FiinRatings: Credit Rating Announcement on Viet Capital Securities Joint Stock Company (A- | Outlook: Stable)

19 September 2022 - 01:00 PM Alternate Text


Hanoi, 19 September 2022

FiinRatings today announced that it has assigned a first-time Long-term Issuer Credit Rating 'A-' to Viet Capital Securities Joint Stock Company (“VCI” or “the Company”) with the Outlook: Stable.

FiinRatings' opinion on VCI's "A-" credit rating and "Stable" outlook, reflects our assessment of the risk and prospects of the Vietnamese securities services sector, as well as VCI's business risk profile and financial position.


The ‘Stable outlook reflects FiinRatings’ view on VCI’s credit rating maintaining at the same level for the next 24 months. For 2022, we do not incorporate the continuation of exceptionally strong capital market conditions experienced in 2021. We assess that the possible decline in indices and market liquidity will have a negative impact on majority of securities brokerage companies. However, we believe that VCI’s financing and cost structure give the Company flexibility to cope with unfavorable market conditions. The Company with a diverse revenue structure and an established institutional client base like VCI may have a better shield against negative market conditions.

Upgrade Scenario:

  • VCI's brokerage market share has improved significantly, with good operating efficiency and application of strict risk management policies.
  • Larger contribution to income structure from brokerage and margin lending activities, by expanding business scale and customer base, especially retail customers.

Downside Scenario:

  • Significant reduction in VCI’ market share resulting in the company’s inability to sustain its position amongst Top 10 Vietnamese securities firms.
  • Any material worsening of the capital structure and earnings profile of the Company in excess of our expectations; or unusual market conditions that affect the Company's liquidity and profitability.

Read the full rating announcement HERE.

Notice: Credit-related and other analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact. FiinRatings’ opinions, analyses, and rating acknowledgment decisions are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security.

About FiinRatings

FiinRatings is licensed by the Ministry of Finance to operate as a Credit Rating Agency (“CRA”) for Vietnam on 20 March 2020. On March 10th, 2022, FiinGroup has been officially approved by the Climate Bonds Initiative (CBI) as the first authorized company in Vietnam to verify green bonds issued by Vietnamese businesses when participating in CBI's program.

On 26 July 2022, FiinRatings officially entered a Technical Collaboration Partnership (“Partnership”) with S&P Global Ratings, the world's leading credit rating agency.

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