Moody’s upgraded Agribank ratings from Ba3 to Ba2
Credit rating agency Moody’s has upgraded the long-term local and foreign currency deposit and issuer ratings of the Vietnam Bank for Agriculture and Rural Development (Agribank) to Ba2 from Ba3, and changed the outlook to stable.
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| Illustrative image. (Photo: VNA) |
Agribank is now the largest Vietnamese bank in terms of capital mobilisation market share, and the second biggest in assets. It is a key player in investment in agriculture, farmers and rural areas where loans account for nearly 70% of the total.
As of June 30, 2022, its total assets had reached 1.77 quadrillion VND (76.2 billion USD), while the combined capital hit 1.62 quadrillion VND and the total outstanding loans were valued at 1.39 quadrillion VND.
Recently, it launched Agribank Digital model to bring more conveniences to clients.
On September 6, Moody’s also upgraded Vietnam’s long-term issuer and senior unsecured ratings to Ba2 from Ba3.
Amid complicated developments in the world in the past eight months, Vietnam is the only one in Asia-Pacific and one of the four countries globally to have ratings upgraded by Moody’s since early this year.
According to the Finance Ministry, the upgrade to Ba2 reflects the assessment by Moody's that Vietnam's economy has greater resilience to external macroeconomic shocks that are indicative of improved policy effectiveness.
(Source: VNA)
