FiinRatings Monthly Newsletter – April 2024

Share this on: Hanoi, May 15 2024 - 09:49 AM
FiinRatings Monthly Newsletter – April 2024

FiinRatings would like to send you the FiinRatings Monthly Newsletter – April 2024


On March 15, 2024, FiinRatings Joint Stock Company is pleased to announce the appointment of Mr. Do Ngoc Quynh, General Secretary of Vietnam Bond Market Association (VBMA) as an independent board member for the term 2024-2028. Accordingly, at the 2024 Extraordinary General Meeting of Shareholders, the General Meeting of Shareholders approved the additional election of Mr. Do Ngoc Quynh to FiinRatings Board of Directors for the term 2024 - 2028. The Board of Directors of FiinRatings also elected Mr. Do Ngoc Quynh to hold the role of Vice-Chairman of the Board of Directors of the Company on the same day. For more details, please click HERE.

On March 29, 2024, Mr. Nguyen Quang Thuan, Chairman of FiinGroup and FiinRatings, presented a discussion titled "Credit Rating and Credit Scoring: Keys to Winning Business Partners and Optimizing Costs in the Capital Market" at the seminar "Credit Rating for Small and Medium-sized Enterprises - Enhancing Access to Capital" for small and medium-sized enterprises (SMEs). For details about the event and seminar materials, please click HERE.

On April 01, 2024, FiinRatings is pleased to announce that it has assigned a first-time Long-Term Issuer Credit Rating of “A-” to Bac A Commercial Joint Stock Bank (“BAB”or “the Bank”) with “Stable” rating outlook. The issuer rating on BAB of “A-” with “Stable” rating outlook reflects FiinRatings' expectation that the Bank's credit profile will be relatively stable over the next 24 months. Read the full rating announcement HERE.

On April 12, 2024, FiinRatings and Credit Guarantee and Investment Facility (“CGIF”) - a trust fund of the Asian Development Bank successfully co-organized the “Vietnam Debt Capital Market Conference 2024” with the theme “Unlocking the domestic debt capital market”. For more details, please click HERE.

FiinRatings also is pleased to announce that it has assigned a first-time Long-Term Issuer Credit Rating of “A” to Vietnam International Commercial Joint Stock Bank (“VIB” or “the Bank”) with “Positive” rating outlook. Read the full rating announcement HERE.

On April 23, 2024, The Ministry of Finance, in collaboration with the Asian Development Bank (ADB), the Department of Foreign Affairs and Trade (Australia), organized a seminar titled "Vietnam Credit Rating Market: Direction and Development Potential”. Mr. Nguyen Quang Thuan, CEO of FiinRatings, shared insights on the topic “The Situation of Credit Rating Activities in Vietnam: Notes for investors, financial intermediaries, and policy recommendations” at the seminar. Please access and download the presentation deck HERE.

In addition to 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.

Some main topics shared in the series include:

  • The role of credit ratings in bank lending.
  • Applying credit ratings in developing Vietnam’s capital market in general and the corporate bond market in particular.
  • The possibility of applying mandatory credit ratings for certain groups of corporate bond issuers from early 2024, as required by current regulations.
  • The role of credit ratings in supporting the formation of soft infrastructures for the capital market including the formation of the yield curve in the capital market and corporate bonds, bonds valuation, the provision of information aimed at supporting transactions in the secondary market, etc.
  • The capacity of current credit rating agencies and their ability to meet market and investor demand, as well as policy changes to establish credit rating standards and control the quality of credit rating service providers in Vietnam’s market. 

View our full series here.


  • As of May 2, 2024, in April, the corporate bond market recorded 13 issuances with a total value of VND 13.9 trillion from 6 issuers, an increase of 29.1% compared to the previous month and equivalent to 5.2 times compared to the same period last year.
  • In April, banks were recorded to boost bond issuances in the context that liquidity became less abundant in the system. Banks also actively issued new bonds to offset the amount of bonds to be redeemed next year, thereby restructuring medium and long-term capital sources to meet regulations.
  • In April 2024, the total value of privately placed bond transactions reached over VND 74 trillion, down 24.2% compared to the previous month. Of which, the value of bank bond transactions decreased by 42.3% MoM, but still accounted for the highest proportion in the trading structure by industry. The average daily liquidity in April reached VND 3.9 trillion, equivalent to 83.8% of the previous month.
  • Some corporates plan to issue bonds in the coming time, including HDBank (HDB) and three real estate developers, including Vingroup (VIC), Vinhomes (VHM), and the Development Investment Construction J.S Corporation (DIC).
  • The debt repayment pressure on real estate developers in 2024 and 2025 is quite large, especially for bonds with delayed coupon/principal payments with principal maturity in 2022 and 2023 and restructured for a maximum of 2 years according to Decree 08/2023. The challenge still exists as the market has not fully recovered and policy changes have a certain lag, leading to enterprises not having enough time to arrange cash flow for debt repayment.


View our full newsletter HERE.

Subscribe to FiinRatings Monthly Newsletter HERE.

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