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Fitch forecasts Vietnam's economy to grow 7 pct in midterm

HANOI
2023-12-29 11:02

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HANOI, Dec. 29 (Xinhua) -- Credit rating agency Fitch Ratings has forecast that Vietnam's economic growth in the medium term will be at around 7 percent, with many favorable signs.

It has upgraded Vietnam's long-term Issuer Default Rating (IDR) to "BB+", which it said reflects the country's favorable medium-term growth outlook.

The outlook is underpinned by robust foreign direct investment inflows which the agency expects will continue to drive sustained improvements in the country's structural credit metrics, Vietnam News Agency reported Thursday.

The agency showed increasing confidence that near-term economic headwinds from property-sector stresses, weak external demand and delays in policy implementation owing to a corruption crackdown are unlikely to affect medium-term macroeconomic prospects and that policy buffers are sufficient to manage near-term risks.

In its report released in November, Fitch forecast that Vietnam's gross domestic product growth will accelerate to 6.3 percent in 2024 and 7.0 percent in 2025.
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