Fitch upgrades long-term credit rating to positive A decision by Fitch Ratings has resulted in a revision of its outlook on
The ratings agency cited The firm said the improvement is also justified based on data since the start of the year and a number of factors, including - steady financial indicators resulting in the curtailment of inflation, a narrowing of the trade balance, steady growth in retail sales, a stabilization in its currency, and a rallying stock market. According to AZN’s latest economics update, January inflation moderated more than expected to 5.45% year on year. Consumer prices rose 0.69% month on month, the slowest monthly gain in January since 2010. Credit expanded by 1% in January to VND952.9 trillion, while foreign currency loans marginally rose 0.8%, versus a 22% decline over the same period in 2013, ANZ reported. Multilateral organisations have been pouring funds into the economy via export and import funding programmes. Nonetheless, access to credit is still stifled by the structural challenges posed by high nonperforming loans (NPLs) on banks’ balance sheets. According to official sources, the bad debt ratio has declined to 3.79% by end-2013, around 1% lower at the start of 2013. However, various international agencies estimate that NPLs are more than double the official estimates if international accounting standards are followed. From the start of 2014 to January 20, In 2014, export of phones and spare parts are expected to benefit from recent FDI, especially textiles and garments, crude oil, aqua products, footwear, computers, electronics, and phones and spare parts, said ANZ. VOV |
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