On November 12, the Ministry of Finance, in cooperation with the Asian Development Bank (ADB), organised a seminar in Ha Noi titled “Viet Nam’s Credit Rating Market: Orientation and Development Potential.” The event aimed to raise awareness of the role of credit rating services in the capital market.
The credit rating service in Viet Nam was established in 2014 with the issuance of Government Decree No. 88/2014/ND-CP regulating credit rating services.
A representative of the Ministry of Finance stated that, along with the growth of the economy, Viet Nam’s capital market and corporate bond market have shown positive development, particularly since the country’s stock market was upgraded to a secondary emerging market. In this context, more enterprises have proactively carried out credit rating assessments and publicly disclosed their results to the market.
To date, over 140 enterprises across the real estate, security, and energy sectors have undergone credit ratings when issuing bonds. In 2024, credit ratings were conducted for 216.6 trillion VND worth of bonds issued by 54 organisations, accounting for 46.3% of the total annual issuance value. During the first ten months of 2025, the value of credit-rated bond issuances reached 287.4 trillion VND, roughly 2.1 times higher than the same period in 2024.
At the workshop, speakers discussed regulations on mandatory credit ratings for Viet Nam’s bond market, shared international best practices to ensure the quality and legal compliance of credit rating services, and exchanged views with market participants on the importance of periodic monitoring and evaluation of credit rating results, as well as internal control systems for preventing and managing conflicts of interest within credit rating agencies.
The Ministry of Finance announced that it continues to advise the government on proposed amendments to the Law on Securities and the Law on Enterprises to strengthen the accountability of service providers and tighten requirements for bonds offered to individual investors, thereby enhancing market transparency. Recently, the government issued Decree No. 245/2025/ND-CP, which mandates credit ratings for all public bond issuances.
To further promote the development of the credit rating service in Viet Nam, the Ministry of Finance will continue working closely with trusted partners to implement technical assistance, legal dissemination, and training programmes on credit rating services. The goal is to develop a transparent and healthy credit rating market and foster a credit rating culture in Viet Nam, serving as a reliable reference channel for both domestic and foreign investors.
