Vietnam's economic expansion has been driven by strong FDI, mostly into the manufacturing sector, and steady export growth.

Vietnam's economic expansion has been driven by strong FDI, mostly into the manufacturing sector, and steady export growth.

Vietnamese banks belong to a handful of examples that combine well two factors of high growth of profit and long-term stability.

The negative outlook reflects some ongoing risk of payment delays on some of the government's indirect debt obligations.

Moody's rating actions on the 18 banks are driven purely by the sovereign rating action, and do not reflect a weakening of the banks' standalone financial profiles.