The Ministry of Finance (MoF) has granted certificates to license four companies to provide credit rating services in Vietnam.

The firms are Saigon Phat Thinh Ratings JSC (Saigon Ratings), FiinRatings JSC (FiinRatings), Vietnam Investors Service and Credit Ratings JSC (VIS Rating), and S&I Ratings JSC (S&I Ratings).

The issuance of the certificates is based on the Investment Law (2014, 2020) and the Government Decree No. 88/2014/ND-CP regulating credit rating services.

According to Decree 88,  enterprises providing credit rating services must obtain a certificate of eligibility for credit rating services from the MoF.

Those that do not register to provide credit rating services are not permitted to use the term 'credit rating' or any other similar terminology in their company names.

Mr. Nguyen Quoc Hung, Vice Chairman and Secretary General of the Vietnam Banks Association (VNBA) said that credit rating serves as an effective mechanism to promote transparency and public disclosure in financial market activities. This helps drive the development of safer and more sustainable money and capital markets.