Đăng ký: VietNam News
| (CPV) -Moody’s Investor Service on July 29 upgraded Vietnam’s credit rating, citing the country’s macroeconomic stability. The rating agency raised Vietnam’s issuer and senior unsecured bond ratings of the Government of Vietnam by one notch to B1 from B2 with a stable outlook.
The firm also upgraded Vietnam’s long-term foreign currency bond ceiling to Ba2 from B1, as well as its long-term foreign currency deposit ceiling to B2 from B3. Moody’s introduced three reasons for the upgrade of Vietnam’s credit ratings. Firstly, Vietnam is experiencing its third consecutive year of broad macroeconomic stability. “Although economic growth has fallen since 2012, as compared to the preceding decade, the economy has been characterized by price stability,” the firm noted. Secondly, diversification in high-value export commodities helped improve the country’s balance of payments and external payments position. The firm said that combined with relatively weak imports, this situation has resulted in the current account shifting from a deficit to a healthy surplus. “In turn, this development has contributed to the accumulation of foreign exchange reserves to an all-time high of USD35.9 billion, as of April 2014, as well as the stability of the exchange rate,” Moody’s said. Thirdly, operation of the banking sector has become stable, reducing risks to the government’s budget. However, the agency stressed that the overhang from a decade-long credit boom, reflected by the huge stock of non-performing loans, continues to constrain the banking sector. Moody’s said that the stable outlook for the B1 rating reflects the expectation of continued macroeconomic stability, which, in turn, would further support the restructuring of the banking system and augment the country’s external payments position./. |
