Agribank affirms its position through international credit ratings and global partnerships
In 2024, Agribank strengthened its international presence through various achievements, from stable credit ratings by renowned international agencies to an expanding global partner network.
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The Vietnam Bank for Agriculture and Rural Development (Agribank), established on March 26, 1988, has grown into one of Vietnam’s leading commercial banks, pivotal in agricultural investment, rural development, and inclusive finance. By the end of 2024, Agribank’s total assets exceeded VND 2.2 quadrillion, supported by an extensive network spanning all provinces, including remote, border, and island areas. As a wholly state-owned commercial bank, Agribank leads in scale and is at the forefront of digital transformation, modern governance, and international integration.
In 2024, Agribank strengthened its international presence through various achievements, from stable credit ratings by renowned international agencies to an expanding global partner network. These milestones reflect Agribank’s robust internal capacity and commitment to elevating the Vietnamese brand in global markets.
Credit Ratings Underscore Financial Strength
Credit ratings are a vital indicator of a financial institution’s health and credibility. Recently, Agribank has consistently received high marks from leading international credit rating agencies, reinforcing the confidence of its global partners and customers. In 2024, Moody’s Ratings assigned Agribank a Ba2 local and foreign currency deposit ratings and issuer ratings, with a stable outlook. Fitch Ratings likewise rated the bank BB+ for Long-Term currency issuer default, with a stable outlook, on par with Vietnam’s sovereign rating and the highest among commercial banks in the country.
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| Agribank delegation led by Mr. Pham Toan Vuong, Member of the Board of Directors, General Director, attended the 2024 IMF-WBG Annual Meeting held in Washington, D.C, USA. |
These ratings affirm Agribank’s solid financial foundation, effective risk management, and leading role in Vietnam’s banking sector. Maintaining high and stable ratings amid global economic volatility highlights the bank’s resilience and sound governance. Furthermore, these ratings serve as a “passport” to more favorable access to international capital markets and bolster trust among domestic and international stakeholders.
Notably, Agribank was featured in the inaugural Fortune Southeast Asia 500 rankings in 2024, securing the 37th spot - the highest position among Vietnamese commercial banks. This recognition by Fortune, one of the world’s most prestigious business media outlets, reflects Agribank’s scale, revenue, and expanding regional influence. Agribank was also named among the Top 10 Most Valuable Brands in Vietnam and the Top 10 Vietnamese Banks in the Brand Finance global ranking of the 500 largest banking brands, further testament to its strong brand equity and partner confidence.
International Cooperation: A Strategic Pillar
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| Working session between Agribank and Moody's Ratings. |
International integration remains a strategic priority for Agribank, as it is pursued through partnerships with global financial institutions and associations, participation in international forums, and expansion of its correspondent banking network. These efforts provide Agribank with access to global resources and promote Vietnam’s image as a dynamic and modern economy.
Agribank leads among Vietnamese banks in attracting and implementing international development projects, particularly in agriculture and rural development. It is a trusted partner of major international organizations such as the World Bank (WB), Asian Development Bank (ADB), French Development Agency (AFD), and LuxDev. These collaborations focus on preferential credit programs, technical assistance, and adopting international governance models.
By the end of 2024, Agribank managed 15 on-lending projects funded by international sources via the Vietnamese government, totalling nearly VND 6 trillion. Cumulatively, Agribank has disbursed funds for over 220 international projects, with total financing approaching approximately USD 9.8 billion.
Agribank’s global footprint includes a correspondent banking network across 77 countries and territories, underpinned by over 150 cooperation agreements and memoranda. This has enabled the bank to mobilise low-cost foreign currency capital, deploy advanced banking services, and enhance cross-border payment capabilities. These capabilities support Vietnamese enterprises in international trade and deliver accessible financial services to overseas Vietnamese communities.
In foreign relations, Agribank is an active member of key regional and international financial bodies, including the Asian Bankers Association (ABA), Asia-Pacific Rural and Agricultural Credit Association (APRACA), World Savings and Retail Banking Institute (WSBI), the Sustainable Finance Sector Committee (SFSC) of the European Chamber of Commerce in Vietnam (EUROCHAM), and the French Chamber of Commerce and Industry in Vietnam (CCIFV). The bank has also participated in prominent events such as the World Economic Forum (WEF), the IMF-World Bank Annual Meetings, and the ADB Annual Meetings - platforms that deepen global cooperation and facilitate knowledge exchange on green banking, digitalisation, inclusive finance, governance, and international best practices.
In today’s era of globalisation, Agribank aspires to lead through continuous innovation and transformation. Under its development strategy 2030, the bank aims to become a modern and deeply integrated institution with a leading role in Vietnam’s rural financial market and enhanced regional competitiveness. Guided by its mission, “Bringing prosperity to customers,” and core values of “Integrity - Discipline - Creativity - Quality - Efficiency,” Agribank is steadily advancing to become one of Asia’s premier banks.
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