Good credit rating, businesses have the opportunity to reduce capital mobilization costs

According to the Ministry of Finance, for businesses, credit rating results (XHTN) contribute to promoting issuing organizations to improve operational efficiency and financial transparency. Achieving a good XHTN level, businesses have the opportunity to reduce capital mobilization costs.

Ms. Pham Thi Thanh Tam, Deputy Director of the Department of Financial Institutions ( Ministry of Finance ). Photo: BTC

At the workshop “Vietnam’s credit rating market: Development orientation and potential” held on November 12, organized by the Ministry of Finance in coordination with the Asian Development Bank, Ms. Pham Thi Thanh Tam, Deputy Director of the Department of Financial Institutions (Ministry of Finance) said that Vietnam’s capital market has grown rapidly, playing an important role in attracting resources for investment and development.

Along with the development of the capital market and corporate bond market, credit rating services have been formed since 2014 with the promulgation of Decree No. 88/2014/ND-CP of the Government regulating credit rating services.

According to Ms. Pham Thi Thanh Tam, over the past 10 years, XHTN activities have played an important role in enhancing market transparency, thereby promoting the safe, sustainable and specialized development of the market. For investors, XHTN results provide an assessment of the financial capacity and debt repayment ability of the issuer, helping investors have more effective tools to evaluate and analyze risks before making investment decisions.

Overview of the workshop on the morning of November 12.

“To continue promoting this sector, an important step is the application of regulations on mandatory credit ratings, starting from 2023 for publicly issued corporate bonds and from 2024 for privately issued bonds,” said Deputy Director of the Department of Financial Institutions (Ministry of Finance).

Recently, the Ministry of Finance has continued to advise the Government to submit to the National Assembly amendments to the Securities Law and the Enterprise Law to strengthen the responsibility of service providers, raise requirements for bonds offered to individual investors, thereby promoting more transparent market operations. Recently, Decree No. 245/2025/ND-CP of the Government stipulates mandatory credit rating when issuing to the public.

Ms. Arabella Bennett, Second Secretary, Australian Embassy in Vietnam, Department of Foreign Affairs and Trade.

Along with the development of the economy, the capital market and the corporate bond market are developing positively, especially after the Vietnamese stock market was upgraded to a secondary emerging market. In that context, the number of enterprises proactively conducting credit ratings to announce the results to the market is increasing.

To date, more than 140 enterprises in the real estate, securities, and energy production sectors have been rated when offering bonds. In 2024, 216.6 trillion VND worth of bonds from 54 issuers will be rated, accounting for 46.3% of the total issuance value for the year.

In order to promote the development of credit rating services, the Ministry of Finance has been actively coordinating with trusted partners to implement technical support activities, disseminate laws and provide training on credit rating services in Vietnam.

According to CRISIL (Credit Rating Information Services of India Limited), a leading credit rating company in India, for the development of the corporate bond market in Vietnam, the Vietnamese Government has prioritized the development of the capital market, especially the corporate bond market according to international best practices.

“According to international experience, it is necessary to develop a credit rating culture and aim for this. The Government has issued Decree No. 88/2014 ND-CP regulating credit rating services. The Ministry of Finance has licensed five companies to provide credit rating services in Vietnam,” the CRISIL report stated.

The above Decree provides detailed regulations on the scope of operations; conditions, procedures for granting Certificates of eligibility for business; social insurance operation processes; business processes; cases of conflicts of interest, internal control systems; reporting regime; information disclosure and responsibilities of social insurance enterprises.

“Decree No. 88, although quite comprehensive, should be considered for updating and supplementing to suit market developments, changes in international regulations and focusing more on business conditions; internal governance; transparency; information security; conflict management; internal control; supervision,” said a CRISIL representative.

In the first 10 months of 2025, the value of issued bonds with credit ratings reached VND287.4 trillion, 2.1 times higher than the same period in 2024.

By the end of October 2025, the total outstanding bonds of credit-rated issuers reached nearly VND 461 trillion, accounting for about 33.7% of the total outstanding corporate bond debt in the entire market. This shows the potential of credit rating services in Vietnam to continue to develop strongly in the coming time.

Source: https://baotintuc.vn/kinh-te/muc-xep-hang-tin-nhiem-tot-doanh-nghiep-co-co-hoi-giam-chi-phi-huy-dong-von-20251112110941485.htm