S&P upgrades Vietnam

S&P said it raised its long-term sovereign credit rating on Vietnam to BB from BB-.

The outlook is stable.

At the same time, the agency affirmed the short-term rating on Vietnam at B.

“The upgrade reflects continued improvements in the government's institutional settings, which we believe are supporting consistently strong economic growth and development outcomes,” the agency said in a news release.

“These improvements are weighed against Vietnam's lower middle-income economy, legacy banking sector weaknesses, and limited fiscal space.”

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