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Vietnam Business » Vietnam Business News » Fitch Downgrades Vietnam's Local Currency Rating

Fitch Downgrades Vietnam's Local Currency Rating

Fitch Ratings has lowered Vietnam’s long-term local currency credit rating by one grade to BB-minus from BB as the Southeast Asian country’s budget deficit trends upward. The New York-headquartered global rating agency also predicts the fiscal deficit to narrow to 7.8 per cent of the gross domestic product next year from 9.3 per cent this year, close to the Asian Development Bank’s forecast of 10 per cent for 2009.

Meanwhile, Vietnam’s long-term foreign currency rating was affirmed at BB-, and the outlook on both ratings was revised to “stable” from “negative,” the paper said, citing Fitch’s statement.   Earlier this month, the National Assembly approved a government proposal to raise the 2009 budget shortfall to 7 per cent of the GDP, from the 5 per cent initially projected.   The fiscal deficit was at 4.7 per cent in 2008 and 5.5 per cent in 2007.   Vietnam’s economy grew 3.9 per cent to VND731.6 trillion (US$43 billion) in the first half of this year, driven by industrial production and construction and services amid the global economic downturn.   The country's economy grew 6.5 per cent in the same period last year.

Vietnam Business And Financial News Network. Source [vcci]

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