FiinRatings has achieved significant recognition in Vietnam’s evolving credit-rating landscape, heralding its role at the recent VIR awards. The organization was celebrated for its contributions, particularly following its pivotal association with S&P Global, which culminated in a substantial equity investment. This partnership places FiinRatings among the esteemed winners of the Outstanding M&A Deals of 2025, underscoring the importance of advancements in credit assessment practices in Vietnam.
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At the VIR’s M&A Forum held on December 9, FiinRatings JSC was lauded for its Outstanding M&A Deals 2025, marking a transformative step with the completion of S&P Global’s 43.4% equity investment. This recognition not only acknowledges FiinRatings’ efforts in advancing the credit landscape but also reinforces the urgent need for transparency and standardized market information in Vietnam.
Le Ngoc Phuong Thao, the commercial director of FiinRatings, remarked, “The transaction is not an endpoint but a pivotal step, marking the start of a longer journey to raise credit-rating practices to international standards and improve the quality of information in Vietnam’s capital market.” This statement encapsulates FiinRatings’ commitment to elevating the credit assessment framework in the country.
The growth trajectory of Vietnam’s bond and corporate credit markets is exciting; however, it is marred by structural challenges. Issues such as inconsistent data and a lack of uniform corporate disclosure standards persist. Currently, risk assessments often depend on self-reported information or unverified third-party data, complicating investors’ ability to accurately gauge risk and affording companies no standardized credit benchmarks to demonstrate their financial viability.
In this context, FiinRatings stands as a beacon of progress. As the first domestic credit rating agency licensed by the Ministry of Finance, it offers a comprehensive database, skilled analytical talent, and operations harmonized with international standards. These strengths establish FiinRatings as a critical ally for S&P Global’s strategic expansion in Vietnam.
With this investment now in place, S&P Global and FiinRatings are set to enhance their collaboration. They plan to build upon the technical cooperation initiated in 2021, supported by the Asian Development Bank, focusing on three major pillars.
The first pillar involves FiinRatings gaining deeper access to S&P Global’s analytical methodologies, operational procedures, and quality-control frameworks. This collaboration aims to bolster the reliability and consistency of FiinRatings’ credit ratings, essential for fostering investor confidence.
Secondly, both organizations will jointly advance sustainable finance in Vietnam. S&P Global’s expertise in green bond assessments and sustainability evaluations aligns perfectly with FiinRatings’ role in verifying green bonds and green loans under international standards. Together, they aim to minimize the risk of greenwashing while ensuring that the Vietnamese financial market aligns closer with global practices.
The third key area of focus will be intensified information sharing and educational initiatives. They seek to promote credit ratings not merely as compliance mandates but as strategic tools for risk management and capital acquisition. The expectation is that credit ratings will expand their influence into banking, securities, fund management, and insurance, mirroring global trends.
Thao emphasizes, “FiinRatings aims to make credit ratings standard practice in Vietnam within the next 5–10 years, aligning with international transparency and risk-measurement norms. Greater adoption will not only help businesses optimize their capital costs and secure long-term financing but will also provide investors with a clearer and more reliable basis for assessing risk, ultimately fostering a healthier bond market.”
The strategic partnership between S&P Global and FiinRatings reflects a long-term vision to cultivate a robust credit ecosystem, allowing Vietnamese enterprises to showcase their financial strength in accordance with global standards and access a broader international capital pool.
This recognition from VIR underscores FiinRatings’ ongoing commitment to transparency and improvement in credit-rating practices, significantly contributing to the robustness of Vietnam’s capital market. It also highlights the early benefits of the partnership, revealing its strategic value to FiinRatings and the broader financial system.
S&P Global, with its 160-year legacy and a market capitalization exceeding $150 billion, typically targets markets where enhanced transparency is crucial for attracting medium- and long-term investments. Prior to its endeavors in Vietnam, S&P Global established partnerships with rating agencies in countries like India, Thailand, and Indonesia, alongside founding local agencies in China and Taiwan. This strategic entry into Vietnam signifies a pivotal moment in the country’s financial evolution.