issuer default rating (IDR) to stable, from positive, and has affirmed the rating at ‘BB’. “The outlook revision reflects the impact of the escalating COVID-19 pandemic on Viet Nam’s economy through its tourism and export sectors, and weakening domestic demand,” the international rating agency explained in a report released on Thursday. “The affirmation reflects Viet Nam’s strong medium-term growth prospects, lengthening record of macrostability, lower government debt levels and stronger external finances compared with peers, including foreign-exchange reserves built up over the previous few years during more favourable economic conditions.” Fitch projects Viet Nam’s GDP growth to slow to 3.3 per cent in 2020, from 7.0 per cent in 2019, on account of the pandemic. This would be the lowest annual growth rate since the mid-1980s. Growth in the first quarter of 2020 slowed to 3.8 per cent, from about 7.0 per cent in the last quarter of 2019. The 2020 forecast is highly uncertain and subject to downside risk, depending on the evolution of the pandemic, both within Viet Nam and in its major export markets…. Read full this story
- Domestic property price to be stable in second half of 2019
- European firms optimistic with EVFTA
- Sony’s Credit Rating Falls to “Junk”
- St. Louis credit rating again downgraded in 'wake-up call' from Moody's
- Guitar Hero IV, Call of Duty 5 in the pipe
- Capcom praises DmC and Dragon's Dogma in FY13 earnings
Fitch revises outlook on Viet Nam to Stable; affirms at 'BB' have 249 words, post on bizhub.vn at April 9, 2020. This is cached page on VietMaz. If you want remove this page, please contact us.