Key points from FiinRatings Monthly Newsletter – December 2022: 

HIGHLIGHTS

On 28 November 2022, Mr. Nguyen Quang Thuan, FiinRatings’ CEO, participated as a panelist at Green Economy Forum & Exhibition 2022 organized by EuroCham Vietnam in HCMC to discuss financing sources from Vietnam capital markets, including government bonds, corporate bonds, banking credit, and equity. See more details HERE.

On November 22nd, 2022, Mr. Nguyen also participated Vietnam Economic Pulse 2022 Forum and had a presentation on Vietnam Corporate Bond Market: The Need for “A Visible and Strong Hand” and delivered some policy recommendations. See more details HERE.

MARKET UPDATES

In November, there were 4 issuances with a value of 1.93 trillion VND coming to the corporate bond market. The issuance scale increased five times in comparison m-o-m but only reached 3.57% y-o-y (mainly from Masan's bond with value 1.7 trillion VND for bond debt restructuring) . In the Banking and Real Estate sector, Duc Trung Investment JSC and BIDV are notable issuers.

Several businesses have been developing a restructuring strategy to solve the problem of debt coming due. This can be considered a relatively proactive move from issuers to avoid insolvency and meet debt obligations to bondholders.

FiinRatings Corporate Bond Insight #5: Market landscape, credit quality update, and suggestion for debt coming due from bonds provides a local credit rating agency’s perspective on the market. Refer to our FULL report HERE.

LATEST RATING ACTIONS

On 23 November 2022, FiinRatings affirms the long-term Issuer Credit Rating 'BB+' of Van Phu - Invest Investment Joint Stock Company (“VPI”) with the Stable outlook in the latest surveillance.

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