On 27th July 2022, a meeting between the representatives of The State Bank of Vietnam (“SBV”), S&P Global Ratings, and FiinRatings was successfully organized at the headquarter of the State Bank of Vietnam. Mr. Doan Thai Son, Deputy Governor presided over the meeting, and participants included:
State Bank of Vietnam: Mr. Le Trung Kien, Deputy Director, Department of Safety Supervision of Credit Institutions System; Ms. Dao Thuy Hang, Deputy Director of International Cooperation Department
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.
On this occasion, two parties actively discussed the application of domestic credit rating results in Vietnam to support the SBV as well as the banking sector in credit risk management, especially in the corporate bonds market. Effective activities to promote credit ratings of credit unions for the sustainable development of Vietnam’s capital market were also covered in the meeting.
Mr. Doan Thai Son, Deputy Governor highly appreciated the Technical Collaboration Partnership between FiinRatings and S&P Global Ratings, the support to SBV in credit risk management in banks, corporate bonds, and credit rating activities, as well as the proposals of S&P Global Ratings and FiinRatings in sharing information to contribute to the development of Vietnam's financial market in general and strengthen domestic credit rating activities in Vietnam in particular.
On behalf of S&P Global Ratings, Ms. Elena Okorochenko expressed her gratitude for the support and encouragement of the Vietnam Government and the State Bank of Vietnam; she also emphasized S&P's commitment to supporting financial market development and cooperation with FiinRatings. Ms. Elena Okorochenko was deeply impressed by the efforts and professional activities of FiinRatings and expected more strategic partnership activities in the time to come.
Mr. Nguyen Quang Thuan, FiinRatings’ CEO also offered thanks for the support from the SBV and formulated several proposals to strengthen the effective cooperation of S&P Global Ratings and FiinRatings, such as organizing seminars on the application of domestic credit rating results, sharing research documents, international and regional practices related to credit rating to apply for credit risk management in Vietnam.
The meeting concluded with various activities and proposals discussed and agreed upon. FiinRatings strongly believed that the efforts in cooperation with international credit rating agencies and the great support from SBV would encourage domestic credit rating agencies like FiinRatings to improve their service quality, thereby contributing to the sustainable development of Vietnam's capital market.
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