The Hanoitimes - The stable outlook reflects S&P’s expectation that Vietnam's economy will continue to expand rapidly. Standard and Poor’s (S&P) on May 21 announced its decision to maintain Vietnam’s sovereign rating at BB, with stable outlook. Standard and Poor’s (S&P) announced its decision to maintain Vietnam’s sovereign rating at BB, with stable outlook. The stable outlook reflects S&P’s expectation that Vietnam's economy will continue to expand rapidly, exemplifying gradual improvements in its policymaking settings and underpinning credit metrics, stated the rating agency in a statement. In tandem with the global economy, Vietnam's economic growth will be hit hard by the Covid-19 pandemic and the associated downturn. S&P forecast the country’s real GDP growth to fall to 1.2% this year, with precipitous declines in global trade and tourism taking a considerable toll on the economy's near-term prospects. However, Vietnam's economy … [Read more...] about S&P maintains Vietnam’s sovereign rating at BB with stable outlook
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Fitch assigns Vietnam’s EVNHANOI firts-time ‘BB’ rating with stable outlook
The Hanoitimes - Fitch assesses EVNHANOI's Standalone Credit Profile at 'bb', the same as that of EVN and the Vietnam sovereign rating (BB/Stable). Fitch Ratings has assigned Vietnam's utility firm Hanoi Power Corporation (EVNHANOI) a Long-Term Foreign-Currency Issuer Default Rating (IDR) of 'BB' with a Stable Outlook. Fitch assigns Vietnam's EVNHANOI firts-time 'BB' rating with stable outlook. EVNHANOI's rating is based on the consolidated credit profile of Vietnam Electricity (EVN, BB/Stable), the country’s sole power distributor and owns 100% of EVNHANOI, in line with Fitch's Parent and Subsidiary Rating Linkage Criteria, stated the rating agency. The consolidated rating approach is driven by strong integration of EVNHANOI's credit profile with that of its parent. This is due to the fact that EVN determines EVNHANOI's profits through a bulk-supply tariff setting mechanism. This bulk-supply tariff aims to cover EVNHANOI's costs and earn profits that … [Read more...] about Fitch assigns Vietnam’s EVNHANOI firts-time ‘BB’ rating with stable outlook
EVN’s BB rating remains steady despite tariff cut: Fitch
The Hanoitimes - The trade ministry has decided to cut electricity tariffs for certain customers by 10% for the next three months to support economic activities amid the Covid-19 pandemic. State-run Vietnam Electricity (EVN)'s Standalone Credit Profile (SCP) of 'BB' has reasonable headroom to absorb the impact of the proposed reduction in electricity tariffs in the country, Fitch Ratings said in a statement. Illustrative photo. Source: EVN. The Ministry of Industry and Trade (MoIT) has decided to cut electricity tariffs for certain customers by 10% for the next three months to support economic activities amid the Covid-19 pandemic, leading to expectation that there would be delays in the country’s sole power distributor’s cash collections. Fitch also assumed electricity sales volume growth of only 4% in 2020, compared to the growth of 9% in 2019. Fitch estimated that the proposed tariff cuts will raise EVN's 2020 leverage, as measured by funds for … [Read more...] about EVN’s BB rating remains steady despite tariff cut: Fitch
Fitch affirms state-run PetroVietnam’s rating at BB with stable outlook
The Hanoitimes - PVN accounts for about a third of the country's refined product output and supplies gas for power plants that make up about 15% of Vietnam's power generation. Fitch Ratings has affirmed Vietnam Oil and Gas Group's (PetroVietnam) Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB' with a Stable Outlook. Fitch affirms state-run Vietnam Oil and Gas Group at BB with stable outlook. PVN's IDR is capped by that of its parent, the Vietnam sovereign (BB/Stable), under Fitch's Government-Related Entities (GRE) Rating Criteria, stated the rating agency, adding the company is wholly owned by the state, which exerts significant influence over its operating and financial policies. Meanwhile, Fitch assesses PVN's Standalone Credit Profile (SCP) at 'bb+', reflecting the company's conservative financial profile, diversification and integration. Such assessment is support by PVN's position as Vietnam's largest upstream oil and gas producer, which … [Read more...] about Fitch affirms state-run PetroVietnam’s rating at BB with stable outlook
10,000 Noi Bai Airport employees to be tested for SARS-CoV-2
Hanoi is going to test 10,000 employees at Noi Bai International Airport to avoid an outbreak like at Tan Son Nhat Airport in HCM City. 10,000 Noi Bai Airport employees to be tested for SARS-CoV-2 According to the Department of Health, they have started taking samples from the afternoon of February 9. Son Son District Medical Station was asked to work with Long Bien District Medical Station and Gia Lam District Medical Station to carry out the task. The samples will be sent to St. Paul Hospital, Thanh Nhan Hospital, Duc Giang Hospital, Hanoi Lung Hospital, Son Tay Hospital and Ha Dong Hospital. About 3,000 samples were collected on February 9. The Airports Corporation of Vietnam previously asked all airports to be proactive in asking for tests for the employees. On February 7, HCM City authorities asked for viral testing for all staff at Tan Son Nhat International Airport after four more staff members were infected with SARS-CoV-2. HCM City authorities said … [Read more...] about 10,000 Noi Bai Airport employees to be tested for SARS-CoV-2