Illustrative image (Photo: VNA) Fitch retained Vietnam’s sovereigntyrating at BB on April 4 and revised its outlook from positive to stable.
It downgraded the sovereignty ratings of 12 countries and the outlook of 7 countries to negative in March.
The ministry said the revisionreflects the widespread impact of the COVID-19 pandemic on the global economy, whichdamaged the credit status of countries worldwide, including Vietnam, via exports,tourism, and faltering global demand.
The Vietnamese Government andits people have taken drastic action and found initial success in containing thespread of the pandemic, which was hailed by the World Health Organization, foreigngovernments, and the international community, it said.
Fitch’s maintenance of Vietnam’ssovereignty rating at BB is a bright spot in the country’s credit profile, theministry said, and is based on its medium-term development potential, stable macroeconomicenvironment, under-control Government debt, and easier accessibility to externalfinances than other countries.
It lauded Vietnam for consolidatingits fiscal situation and foreign reserves over recent years, thus improving itscushion against macro risks.
Fitch also forecast that Vietnam’seconomy will rebound in 2021, with growth estimated at 7.3 percent as domestic andforeign demand gradually recover./.
