Vietnam’s economy to grow 6.7% in 2018: Fitch

The Vietnamese economy is enjoying stronger growth compared to 2017 with increasing foreign reserves and tight control of foreign debt, said Fitch experts at the Fitch on Vietnam forum in Hanoi on Friday.

Sagarika Chandra, senior analyst at Fitch Vietnam, said that last month Fitch improved Vietnam’s Long-Term Foreign-Currency Issuer Default Rating (IDR) rating from BB- to BB with a stable outlook, thanks to a rise in foreign exchange reserves and strong economic growth. Fitch forecast the Vietnamese economy could grow 6.7 percent this year, making the country one of the fastest growing economies in Asia-Pacific and the fastest among BB-rated countries. Fitch said the rating is a result of the country’s maintenance of macroeconomic stability, stronger resilience to external risks and compliance with financial criteria.

However, Sebastian Eckardt, the World Bank’s Lead Economist for Vietnam, warned that the Vietnamese economy is highly open, making it vulnerable to impacts of external factors such as trade fights, higher oil prices, and geopolitical instability.

Source: VOV5

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