VIFC

Credit Rating Agencies & Data Providers

Domestic and international credit rating agencies covering Vietnam, sovereign ratings, and financial data infrastructure supporting the capital markets.

Vietnam Sovereign Credit Ratings
One notch below investment grade — upgrade watch by all three agencies

S&P Global

BB+

Stable Outlook

Last: May 2025

Moody's

Ba2

Stable Outlook

Last: Mar 2025

Fitch

BB+

Positive Outlook

Last: Apr 2025

BB+ / Ba2 = one notch below investment grade (BBB- / Baa3). Fitch's positive outlook suggests potential upgrade to investment grade, which would be transformative for capital inflows.

FiinRatings
Vietnam's first and largest domestic credit rating agency. Subsidiary of FiinGroup. Rates corporate bonds, bank deposits, and insurance companies. ESMA-comparable standards.
Domestic
Established: 2017
Regulator: MOF / SSC

Coverage:

Corporate bonds (200+ issuers)Bank deposits & financial strengthInsurance company ratingsStructured financeESG assessments

Methodology: Based on international best practices (S&P/Moody's aligned). 20-notch rating scale from AAA to D.

fiinratings.vn
Saigon Ratings (SaigonRatings)
Vietnam's second domestic credit rating agency. Licensed by MOF. Focuses on corporate bonds and financial institutions in the southern market.
Domestic
Established: 2023
Regulator: MOF / SSC

Coverage:

Corporate bond ratingsFinancial institution assessmentsSME credit assessments

Methodology: Developing proprietary methodology aligned with Vietnamese market conditions.

saigonratings.com.vn
S&P Global Ratings
Rates Vietnam's sovereign credit and major corporations/banks. Vietnam sovereign: BB+ (one notch below investment grade).
International (Big 3)
Established: Coverage since 2002
Regulator: SEC (US)

Coverage:

Sovereign rating: BB+ (stable outlook)Major banks (Vietcombank, BIDV, VietinBank)State-owned enterprisesGovernment-related entities

Methodology: Global methodology. Key upgrade factors: fiscal consolidation, banking sector NPL resolution, governance improvements.

spglobal.com/ratings
Moody's Investors Service
Rates Vietnam sovereign and major financial institutions. Vietnam sovereign: Ba2 (equivalent to BB).
International (Big 3)
Established: Coverage since 2005
Regulator: SEC (US)

Coverage:

Sovereign rating: Ba2 (stable outlook)Major commercial banksInsurance companiesInfrastructure bonds

Methodology: Global methodology. Vietnam on upgrade watchlist due to economic resilience and banking reform progress.

moodys.com
Fitch Ratings
Rates Vietnam sovereign and selectively covers banks and corporates. Vietnam sovereign: BB+ (positive outlook).
International (Big 3)
Established: Coverage since 2008
Regulator: SEC (US)

Coverage:

Sovereign rating: BB+ (positive outlook)Selected banksGovernment bondsStructured finance

Methodology: Positive outlook — closest to investment grade upgrade among the Big 3. Key factor: continued GDP growth and fiscal discipline.

fitchratings.com
FiinGroup (Research & Data)
Vietnam's leading financial data and research platform. Parent of FiinRatings. Provides FiinPro terminal (Vietnam's 'Bloomberg'), industry analytics, and ESG data.
Domestic Data Provider
Established: 2008
Regulator: SSC

Coverage:

FiinPro terminal (700+ institutional users)Listed company financialsBond market dataIndustry research reportsESG scoring (FiinESG)

Methodology: Proprietary database covering 3,000+ Vietnamese companies. Real-time market data and analytics.

fiingroup.vn
Vietnam Bond Market Association (VBMA)
Self-regulatory organization for the bond market. Publishes bond market reports, yield curves, and trading data. Key infrastructure for bond market transparency.
Industry Body
Established: 2007
Regulator: MOF

Coverage:

Monthly bond market reportsGovernment bond yield curvesCorporate bond trading dataMarket statistics & analysis

Methodology: Aggregates data from HNX, commercial banks, and bond dealers.

vbma.org.vn