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Fitch downgrades Vietnam to B-plus on fiscal concerns

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VNStockNews.com – Fitch Ratings downgraded Vietnam’s sovereign rating by a notch to B-plus on Thursday, citing worsening external finances, higher funding needs and inconsistent state policies. Ai Ling Ngiam, sovereign analyst with the agency, said the country’s highly dollarised economy also had a weak banking system and despite additional foreign exchange reserves, its external finance

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Fitch downgrades Vietnam to B-plus on fiscal concerns

Vietnam Fast Facts:

  • GDP (2008): $84.98 billion.
  • Real growth rate: 6.23% (2008)
  • Inflation rate (January 2009): 17.48% year-on-year.
  • External debt (2008): 29.8% of GDP, $21.8 billion.
  • Population: 85.79 million
  • Services: 38.10% of GDP, 2008
  • Exports: $62.9 billion
  • Imports: $80.4 billion
  • Goldman Sachs paper: Vietnam: The Next Asian Tiger in the Making