Fitch affirms Vietnam

Fitch Ratings said it affirmed Vietnam's long-term foreign-currency issuer default rating and long-term local-currency issuer default rating at B+, country ceiling at B+ and short-term foreign-currency issuer default rating at B.

The outlook is stable.

Vietnam's sovereign creditworthiness remains under pressure from the risk to economic stability from high inflation, Fitch said, and from still-unresolved problems in the banking system.

Sticking with a policy-tightening package agreed in February would support the ratings, the agency said, but slippage could see negative pressure build.

So far, Fitch said it has been difficult to identify much progress on fiscal spending cuts.

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