FiinRatings honored for Outstanding M&A Deal 2025 through its Strategic Partnership with S&P Global

At the “Vietnam M&A Forum 2025” organized by Vietnam Investment Review on December 9, 2025, in Ho Chi Minh City, S&P Global’s equity investment in FiinRatings was recognized as one of the most notable M&A transactions of the year. The award marks a significant milestone in the ongoing effort to standardize credit rating practices in Vietnam. 

Sharing about this achievement, Ms. Le Ngoc Phuong Thao, Commercial Director of FiinRatings’ Ho Chi Minh City Branch, noted that the transaction “is not just a goal destination but a significant turning point.” She emphasized that S&P Global’s involvement enables FiinRatings to gain deeper access to international standards, helping improve analytical quality and supporting the sustainable development of Vietnam’s capital market in the years ahead.  Ms. Le Ngoc Phuong Thao, Commercial Director of FiinRatings’ Ho Chi Minh City Branch (center)

As a credit rating agency with a market capitalization of over USD 150 billion on the NYSE, S&P Global expands its investments only in markets where transparency is essential to attracting medium- and long-term capital flows. Vietnam meets this criterion as its capital market continues to grow rapidly, yet still faces challenges related to inconsistent data and non-standardized disclosures. This underscores the need for a domestic partner with strong analytical capabilities and deep local insights. With its comprehensive credit database and internationally aligned operating model, FiinRatings is a strong partner for S&P Global’s expansion strategy in Vietnam. 

Building on a cooperation foundation established in 2021 with support from the Asian Development Bank (ADB), the partnership between FiinRatings and S&P Global is now entering a new phase with three strategic priorities:

• Methodology and quality assurance sharing to further strengthen FiinRatings’ analytical capabilities.
• Expanded cooperation in sustainable finance, particularly in green bond assessments, issuance framework development, and debt transactions.
• Promoting broader adoption of credit ratings as a risk reference across Vietnam’s capital market.

These initiatives are particularly timely as Vietnam undergoes a period of deep structural reform. Over the next five to ten years, the shared goal of FiinRatings and S&P Global is to embed credit ratings as a standard practice of Vietnam’s capital market, aligned with international transparency and risk-measurement norms. Broader adoption will enable companies to optimize capital costs, provide investors a clearer, more reliable basis for assessing risk and supporting a healthier bond market 

As a domestic credit rating agency, FiinRatings is committed to contributing more deeply to the market ecosystem through analyses that accurately reflect Vietnamese corporate realities and local market dynamics. These local insights will support S&P Global’s analytical teams in gaining a clearer understanding of Vietnam’s credit environment, thereby reinforcing ongoing efforts to elevate the country’s sovereign credit rating toward Investment Grade.

The “Company with Outstanding M&A Deal of 2025” award recognizes FiinRatings’s persistent efforts to promote transparency and contribute to the sustainable development of Vietnam’s capital market. It also reflects the positive impact of the strategic partnership with S&P Global – whose benefits extend not only to FiinRatings but also to the entire financial ecosystem.