S&P Global Ratings and FiinRatings meet leaders of the Ministry of Finance

On 25th July 2022, a meeting between representatives of the Ministry of Finance, S&P Global Ratings, and FiinRatings was organized at the headquarters of the Ministry of Finance. Mr. Nguyen Duc Chi, the Vice Minister, presided over the meeting, and participants included:

• Ministry of Finance: Ms. Hoang Dieu Linh, Deputy Director of the International Cooperation Department; Ms. Pham Thi Thanh Tam, Deputy Director of the Department of Banking and Financial Institutions, Mr. Pham Hong Son, Vice Chairman of the State Securities Commission.
• S&P Global Ratings: Ms. Elena Okorochenko, Managing Director and Head of Asia-Pacific; Mr. Matthew Batrouney, Managing Director - Head of South & Southeast Asia.
• FiinRatings: Mr. Nguyen Quang Thuan, CEO; Mr. Nguyen Huu Hieu, Vice Chairman ; Mr. Paul Coughlin, Chairman of the Credit Rating Committee; Ms. Prachi Gupta, Analytical Advisor, Financial Institutions Ratings, FiinRatings.

The overall objectives of the meeting were to discuss thoroughly the main topics related to credit rating activities, including the development of credit rating services in Vietnam, the Technical Collaboration Partnership between FiinRatings and S&P Global Ratings, and the proposal contributing to the sustainable development of the corporate bonds market in general and domestic credit rating service in particular.

Mr. Nguyen Duc Chi – MOF Vice Minister, highly appreciated the professional activities of S&P Global Ratings and the latest upgrade of Vietnam's long-term sovereign credit rating to BB+ with a "Stable" outlook and expressed the encouragement of the Technical Collaboration Partnership between FiinRatings and S&P Global Ratings. He expected that the complete collaboration between S&P Global Ratings and the domestic credit rating agency FiinRatings would continue to be put into practice and contribute greatly to the general development of the stock market and the corporate bond market.

On behalf of S&P Global Ratings, Mr. Matthew Battourney expressed his gratitude for the support from the Vietnam Government and the Ministry of Finance and emphasized S&P's commitment to financial market development and cooperation with FiinRatings.

On behalf of FiinRatings, Mr. Nguyen Quang Thuan also offered thanks for the departments' support and formulated a proposal to enhance the cooperation between S&P Global Ratings and FiinRatings.

The meeting concluded with various activities and proposals discussed and agreed upon. As a leading credit rating agency in Vietnam, FiinRatings strongly believed that the great efforts in cooperation with international organizations as well as the trust and support from the Ministry of Finance would motivate domestic credit rating agencies like FiinRatings to improve their service quality, thereby contributing to the sustainable development of Vietnam's capital market.

About FiinRatings

FiinRatings, a brand, and part of FiinGroup, was licensed by the Ministry of Finance to operate as a Credit Rating Agency for Vietnam. The license was awarded on 20th March 2020 to FiinGroup under Decree 88/2014/ND-CP dated 26th September 2014 governing Credit Rating Agency services. In May 2021, FiinRatings entered into an agreement with S&P Global Ratings and Asian Development Bank (ADB) to receive Technical Assistance in various aspects of CRA practice and development.

Prior to expanding in credit rating services, FiinGroup is well known in Vietnam as an independent information provider in the country with financial information terminals, business information portals, and market research to support foreign and local institutional investors and foreign trading partners to Vietnamese enterprises. For more information, visit https://www.fiingroup.vn/FiinRatings