Fitch Ratings upgraded Agribank’s credit rating

(TBTCO) – On December 13, 2023, Vietnam Bank for Agriculture and Rural Development (Agribank) was upgraded by the international credit rating organization Fitch Ratings to upgrade its long-term issuer rating from “BB” to “BB+” ” with a “Stable” outlook.

Credit rating agency Fitch Ratings has just announced upgrading Agribank’s long-term issuer rating to “BB+”, with a stable outlook. The rating upgrade with a “Stable” outlook for Agribank, carried out by Fitch Ratings from “BB” to “BB+” and the assessment that the business environment will improve in the context of continued economic recovery and growth. strong; At the same time, we expect Agribank’s asset quality to continue to be stable, profitability to gradually increase and maintain good liquidity.

Fitch Ratings upgraded Agribank's credit rating

Fitch Ratings also believes that the Vietnamese Government is more likely to support Agribank and the banks in the upgraded group this time, if necessary. Fitch Ratings assesses Agribank as having an important role in the Vietnamese banking system, with the largest scale in terms of branch network and strategic role in supporting agricultural and rural development – one of the main driving forces of the country. domestic economy.

With the advantage of an extensive operational network and close connection with the Government, Agribank maintains its strength in capital mobilization, often being a net lender in the interbank market, contributing to maintaining stable payments. system clause.

As of November 30, 2023, Agribank’s total assets reached more than 1.97 million billion VND; Capital mobilized from market I is more than 1.82 million billion VND; Outstanding loans to the economy reached more than 1.51 million billion VND. Operational safety ratios meet regulations.

Agribank continues to affirm its brand as a financial institution that is highly appreciated by domestic and international organizations for its prestige and plays a key role in the financial market in Vietnam, with many prestigious titles such as: Certificate of Merit from the Governor of the State Bank of Vietnam for outstanding achievements in digital transformation of the banking industry; TOP10 largest enterprises in Vietnam in 2023; TOP 10 Strong Brands in Vietnam 2023; TOP10 Vietnamese bank brands in the 500 most valuable bank brands in the world (according to the Brand Finance 2023 Ranking); Outstanding International Payment Quality Award 2022, awarded by JPMorgan Bank, Standard Chartered and Wells Fargo…

Agribank is the main bank in investing in agricultural development, farmers and rural areas, with the proportion of “Tam Nong” investment accounting for over 65% of total outstanding loans. As a 100% state-owned bank, Agribank always promotes its pioneering role in seriously and effectively implementing monetary and credit policies to support the economy. Currently, Agribank is effectively implementing many policy credit programs and 3 national target programs on building new rural areas, sustainable poverty reduction and socio-economic development of ethnic minority areas. and mountainous areas.

Agribank is currently the bank with the largest retail system in the country, with 2,223 branches and transaction offices; 1 branch in Cambodia; 3 representative offices in the Central, Southern and Southwest regions and more than 3,500 ATMs, including 573 CDM and Agribank Digital Kiosk. In addition, Agribank has been actively implementing ESG practices, for a green future and sustainable development./.

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