5 Years from Pioneer to Leader: Supporting Enterprises and Vietnam's Capital Market

Over the past 5 years, FiinRatings has not only led the way in laying the foundation of Vietnam's credit rating market but has also become a trusted partner for businesses. This journey involves supporting the standardization of credit profiles, optimizing capital costs, and navigating a transparent, sustainable financial market. 

Over the past 5 years, FiinRatings has not only led the way in laying the foundation of Vietnam's credit rating market but has also become a trusted partner for businesses. This journey involves supporting the standardization of credit profiles, optimizing capital costs, and navigating a transparent, sustainable financial market. 

From Pioneer to Leader 

Drawing on over 17 years of FiinGroup's financial analysis expertise, FiinRatings was founded to address the urgent market need for an independent, transparent credit rating system. This became essential as investment expanded into bonds and other debt instruments, requiring a solid foundation and investor guidance. 

Since our approval from the Ministry of Finance on 20 March 2020, FiinRatings has cemented its role as a top local credit rating agency, working with major financial entities and businesses. In February 2025, S&P Global Ratings - the largest rating agency in the world—became the strategic partner by acquiring a 43.4% stake in FiinRatings, significantly elevating Vietnam’s rating standards to international levels. 

A Trusted Partner in Vietnamese Business Capital Strategy 

Internationally, Vietnam's BB+ national credit rating results in high capital costs for local businesses, reducing their competitiveness. Domestically, there's an increasing need for medium and long-term capital to support sustainable growth, yet the corporate bond market is still maturing. Many businesses encounter financial imbalances that affect debt repayment, underscoring the necessity for an independent credit rating system to evaluate and standardize credit risk, reduce information gaps, boost market confidence, and optimize capital costs. 

In this setting, FiinRatings proudly acts as a crucial bridge, supporting Vietnamese businesses in capital strategies to refine credit profiles and secure funding both locally and internationally. We utilize 17 years of FiinGroup’s data and financial expertise, alongside international standards from our partner S&P Global Ratings. 

Over the past 5 years, FiinRatings has partnered with over 60 banks and large companies, such as Techcombank, VIB, HDBank, Bac A Bank, Nam Long Group, Coteccons, and Biwase Long An. In 2024, the total bond value evaluated by FiinRatings reached VND 111 trillion, accounting for 25% of all new issuances. This underscores our leadership in advancing transparency in Vietnam's capital market. 

Persisting in the Journey to Facilitate Capital Flow for Vietnamese Businesses 

With a target of 8% economic growth in 2025, the demand for capital is projected to reach USD 160 billion. Solving the capital challenge, especially for long-term needs, is critical. It necessitates a more efficient financial market, adjustments to legal frameworks, and a robust securities market to alleviate pressure on the banking credit system. Within this context, credit ratings play a pivotal role in standardizing business profiles, increasing transparency, reducing investor risks, and optimizing capital costs. 

FiinRatings is committed to continuing our support for businesses, financial institutions, and investors by offering in-depth, objective, and reliable credit rating solutions. We are dedicated to building a transparent, modern, and globally integrated Vietnamese capital market. 

👉 Look back on FiinRatings' proud 5-year journey: THIS LINK

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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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