Concerns with regard to soaring inflation in Vietnam have led ratings agency, Moody's Investors Service to downgrade the country's ratings outlook from positive to negative, it emerged recently.
According to reports in the regional and international media, the downgrade took place on Wednesday, potentially placing the long term foreign and local currency debt rating of Ba3 in jeopardy.
AFP quoted the Senior Vice President of the ratings agency, Thomas Byrne, as explaining that:
"The economic imbalances now emerging are greater than anticipated, thereby derailing the improving trend previously evident in the country's credit fundamentals. Rising inflation is proving very difficult to control, and pressures have rapidly built up on the balance of payments."
However, despite this somewhat discouraging news, speaking during a recent visit to Vietnam, UK Secretary of State for Business, Enterprise and Regulatory Reform, John Hutton announced that the country is still considered to be an attractive investment destination by UK investors.
According to the official Vietnam News Agency, he explained that the difficulties currently being experienced by Vietnam are viewed as temporary setbacks, with UK investors taking a longer-term view.
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