FiinRatings Monthly Newsletter – September 2023

FiinRatings would like to send you FiinRatings Monthly Newsletter – September 2023, with the most noteworthy updates on credit rating scale, in-depth analysis reports, and independent commentaries

Key points from FiinRatings Monthly Newsletter – September 2023:

HIGHLIGHTS

On September 19,2023, Mr. Nguyen Quang Thuan (Chairman of FiinGroup, CEO of FiinRatings) joined Ho Chi Minh City Economic Forum 2023 (“HEF”) as a panelist. The event was organized by The People’s Committee of Ho Chi Minh City from 13th to 17th of September, 2023, focusing on the theme "Green Growth - Towards Net Zero".  As a panelist in “Session 02: Solutions to Promote Green Growth and Circular Economy Models Among Businesses toward achieving Sustainable Development for a Megacity like HCMC”. Mr. Thuan shared from the perspectives of a local licensed Credit rating agency and a Green Bond Approved Verifier under the international standards by Climate Bonds Initiative in mobilizing financial resources to implement the ambitious green development plans. Refer to presentation deck HERE.

On September 21, 2023, in the Seminar on Solutions to the Development of the Vietnamese Corporate Bond Market, FiinRatings Joint Stock Company (FiinRatings) and PVI Asset Management Joint Stock Company (PVIAM) signed a cooperation agreement on the application of FiinRatings' domestic credit ratings in PVIAM's investment management activities. This is a milestone for developing the rating culture in Vietnam. With the cooperation, the two parties hope to enhance transparency to investors, thereby contributing to develop a more sustainable and secure Vietnamese capital market. View more details of event HERE.

MARKET UPDATES

As of September 28, 2023, Vietnam's corporate bond market saw 11 successful issuances totaling 12.07 trillion VND, a decrease of about 60.39% compared to the previous month and 67.49% year-on-year. The majority of issuances continue to be dominated by the credit institutions sector, accounting for 63.82% of the total issuance for the month. This is primarily attributed to two bond lots worth 7 trillion VND from Asia Commercial Bank (ACB). The scale of premature bond redemptions also witnessed a decrease, with a total volume of 7.02 trillion VND, down 63.85% compared to August and 60.3% year-on-year. The structure of repurchased bonds has seen a slight shift with the proportion from the credit institutions sector decreasing to 25%. The real estate and other sectors recorded similar proportions of repurchased bond volumes.

LATEST RATING ACTIONS

View all rating results here.

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