Monthly Newsletter – May 2024

On April 25, 2024, FiinRatings is pleased to announce that Nam Long Investment Corporation (“NLG” or “the Company”) has been assigned a first-time long-term Issuer Credit Rating of “A-” with a “Stable” outlook.

HIGHLIGHTS 

On April 25, 2024, FiinRatings is pleased to announce that Nam Long Investment Corporation (“NLG” or “the Company”) has been assigned a first-time long-term Issuer Credit Rating of “A-” with a “Stable” outlook.  

FiinRatings’ opinion of an “A-” credit rating and “Stable” rating outlook for Nam Long Investment Corporation reflects our assessment of the Company’s “Strong” business risk profile and “Intermediate” financial risk profile. Read the full rating announcement HERE. 

On May 07, 2024, FiinRatings has announced the introduction to our investor services. We help investors do business in Vietnam with confidence by credit assessment about Vietnamese counterparts and potential investment opportunities, credit due diligence for investment transactions, credit portfolio monitoring and sustainable finance works.  

We have a proven track record and experience in the sectors: Sustainable infrastructure, Consumerism-based sectors, Real estate, and Financial sectors. Please explore our services with Investor Service Deck as HERE.   

On May 13, 2024 – Mr. Nguyen Quang Thuan, CEO of FiinRatings – a licensed credit rating agency operating in Vietnam, participated in the 2024 Global Climate Partnership Workshop in Vietnam, organized by the Global Climate Partnership Fund (GCPF), a fund managed by responsAbility Investments AG. For details about the event, please click HERE. 

On June 4, 2024, Mr. Nguyen Quang Thuan, Chairman of FiinGroup and CEO of FiinRatings, shared insightful perspectives on the Vietnam Investment Outlook to a group of 20+ prominent institutional investors and superannuation funds from Australia. The delegation was led by the Australian Ambassador to Vietnam, HE Andrew Goledzinowski.   

The purpose of the gathering was to gain a comprehensive understanding of the investment landscape and outlook in Vietnam, with a specific focus on the capital market including equity, fixed income and the green energy transition. For more details of the presentation deck, click HERE. 

In addition to providing credit rating services and in-depth analytical reports, FiinRatings also shares useful and high-quality information about the market, offering solutions to unlock the Vietnamese debt capital market, aiming towards the healthy and sustainable development of Vietnam's capital market through the Debt market unlocked series. You can follow the complete series here. View our full series here. 

MARKET UPDATES 

• In May 2024, the primary market for corporate bonds saw strong growth, reaching a total issuance value of 23.2 trillion VND. This increase was primarily driven by Credit Institutions (CIs), while the Real Estate sector experienced a 30.3% decrease compared to the previous month. Taking advantage of low interest rates, CIs intensified the issuance of medium to long-term bonds to ensure compliance with SBV's safety ratios and to prepare capital sources for the likely credit growth recovery in the latter half of the year. 

• Pressure from bond maturities remains high in the third and fourth quarters of 2024, with the Real Estate sector accounting for 64% of the total matured bonds. Many enterprises are seeking debt repayment extensions and adjusting their buyback plans in response to these challenges. 

• In the secondary market, in May 2024, the trading volume of individual bonds saw a significant increase to over 106 trillion VND (+43.7% compared to the previous month). The Banking and Real Estate sectors continued to dominate the transactions, with bond trading values in the Banking sector rising by over 80% and in the Real Estate sector by 18%. 

• Some institutions have plans to issue bonds in the coming time, including HDBank, Bac A Bank, Techcombank Securities and 3 companies in the real estate sectors, including Vingroup, Vinhomes and Development Investment Construction JSC (DIG). 

View our full newsletter HERE.

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