The global ratings agency Moody’s has announced to maintain the local and foreign-currency deposit and long-term issuer ratings of the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV).
Moody’s assesses that the bank’s capitalisation is strengthened following the external 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.
BIDV’s long-term local and foreign-currency deposit and long-term issuer ratings were maintained the highest ratings among Vietnamese banks.
As of 31 March 2020, BIDV’s total assets reached VND1.4 quadrillion, maintaining the leading position among Vietnamese commercial banks. The bank has developed an extensive network, covering 63 provinces and cities nationwide, of 189 domestic branches, one foreign branch and 871 transaction offices by the end of March.
This year marks the 15th consecutive year that BIDV has been reviewed by Moody’s.
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