Fitch affirms Vietnam

Fitch Ratings said it affirmed Vietnam's foreign- and local-currency issuer default ratings at B+. The outlook for both ratings is stable.

The agency said it also affirmed the country ceiling at B+ and the short-term foreign currency issuer default rating at B.

"The ratings and stable outlook reflect the success so far of efforts by Vietnam's authorities to tackle the macro-financial imbalances that arose in 2010 and 2011," said Art Woo, director in Fitch's Asia-Pacific sovereign ratings group, in a news release.

"However, despite recent signs of greater macroeconomic stability including lower inflation, a stronger current account position and a more stable dong exchange rate, further evidence that these improvements have become entrenched and reform of the banking and state-owned enterprise sector is needed to put upward pressure on Vietnam's sovereign ratings."

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