Fitch Downgrades Vietnam

Citing inconsistent state policies and worsening external finances, Fitch Ratings has downgraded Vietnam's sovereign rating to B-plus, four notches below investment grade.

 

The South China Morning Post notes that Vietnam was also suffering from a highly dollarised economy and a weak banking system. "Vietnam's track record of stop-go policy tightening and easing has been ad hoc, reactive and inconsistent," Fitch sovereign analyst Ai Ling Ngiam told the Post.
 

Downgrades from other ratings agencies are also expected.

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