Vietnam woes continue with Moody’s cut

The Socialist Republic of Vietnam fell into deeper woes this week, after Moody’s became the second of the three big rating agencies to cut the sovereign’s foreign currency debt rating to the single-A level. Vietnam has been hurt by a falling currency and fears of a balance of payments crisis — fears that have been exacerbated by the government’s unwillingness to bail out a state-owned enterprise that is struggling to repay its debt.