A Trusted Partner to Advance Capital Flows for Vietnamese Enterprises

Building on FiinGroup’s 17-year legacy in database and financial research and strengthen by the international standards of our strategic partner, S&P Global, FiinRatings offers an Issuer-Pay service that delivers credit ratings for both issuers and their individual issues.

Building on FiinGroup’s 17-year legacy in database and financial research and strengthen by the international standards of our strategic partner, S&P Global, FiinRatings offers an Issuer-Pay service that delivers credit ratings for both issuers and their individual issues. 

Our Issuer-Pay service includes: 

• Issuer Credit Rating: An independent assessment of an issuer's ability to meet its financial obligations as they come due based on a standardized methodology and criteria 

• Issue Credit Rating: An independent opinion on the creditworthiness of financial obligations such as bonds and commercial papers, this opinion reflects the issuer's capacity and willingness to meet the financial obligations as they come due. 

• Sustainable Finance Service: We provide green bond verifications or Second Party Opinions under the green bond taxonomy of Climate Bonds Initiative or ICMA. 

Additionally, FiinRatings offers an Investor-Pay Service, which comprises Company Credit Assessment, Sector Credit Research, and Portfolio Credit Monitoring. 

FiinRatings’ assessments help companies proactively engage with the investor base, enhance information transparency, and ensure compliance with legal regulations. They also serve as a strategic tool to clearly demonstrate a company’s creditworthiness when raising capital both domestically and internationally, without being constrained by the national credit rating ceiling. 

After five years of operation, FiinRatings has rated over 60 enterprises, including leading institutions such as Home Credit Vietnam, Techcombank, VIB, HDBank, Nam Long Group, Coteccons, and Biwase Long An. 

In 2024, the companies rated by FiinRatings issued a total of VND 111 trillion in bonds, accounting for approximately 25% of the market’s total issuance value of VND 443.7 trillion. Many of these issuances attracted strong interest from both domestic and international institutional investors. 

Notably, FiinRatings was the first organization in Vietnam to conduct credit ratings on bonds, including Biwase Long An’s VND 700 billion, 5.5% coupon, 10-year tenor, guaranteed by CGIF and Hoa Binh – Xuan Mai Clean Water Company (AquaOne)’s VND 875.1 billion, 5.75% coupon, 20-year tenor, guaranteed by GuarantCo. 

At the same time, FiinRatings provided verification for VND 4,875 billion of green bonds—63.68% of the total green bond issuance in 2024—including the VND 875.1 billion bond of Hoa Binh – Xuan Mai Clean Water Company, the VND 1,000 billion bond from the Investment and Development Multi-National Company (IDI) and a Post-issuance verification for BIDV’s VND 2,500 billion green bond issued in October 2023— all in accordance with international standards such as ICMA and CBI. 

FiinRatings is committed to partnering with issuers and financial institutions to deliver in-depth, objective, and reliable credit-rating solutions—helping to build a more transparent Vietnamese capital market and to deepen its integration into global financial flows. 

👉 Full details on Issuer-Pay Service Brochure: THIS LINK

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If you have any questions or require further assistance, please contact us at:

𝐄𝐦𝐚𝐢𝐥: support.fiinratings@fiingroup.vn
𝐓𝐞𝐥: (84-24) 3562 6962

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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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