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Friday,  Nov 24,2017,04:50 (GMT+7)

Vietnam has first credit rating firm

The Saigon Times Daily
Tuesday,  Aug 1,2017,21:47 (GMT+7)
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Vietnam has first credit rating firm

The Saigon Times Daily

HCMC – The Ministry of Finance has licensed Phatthinh Ratings Corporation, a member of Phat Thinh Group, making it the first credit rating service company in the country, Vietnamplus reports.

In line with Decree 88/2014/ND-CP, Phat Thinh Rating can now assess the creditworthiness of enterprises, organizations and debt instruments.

Credit rating has become a popular instrument to help improve business clarity for investors and traders. However, the field is quite new in Vietnam and there was no such firm previously.

So far, the creditworthiness of Vietnamese enterprises has always been rated by international agencies like Standard & Poors and Moody’s Investors Service.

In 2014, the Government issued Decree 88/2014/ND-CP on conditions for establishment and operation of credit rating firms in Vietnam.

From 2020, the issuing of corporate bonds will have to go through the creditworthiness assessment process, according to a recent decree of the Government on deploying credit rating service until 2020 with a vision to 2030. Until 2030, there will be no more than five credit rating firms to be licensed by the Ministry of Finance.

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