On September 19, Moody’s Corporation announced that it had launched its credit rating agency in Vietnam in a collaboration with local financial institutions.
Vietnam Investors Service and Credit Rating Agency JSC (VIS Rating) was established by the Vietnam Bond Market Association, and received an operating licence from the Ministry of Finance on September 18.
With a 49 per cent holding, Moody's is the majority shareholder in VIS Rating. Along with Moody's, ACB Securities Company, Dragon Capital Finance Ltd., Nam A Bank Asset Management Co., Ltd., VNDIRECT Securities Corporation, and VPS Securities JSC are also founding stockholders. VIS Rating operates independently of Moody’s.
Michael West, president of Moody’s Investors Service said, “Moody’s recognises the vital role that the local debt capital market plays in driving Vietnam’s economic growth. As a global leader in credit ratings, research, and risk analysis, our international presence and local experience will position VIS Rating as the agency of choice in Vietnam.”
Wendy Cheong, managing director and regional head of Asia-Pacific at Moody’s Investors Service and member of the VIS Rating Board of Management added, “VIS Rating broadens Moody’s network of domestic partners in Asia-Pacific and complements our cross-border coverage in Vietnam. We are committed to providing global best practices, as well as technical support to bolster VIS Rating’s capabilities.”
The value of Vietnam’s outstanding corporate bonds stood at around 13 per cent of GDP as of August, pointing to robust growth potential in its debt capital market.
As the domestic bond market develops, credit ratings and research will play a significant role by helping companies access new capital, formulate funding strategies, signal transparency, and maintain investor confidence during times of market stress.
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