The Bank for Investment and Development of Vietnam (BIDV)’s long-term local and foreign-currency deposit and long-term issuer ratings were maintained, according to Moody’s announcement released last week.
These are the highest ratings among Vietnamese banks in the context of the economy facing difficulties caused by the COVID-19 pandemic.
Moody’s assesses that the bank’s capitalisation is strengthened following the external capital raise in 2019, as well as steady improvements in asset quality following the resolution of legacy problem assets and write off of Vietnam Asset Management Company (VAMC) bonds. Funding is a key strength for BIDV as the bank’s deposit base is supported by its extensive branch network and strong relationships with large Vietnamese corporates. Moody’s expected a very high probability of support from the government (Ba3) in times of need.
As of December 31, 2019, BIDV’s total assets reached VND1.49 quadrillion, maintaining the leading position among Vietnamese banks. The Vietnamese lender has an extensive network, covering 63 provinces and cities nationwide with 1,060 branches and transaction offices as well as presences in six countries and territories. BIDV has been serving 12 million customers and established partnerships with 2,300 financial institutions around the world.
2020 marks the 15th consecutive year that BIDV has been reviewed by Moody’s. BIDV also is the pioneering bank in this field. This confirms BIDV’s commitment to financial transparency as well as compliance with international standards.
http://bizhub.vn/banking/moodys-affirms-bidvs-ratings_314992.html
