Fitch may cut Vietnam

Fitch Ratings said it placed Vietnam's long-term foreign- and local-currency issuer default rating of BB- on Rating Watch negative, along with its short-term foreign-currency issuer default rating of B and country ceiling of BB-.

The watch reflects the deterioration in domestic confidence in the Vietnamese dong and a lack of data transparency regarding international reserves and the balance of payments at a time of weakening external finances, Fitch said.

The strength of Vietnam's external finance position has been sharply eroded as the economy displays signs of domestic overheating and residents lose confidence in the local currency, the agency said.

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