FiinRatings assigns “A” Rating with “Stable” Outlook to Home Credit Vietnam

FiinRatings, a strategic partner of S&P Global Ratings, has announced the first Long-Term Issuer Credit Rating of ‘A’ for Home Credit Vietnam Co., Ltd. (“HCVN” or “the Company”) with a ‘Stable’ outlook, as of April 25, 2025.

FiinRatings, a strategic partner of S&P Global Ratings, has announced the first Long-Term Issuer Credit Rating of ‘A’ for Home Credit Vietnam Co., Ltd. (“HCVN” or “the Company”) with a ‘Stable’ outlook, as of April 25, 2025. 

This rating reflects FiinRatings' view that the Company’s credit profile is expected to remain stable over the next 24 months, supported by its business position, risk appetite and risk management practices, strong capital and earnings, as well as other criteria outlined in FiinRatings’ framework and methodologies. 

HCVN is the fourth company in the Vietnamese consumer finance market to receive an official rating from FiinRatings, following VietCredit Finance Joint Stock Company (VietCredit), F88 Business JSC (F88), and MB Shinsei Finance LLC (Mcredit). FiinRatings is currently maintaining surveillance on both F88 and Mcredit. 

FiinRatings assessed that, in 2024, HCVN experienced a performance recovery, evidenced by loan growth of 13.8% and a net profit of VND 1,290.9 billion. The Company also maintained healthy financial ratios, with a capital adequacy ratio (CAR) of 27.5% and a non-performing loan (NPL) ratio of 1.8% as of year-end. HCVN’s net fee income accounted for 14.0% of total operating income in 2024 (up from 3.5% in 2023), indicating a sustained and significant revenue stream beyond core lending activities. 

FiinRatings acknowledges that HCVN is currently in the process of a merger and acquisition (M&A) transaction with The Siam Commercial Bank Public Company Limited (“SCB”). As of this announcement, the capital transfer agreement between Home Credit N.V. and SCB remains pending regulatory approval and is therefore not factored into this rating assessment. However, FiinRatings anticipates that the transaction, once completed, will have a positive impact on Home Credit Vietnam’s future business prospects and internal fundamentals. 

Disclaimer: Credit-related and other analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact. FiinRatings’ opinions, analyses, and rating acknowledgment decisions are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. 

For further details of Credit Rating Report on Home Credit Vietnam:

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