Fitch upgrades Vietnam

Fitch Ratings said it upgraded Vietnam's long-term foreign-currency issuer default rating to BB from BB-.

The outlook is stable

Fitch said Vietnam's track record of policy-making focused on strong macroeconomic performance has been improving.

“GDP growth accelerated to 6.8% in 2017 from 6.2% in 2016 supported by the export-oriented manufacturing sector and continued growth in services. Vietnam's five-year average real GDP growth at end-2017 was 6.2%, far above the BB median of 3.4%,” the agency said in a news release.

“We expect growth of 6.7% in 2018 in line with the growth target set by the National Assembly, supported by strong inflows of foreign direct investment (FDI), continued expansion in manufacturing and an increase in private consumption expenditure.”

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