On September 18, 2023, the Vietnam Investors Service And Credit Rating Agency Joint Stock Company (VIS Rating) was granted Business Eligibility Certificate Regarding Credit Rating Services No. 03/GCN-DVXHTN by the Ministry of Finance.

VIS Rating was established by Moody’s and leading financial institutions in Vietnam as founding shareholders. The partnership was initiated by the Vietnam Bond Market Association (VBMA). VIS Rating aims to serve the needs of investors, debt issuers, and market participants by providing independent, best-in-class credit rating services to domestic issuers from October 4, 2023.

“We are delighted to have the backing of Moody’s along with leading local financial institutions as founding shareholders,” said Mr. Tran Le Minh, Managing Director of VIS Rating. “Together, we will build an organization that will be synonymous with trust, credibility, and best-in-class credit ratings and research in Vietnam.”

Since its incorporation in November 2021, VIS Rating has leveraged Moody’s expertise and international best practices to hire top talent, build credit rating methodologies, establish robust processes, and publish insightful research. VIS Rating has previously released several in-depth research articles on Vietnam’s corporate bond market and industry sectors, and has presented its credit views at local industry events.

“VIS Rating broadens Moody’s network of domestic partners in Asia-Pacific and complements our leading cross-border coverage in Vietnam,” said Ms. Wendy Cheong, Managing Director and Regional Head of Asia- Pacific at Moody’s Investors Service and member of the Board of Management at VIS Rating. “We are committed to providing global best practices and technical and talent support to bolster VIS Rating’s capabilities.”

As Vietnam’s domestic bond market develops, credit ratings and research will play a meaningful role by helping companies access new capital and formulate funding strategies, signaling transparency and maintaining investor confidence during times of market stress.

Moody’s Singapore Pte Ltd is the largest shareholder in VIS Rating, with a 49 per cent holding. The other founding shareholders include ACB Securities Company, Dragon Capital Finance Limited, Nam A Bank Asset Management Company Limited, VNDIRECT Securities Corporation, and VPS Securities Joint Stock Company, each with a 10.2 per cent holding. VIS Rating operates independently from Moody’s.

About VIS Rating

The Vietnam Investors Service And Credit Rating Agency Joint Stock Company (VIS Rating) was incorporated in November 2021 by Moody’s and domestic shareholders and initiated by the Vietnam Bond Market Association, to facilitate the development of the domestic bond market. It aspires to be the most respected domestic credit rating agency in Vietnam and to be regarded by domestic and global market participants as “Vietnam’s Credit Rating Agency of Choice”.

Through its ratings and research activity, it aims to provide objective and independent credit opinions and enhance the transparency of information to support the further growth and development of the domestic bond market in Vietnam. Through the technical assistance provided by Moody’s, it will strive to introduce global best practices in the domestic market and enhance market transparency and knowledge about credit risk and risk management in Vietnam. For more information, visit https://visrating.com/about-us/.

The head office of VIS Rating is on the 10th floor, 5 Dien Bien Phu Street, Dien Bien Ward, Ba Dinh District, Hanoi. VIS Rating has charter capital of VND103.14 million ($4,400) and Chen Hock Soon Simon is the company’s legal representative.