FiinGroup Joint Stock Company (“Company” or “FiinGroup”) registered in Hanoi, Vietnam has announced official launch of its Credit Rating Agency under a brand named FiinRating from 5 June 2020.
The Company was awarded a license from the Ministry of Finance of Vietnam to operate as the second Credit Rating Agency on 20 March 2020. The license was granted under the Decree 88/2014/ND-CP dated 26 September 2015 issued by the Government governing the credit rating service and the Decision 507/QD-TTg dated 17 April 2015 by Prime Minister approving the development plan for Credit Rating Agency service by 2020 and vision till 2030.
Vietnam corporate bond market has gained a significant development in recent years. The size of corporate bond market is accounting for 10.28% of Vietnam’s 2019 GDP by the end of March 2020 with participation from not only institutional investors but also retail investors as well. Mobilising medium and long-term sources of financing for corporate growth is very important in Vietnam when they mainly rely on banking credits and share issues on stock market.
"Having the license is just a starting point for us. Leveraging on our strength in information business over 12 years and with over two years of preparation of rating methodologies, rating scorecard each of 50 key sectors in Vietnam, benchmark data models and qualified personnel, we are now very confident to provide this service to both issuers and investors. We also wish to set a foundation for this industry in Vietnam” said Mr. Nguyen Quang Thuan, FiinGroup CEO.