Introducing 4 units licensed to do credit rating business

After the Government issued Decree No. 88 dated September 26, 2014 regulating credit rating services, the Ministry of Finance has presided over and coordinated with ministries and branches to grant Certificates of eligibility to conduct credit rating services to 4 enterprises, including:

Saigon Phat Thinh Ratings Joint Stock Company (Saigon Ratings), head office address at 78-80 Le Van Thiem, Phu My Hung Quarter, Tan Phong Ward, District 7, Ho Chi Minh City.

FiinRatings Joint Stock Company (FiinRatings, formerly FiinGroup Joint Stock Company), headquartered at 10th Floor, Peakview Tower Building, 36 Hoang Cau, O Cho Dua Ward, Dong Da District, Hanoi.

Vietnam Investment Credit Rating Joint Stock Company (VIS Rating), head office address at Room 2709, 27th floor - West Tower, Lotte Center Hanoi Building, 54 Lieu Giai, Cong Vi Ward, Ba Dinh District, Hanoi.

S&I Credit Rating Joint Stock Company (S&I Ratings), head office address at 1C Ngo Quyen, Ly Thai To ward, Hoan Kiem district, Hanoi.

Enterprises providing credit rating services must be granted a Certificate of Business Eligibility by the Ministry of Finance.

The Ministry of Finance said that according to the provisions of Decree No. 88, enterprises providing credit rating services must be granted a Certificate of eligibility to conduct credit rating services by the Ministry of Finance.

Enterprises that are not registered to provide credit rating services are not allowed to use the phrase "credit rating" or other phrases with the same connotation as "credit rating" in their names.

Sharing at the workshop "Developing the corporate bond market towards professionalism and sustainability" on the morning of August 16, Mr. Nguyen Quang Thuan - General Director of FiinRatings said that although a credit rating culture has been gradually formed in Vietnam, this is still a new concept and credit rating has not been properly assessed in the Vietnamese market.

In particular, many investors and businesses still hold the notion that credit ratings are paid for by businesses, so some conclusions may be subjective.

"Credit rating is not a business of selling awards. Auditing is the past, credit rating is the future," Mr. Thuan affirmed.

Mr. Thuan said that currently there are many pension funds and mutual funds interested in the Vietnamese bond market but cannot invest due to credit rating requirements.

Therefore, FiinRatings representative believes that in order to develop and attract investors, especially institutional investors, the main infrastructure (policies, legal framework, transparency) is important, but the soft infrastructure (trading on the listed floor) must follow international practices.

At the same time, the expert expressed his expectation that the future prospects of the credit rating industry will come from policies, the intrinsic needs of businesses, the wishes of consulting units, and pressure from investors.

Source: https://www.nguoiduatin.vn/diem-mat-4-don-vi-duoc-cap-phep-kinh-doanh-xep-hang-tin-nhiem-204240827105124413.htm