Fitch lifts Vietnam view to positive

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

The ratings on Vietnam's senior unsecured foreign- and local-currency bonds also are affirmed at B+.

The country's outlook was revised to positive from stable.

The country ceiling also was affirmed at B+ and short-term foreign-currency issuer default rating at B.

The outlook revision reflects the improvement in the country's macroeconomic stability, Fitch said.

The economy started to recover following a difficult period after austerity measures were implemented in early 2011 to cool an overheated economy, the agency said. Real GDP grew 5.4% in 2013 as both domestic and external demand picked up, Fitch said.

The country's external finances also have strengthened, the agency said.

The banking sector remains a source of weakness for Vietnam's credit profile due largely to a high, but unknown level of non-performing loans, Fitch added.

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