The certificates were issued based on the provisions in the Investment Law (2014, 2020) and Decree No. 88/2014/ND-CP regulating credit rating services.

The size of the corporate bond market is estimated at some VND1,374 trillion, equivalent to 15% of GDP. The Government aims to raise this figure to 20% by 2025.

Credit rating for businesses in general, including real estate businesses, can increase the transparency of the market.

The rating of BB+ that Vietnam has been given by S&P to Vietnam is close to the “investment grade” group, which means that if Vietnam gets BBB- it will be in the investment portfolios of many financial institutions in the world.

The Vietnamese corporate bond market is experiencing tough days. Experts say that restoring confidence in bonds and protecting investors are both necessary.

The S&P Global Ratings on May 26 raised its long-term sovereign credit rating on Vietnam to “BB+” with a “stable” outlook on the back of strong economic recovery, according to the Ministry of Finance.

A GDP growth of 5.8% in 2021, nearly double the 2.9% growth last year, would boost credit demand.

The lack of independent credit rating firms is hindering the development of the corporate bond market.

Delay in paying government debts was due to the lack of seriousness of related government agencies in following the instruction of the prime minister.

The Governor of the State Bank of Vietnam (SBV), Le Minh Hung, is standing firm on low credit growth. This is also an issue that S&P emphasized in in its latest report.

The credit rating market is dominated by three big players, which hold 95 percent of the world’s market share. They are Standard & Poor’s (S&P) and Moody’s, which hold 80 percent, and Fitch Ratings 15 percent.

Vietnam has been doing well in mobilizing capital through bond issuance, but has not been using the capital in the most effective way.

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