FiinRatings Monthly Newsletter – December 2023

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

HIGHLIGHTS

On November 1 2023, FiinRatings announced the initial issuer credit rating result for Techcombank as “A+” with “Stable” rating outlook. This is the first time a Vietnamese bank announces credit rating results from a domestic credit rating agency. FiinRatings organized an online webinar to provide investors with more insights on the meanings of the domestic credit rating results for Techcombank, as well as updates on the banking industry outlook. Revisit our webinar and refer to the presentation deck HERE (Vietnamese version only).

On November 17 2023, at the 2023 Vietnam Directors Summit organized by the Vietnam Independent Directors Association (VNIDA), Mr. Nguyen Quang Thuan (CEO of FiinRatings) shared his keynote presentation about the topic "Navigating Drivers and Risks for Vietnam’s Economic Outlook for 2024". Mr. Thuan gave some in-depth assessments and analysis from the perspectives of a financial data and market analytics service provider with experience working with Vietnamese businesses in the capital market.  Find more details and the presentation deck HERE.

On December 12, 2023, Mr. Nguyen Quang Thuan (CEO of FiinRatings) participated as a keynote speaker at the Vietnam Real Estate Summit 2023 (VRES 2023). This is one of the biggest events of the year hosted by Batdongsan.com.vn, attracting thousands of guests, 80% of whom are leaders and seniors from leading real estate enterprises in Vietnam, as well as experts in the fields of economics, finance, and real estate. From the perspective of an independent credit rating agency, Mr. Thuan suggested some solutions to unlock capital sources for the real estate market. Find more details and the presentation deck HERE.

Besides providing credit rating services and in-depth analysis reports, FiinRatings also shares multi-dimensional perspectives on credit ratings from international and domestic practices as well as effective implementation in countries through RATING 101 SERIES. View our full series HERE.

MARKET UPDATES

Since June 2023, the primary bond market has recorded a recovery of issuance activity. Accumulated in the first 11 months of 2023, the total value of both private bond issuance and public offerings reached 22.9 trillion VND (25.1 trillion VND from public offerings and 227.8 trillion VND from private bonds). Liquidity has improved significantly, although trading volumes remain small - the average daily trading volume was 1.33 trillion VND. This increased to 3.5 trillion in early December as the number of listed individual bonds rose to 752 codes by December 6, 2023. Issuance of bank bonds has remained active, driven by banks' sizable long-term capital requirements and the opportunity to take advantage of the current low-interest rate environment. Find our full report HERE (Vietnamese version only)

LATEST RATING ACTIONS

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