Moody upgrades Vietnam rating to positive as economic numbers strengthen
HO CHI MINH CITY – Ratings agency Moody's has affirmed Vietnam's B1 issuer standing and revised the country’s rating outlook to positive from stable. It says the positive outlook is based on expectations that “strong FDI inflows will continue to enhance economic performance”.
Moody’s says: “Macroeconomic and external stability will be maintained, and strong growth and a stable macro-economic environment will help stabilise Government debt around current levels”.
In the first four months, disbursed FDI was US$4.8 billion (+3.2% YoY), while registered FDI reached US$10.6 billion (+40.5% YoY).
The manufacturing sector also continued to see robust growth, with the Purchasing Managers’ Index (PMI) reading at 54.1 in April, marking the 17th consecutive month above the 50 threshold.
Vietnam Asset Management says the strong expansion was driven by a solid increase in new export orders, while nominal growth in retail sales was also up 11.1%YoY in April, with hospitality revenue also increasing 19.8% YoY and tourist arrival growth of 34% YoY. www.vietnamam.com (ATI).