Borrowing costs in Vietna

Rising inflation, if not managed properly, may become the fly in the ointment for Vietnam's banks. Recent inflationary pressures, in conjunction with several years of high loan growth and rising borrowing costs, are threatening to undermine the credit quality of the country's banking industry. Although the banks were shielded from the banking crisis in advanced economies, Standard & Poor's Ratings Services believes that a combination of these three factors might result in a rapid deterioration in asset quality, if not properly managed. As mentioned in our reports on the three Vietnamese banks we rate-- Bank for Foreign Trade of Vietnam (Vietcombank; BB-/Negative/B), Bank for Investment and Development of Vietnam (BIDV; BB-/Negative/B), Vietnam Technological And Commercial Joint Stock Bank (BB-/Negative/B)--our ratings have factored in these and other heightened credit risks that could hurt asset quality.

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