Global rating agencies upgrade VN’s sovereign ratings

13:56 | 11/11/2014

VGP – The stability in the financial sector and the banking system contributed to consolidating foreign investors’ confidence in Viet Nam and the country’s prestige in the global economic map.

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Moody’s upgrades VN’s credit ratings

Fitch upgrades VN’s sovereign ratings

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Illustration photo

Over the last three months, Moody’s and Fitch, the two international rating agencies consecutively upgraded Viet Nam’s credit ratings, citing the country’s macro-economic stability.

World Bank Country Director for Viet Nam Victoria Kwakwa attributed the better performance of the country’s credit ratings to low inflation rates over the past years, reasonable credit growth, stable exchange rates, improved current account and enhanced foreign reserves.

According to Ms. Victoria Kwakwa, the higher credit ratings would help Viet Nam attract more capital from international markets at lower costs.

However, Viet Nam still faced difficulties, including potential debts of SOEs, the slow reform of the financial sector and SOEs, said Ms. Victoria Kwakwa. She suggested Viet Nam take drastic measures to deal with these difficulties and maintain the stable macro-economic environment towards higher credit ratings in the future.

Meanwhile, Vice Governor of the State Bank of Viet Nam Nguyen Thi Hong held that the macro-economic improvement and better performance of the foreign economic sector made Fitch upgrade Viet Nam’s credit ratings./.

By Kim Loan