The Bank for Investment and Development of Vietnam (BIDV)’s long-term local and foreign currency deposit and long-term issuer ratings have remained at Ba3, according to global rating agency Moody’s Investor Services.
Hanoi (VNA) – The Bank for Investment andDevelopment of Vietnam (BIDV)’s long-term local and foreign currency depositand long-term issuer ratings have remained at Ba3, according to global ratingagency Moody’s Investor Services.
These are the highest ratings among the Vietnamese banks in theface of the COVID-19 pandemic which is taking heavy toll on the country’seconomy.
In its announcement released last week, Moody’s said thebank’s capitalisation has strengthened following an external capital gain in2019, as well as steady improvements to asset quality following the resolutionof legacy problem assets and write offs of Vietnam Asset Management Company(VAMC) bonds.
Funding is a key strength for BIDV as the bank's depositbase is supported by its extensive branch network and strong relationships withlarge Vietnamese corporates.
Moody’s also expected a very high probability of BIDVreceiving support from the government in times of need because of thegovernment’s 81-percent ownership in the bank as well as its significant marketshares of system assets and deposits.
As of December 31 last year, BIDV’s total assets had reached1.49 quadrillion VND (over 83.65 billion USD). This year marks the 15th consecutiveyear that BIDV is being reviewed by Moody’s./.
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At a BIDV branch. (Photo: VNA)
