Vietcombank rated by Standard & Poor

The world’s leading credit rating firm Standard & Poor’s (S&P) has announced it gave BB/B to the Bank for Foreign Trade of Vietnam (Vietcombank).

According to the announcement, Vietcombank’s credit rating is at BB/B, outlook ‘stable’ and inner ability at ‘D’. The rating given by S&P to Vietcombank is equal to the national rating given by the same institution. This is the highest ranking S&P has given to a Vietnamese financial institution.

The ranking has well inflected the position of Vietcombank in Vietnam’s banking market and the outlook on possible support by the Government of Vietnam when necessary.
In the report about the rating, S&P emphasized the role and influence of the bank in the Vietnam’s banking system with its big competitiveness, big market share in capital mobilization, payment and card services. S&P thinks that in the future, Vietcomabank will retain its leading role in the domestic market if the bank strengthens its operation after the equitisation slated for this year.

S&P has suggested that Vietcombank should improve the operation in several fields, like diversifying clients, restructuring the turnover by raising the earnings from service fees.
Like other banks in Vietnam, the ranking given to Vietcombank could not exceed the ceiling ranking given to the national economy. Vietcombank is the third bank in Vietnam which apply international standardized credit rating, after the Bank for Investment and Development of Vietnam (BIDV) and the Vietnam Technological and Commercial Joint Stock Bank (Techcombank).

S&P is also the insitution that gave a credit rating to the Government of Vietnam.

Source: VNE