HÀ NỘI — Robust credit-rating assessments are increasingly helping Vietnamese corporations reduce their capital-raising costs, while also enhancing transparency in the rapidly growing bond market, experts say.

During a conference titled 'Việt Nam Credit Rating Market: Direction and Potential for Development,' co-organised by the Ministry of Finance (MoF) and the Asian Development Bank on November 12, Phạm Thị Thanh Tâm, deputy director general of the Finance Institutions Department under MoF, emphasised the rapid growth of Việt Nam's capital market. This sector plays a crucial role in attracting resources for development investments.

The credit rating service market has been in place since 2014, established through Decree No. 88/2014/ND-CP by the Government, aimed at improving credit rating practices in Việt Nam.

Over the past ten years, credit rating activities have significantly contributed to increasing market transparency, which in turn fosters sustainable and safe development.

Credit ratings provide investors with crucial insights into the financial viability and repayment capabilities of issuers, enabling them to analyse risks more effectively before making investment decisions.

To further stimulate this sector, the introduction of mandatory credit rating regulations is set to be implemented beginning in 2023 for publicly issued bonds and in 2024 for privately placed bonds, Tâm said.

The ministry has been actively advising the government to amend the Securities Law and the Law on Enterprises to enhance the accountability of service providers and improve standards for bonds offered to individual investors, thereby promoting a more transparent operating environment.

Recently, Decree No. 245/2025/ND-CP mandated that credit ratings must be obtained for publicly issued debt securities. Consequently, the number of companies seeking credit ratings before issuing bonds has been on the rise. 

Over 140 enterprises spanning real estate, securities and energy production sectors have secured credit ratings for their bond offerings.

In 2024, VNĐ216.6 trillion (US$8.2 billion) worth of bonds from 54 issuers were rated, accounting for 46.3 per cent of the total bond issuance value for that year.

Meanwhile, in the first ten months of 2025, the value of rated bonds reached VNĐ287.4 trillion, more than double the amount during the same period in 2024.

As of October, the total outstanding bonds of rated issuers was nearly VNĐ461 trillion, representing around 33.7 per cent of the total bond market debt. This indicates substantial growth potential for credit rating services in Việt Nam moving forward.

These figures indicate that credit ratings are becoming the new standard in issuance and investment activities, while also affirming the strong growth potential of this sector in Việt Nam.

Lê Minh Hùng from the State Securities Commission said that the legal framework for credit ratings has been strengthened through several key documents, including Securities Law No. 54/2019/QH14, the amended Law No. 56/2024/QH15, Decree No. 155/2020/ND-CP and the Strategy for Developing the Securities Market by 2030.

This strategy explicitly outlines the goal of enhancing the role of private placement organisations and establishes a requirement for companies issuing bonds to engage in private placements. This aims to cultivate a practice of incorporating these results into investment strategies.

To promote the development of credit rating services, the MoF is collaborating with trusted partners to implement technical assistance activities, legal dissemination and training in credit rating services in Việt Nam.

According to CRISIL, a leading credit rating agency in India, the Vietnamese Government prioritises the development of the bond market in alignment with international best practices.

Its report noted that fostering a credit rating culture is essential, supported by Decree No. 88/2014/ND-CP, which outlines the operational scope and procedural requirements for credit rating services. — BIZHUB/VNS