“The stable outlook reflects our expectation that Vietnam’s economy will continue to expand rapidly, exemplifying gradual improvements in its policymaking settings and underpinning credit metrics,” the rating agency said in a release. Vietnam’s external settings, which feature broadly balanced external accounts, strong foreign direct investment inflows and a manageable external debt burden, provide further support to the rating, it added. Vietnam, being a low-income country, has a rapidly growing economy — 6.2 percent annual growth on average since 2012 — and is estimated to grow by 5.7 percent on average until 2022, higher than most other countries with the same income level, said S&P. GDP per capita in has grown from $1,754 in 2012 to $2,752 last year, it added. The country’s ranking in the World Bank’s 2019 Doing Business index has surged to 69th now from 99th in 2013, with strong gains in contract enforcement and regulatory environment. The ratification of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership last year reflects the government’s willingness to adopt and implement necessary reforms, especially in the state sector, S&P said. However, challenges remain for Vietnam as international trade tensions could undermine the export momentum of the country, which has a large… Read full this story
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