Home Credit Vietnam engaged FiinRatings for Domestic Ratings despite having International Ratings

On April 25, 2025, FiinRatings, a strategic partner of S&P Global, announced the first Long-Term Issuer Credit Rating of ‘A’ with a ‘Stable’ outlook for Home Credit Vietnam (“HCVN” or “the Company”). Notably, HCVN’s decision to proactively pursue a domestic credit rating - despite already being rated by international agencies such as Moody’s and Fitch Ratings - demonstrates a clear strategic move to diversify funding sources and access Vietnam’s capital market in a more effective and transparent manner.

On April 25, 2025, FiinRatings, a strategic partner of S&P Global, announced the first Long-Term Issuer Credit Rating of ‘A’ with a ‘Stable’ outlook for Home Credit Vietnam (“HCVN” or “the Company”). Notably, HCVN’s decision to proactively pursue a domestic credit rating - despite already being rated by international agencies such as Moody’s and Fitch Ratings - demonstrates a clear strategic move to diversify funding sources and access Vietnam’s capital market in a more effective and transparent manner. 

What does an “A” rating mean for Home Credit Vietnam 

In alignment to FiinRatings’ scale, an “A” rating reflects a “Strong capacity to meet financial obligations but somewhat susceptible to adverse economic conditions and changes in circumstances.” In Vietnam’s corporate bond market, issuers rated “A” have typically recorded average bond yields of around 1.5%–3%, which are higher than the 12-month average deposit interest rates offered by the top four banks for 3-5 year terms. Actual yield variations may differ depending on the specific terms and conditions of each bond issuance, including collateral, early redemption clauses, and other factors. 

Credit ratings also reflect the risk level of the issuer or the debt instruments they offer. In fact, based on FiinGroup’s database covering the period 2020–2024, issuers rated “A” by FiinRatings have maintained a 0% default rate—with no recorded instances of bond payment delays or liquidity risks. 

As of now, Home Credit Vietnam is among a select group of non-bank financial institutions in Vietnam to receive an “A” rating from FiinRatings. Previously, FiinRatings assigned a “BBB-” rating to VietCredit Finance Company Ltd. (VietCredit) and F88 Business Joint Stock Company (F88), while Mcredit (MB Shinsei Finance Ltd.) received an “A-” rating. Currently, FiinRatings maintains active rating surveillance only for F88 and Mcredit. 

Home Credit Vietnam's strategic move in pursuing a domestic credit rating 

One thing of note is Home Credit Vietnam’s decision to proactively undergo a domestic credit rating—despite already holding international credit ratings from Moody’s and Fitch—reflects a clear strategic direction in diversifying funding sources and accessing the local capital market more effectively and transparently. 

Commenting on the credit rating result announced by FiinRatings, Mr. Pham Ngoc Khang, General Director of Home Credit Vietnam, stated: “The "A" rating wtih a stable outlook from FiinRatings - a strategic partner of S&P Global - reflects Home Credit’s journey to create sustainable and profitable growth. Thanks to the foundation of a solid balance sheet and best in class risk and data management, Home Credit Vietnam achieved its growth targets in 2024. We will continue to focus on customer centricity in all our operations, with innovative products that offer flexible financial solutions for the daily and lifetime needs of our customers.” 

Being assigned a domestic credit rating of “A” with a “Stable” outlook by FiinRatings not only reaffirms Home Credit Vietnam’s credit quality but also demonstrates the company’s systematic preparation in meeting regulatory expectations, enhancing information transparency, and developing a capital strategy aligned with the conditions of the local financial market. 

You can view the full Credit Rating Report on Home Credit Vietnam Finance Company Limited: HERE

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