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Moody’s takes rating actions on VietinBank

On 14th August 2018, Moody’s Investors Service has upgraded the long-term local and foreign-currency deposit and issuer ratings of Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) to Ba3.

Moody’s also upgraded the long-term counterparty risk rating (CRR) and counterparty risk assessment (CRA) of VietinBank.

The rating actions follow Moody’s upgrade of Vietnam’s sovereign rating to Ba3 from B1, and change in the outlook for the sovereign’s rating to stable from positive on 14 August 2018. According to Moody’s, VietinBank is a relative systemic importance of the bank to the Vietnamese banking system as well as its ownership structure.

As of 30th June 2018, VietinBank has continued reaching impressive business performance. More specifically, total assets reached 1,140 trillion VND, increasing by 10.08% compared with 31st Dec 2017. Besides, loans to customer accounted for 868 trillion VND, increasing by 9.72% compared with the end of 2017 and 18.84% compared with the same period of last year. Meanwhile, customer deposits grew by about 13.22% compared with 31 Dec 2017, leveling at 852 trillion VND. Moreover, the asset quality has always been under the strict control of the bank with NPL ratio at 1.29%, much lower than the average rate of the whole banking system in Viet nam.

VietinBank’s ratings upgraded by Moody’s Investors Service has strongly affirmed the bank’s reputation in the financial and banking market in Viet nam.

Thanh Binh

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