5 Years from Pioneer to Leader: Credit Ratings – Facilitating Capital Flow with Vietnamese Enterprises

After 5 years of supporting Vietnamese businesses, FiinRatings has gradually proven its necessary role in the capital market, helping to standardize credit risk, enhance transparency, and create a foundation for more effective access to medium and long-term capital, aiming for a sustainable and integrated financial market.

After 5 years of supporting Vietnamese businesses, FiinRatings has gradually proven its necessary role in the capital market, helping to standardize credit risk, enhance transparency, and create a foundation for more effective access to medium and long-term capital, aiming for a sustainable and integrated financial market. 

USD 4.3 billion in Bonds successfully raised 

In 2024, companies rated for the first time by FiinRatings raised VND 111 trillion (~USD 4.3 billion) in bonds, accounting for 25% of the total market issuance. This outcome underscores the role of credit ratings in improving information transparency, standardizing credit profiles, expanding fundraising channels, reducing information asymmetry, boosting market confidence, and enabling businesses to access medium and long-term capital at optimal costs. 

USD 129.2 million in Bonds first rated in Vietnam 

FiinRatings is proud to have contributed initial credit ratings for 3 bond lots in 2024, including 2 lots rated "AAA" for Biwase Long An and Hoa Binh Water Supply - Xuan Mai (under AquaOne), guaranteed from reputable international financial institutions – CGIF and GuarantCo.  

This bond rating helps the market accurately assess the risk of individual debt instruments, separate from the issuer's overall rating, aligning with regional and international practices. In ASEAN, bond rating coverage has reached 51% at the end of 2021. 

USD 171.3 million in Green bonds independently certified 

Alongside credit ratings, FiinRatings has pioneered green finance by certifying VND 4.875 trillion (~USD 171.3 million) in green bonds to international standards like ICMA and CBI. Notable affairs include: 

• I.D.I: VND 1,000 billion green bond issued in November 2024, assessed by FiinRatings as meeting ICMA's Green Bond Principles and guaranteed by GuarantCo. 

• BIDV: VND 3,000 billion green bond with a 5-year term. 

• Hoa Binh Water – Xuan Mai (AquaOne group): VND 875 billion with a 20-year term. 

Remarkably, the 20-year bond issued by Hoa Binh Water Supply – Xuan Mai has the longest tenure for a non-financial enterprise ever – affirming investors' confidence in sustainable projects. This milestone supports Vietnamese businesses in expanding international capital access, serving the goals of green growth and infrastructure development as visioned by the government. 

S&P Global Ratings invests 43.4% in FiinRatings 

February 2025 marked a significant milestone for FiinRatings when S&P Global Ratings, the world’s leading credit rating agency with a market capitalisation close to USD 170 billion, officially invested a 43.4% equity stake, enhancing their strategic relationship. 

"By investing directly in Vietnam, S&P Global is demonstrating our belief in the Vietnam's growth potential and affirming our confidence in its strength as an emerging market." affirmed Lyn Maxwell, Global Commercial Director, S&P Global Ratings. 

Robust Credit Rating Ecosystem 

Over 5 years, FiinRatings has built a comprehensive credit rating ecosystem, providing reliable tools for investors to assess financial risks. 

• 84 credit rating assessments were published, including 81 corporate ratings and 3 green bond ratings. 

• Over 60 businesses have been rated by FiinRatings, including leading institutions like Techcombank, VIB, HDBank, Bac A Bank, Nam Long Group, Coteccons, and Biwase Long An. 

• Partnerships with 5 reputable international entities such as the Asian Development Bank (ADB), Climate Bonds Initiative (CBI), Global Green Growth Institute (GGGI), Private Infrastructure Development Group (PIDG), and GuarantCo (a PIDG guarantee service company). 

• Particularly, FiinRatings' ratings and assessments have been widely trusted by major financial institutions, including PVIAM, EastSpring (Prudential), TCBS, ADB, and PIDG; serving as a critical benchmark for investors and financial institutions in pricing interest rates, assessing risks, and making informed investment decisions. 

As we enter a new era that promises stronger development, we are committed to delivering internationally standardized credit rating solutions, partnering with businesses and investors, and contributing to a more transparent and sustainable Vietnamese capital market! 

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About FiinRatings 
FiinRatings, a member of FiinGroup and technical partner of S&P Global Ratings, is a licensed credit rating agency under Vietnam’s Ministry of Finance. Our services include credit ratings, green bond verification, and independent evaluations (Second Party Opinion - SPO), catering to issuers, lenders, and investors across diverse sectors in Vietnam. 

FiinRatings’ SPO services provide independent evaluations of financial instruments, policy frameworks, or transactions aligned with principles set by global institutions like the International Capital Market Association (ICMA) and the Climate Bonds Initiative (CBI). Notably, FiinRatings is the first approved verifier for CBI Climate Bond Standards in Vietnam. 

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