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𝗩𝗶𝗲𝘁𝗻𝗮𝗺'𝘀 𝗕𝗮𝗻𝗸𝗶𝗻𝗴 𝗦𝗲𝗰𝘁𝗼𝗿 𝗦𝗽𝗼𝘁𝗹𝗶𝗴𝗵𝘁: 𝗙𝗿𝗼𝗺 𝗚𝗿𝗼𝘄𝘁𝗵 𝘁𝗼 𝗥𝗲𝘀𝗶𝗹𝗶𝗲𝗻𝗰𝗲 - 𝗖𝗮𝗽𝗶𝘁𝗮𝗹 𝗦𝘁𝗿𝗲𝗻𝗴𝘁𝗵 𝗪𝗶𝗹𝗹 𝗦𝗵𝗮𝗽𝗲 𝗩𝗶𝗲𝘁𝗻𝗮𝗺 𝗕𝗮𝗻𝗸𝗶𝗻𝗴 𝗢𝘂𝘁𝗹𝗼𝗼𝗸 In the first half of 2025, Vietnam’s financial market witnessed a strong credit surge, driven by the Top-4 Joint Stock Commercial Banks (JSCBs), but also accompanied by rising pressure on capital and the Capital Adequacy Ratio (CAR). Notably, Circular 14/2025/TT-NHNN tightens capital requirements, making core capital (CET1) the decisive factor that differentiates banks’ strength and competitiveness. 📊 The "Vietnam’s Banking Sector 1H2025 Spotlight" by FiinRatings provides a comprehensive picture of these market developments and regulatory shifts, supporting investors in making safe and sustainable decisions. Key highlights of the report: 📈 Credit growth is accelerating across both the corporate and retail segments, led by the top four Joint Stock Commercial Banks. 📉 Profit margins are narrowing but offset by growth in outstanding loans and non-interest income. 🔹 The first half of 2025 is a capital preparation phase: Long-term bond issuance will help many banks supplement Tier 2 capital; meanwhile, the industry-wide capital adequacy ratio (CAR) remains stable. 🏦 Regulatory changes are driving greater efficiency in the banking operating environment 🔸 The 2025–2026 period is expected to see sharper credit quality divergence as commercial banks will have different strategies to balance amongst growth, capital, and asset quality. 👉 Explore the full report here: https://lnkd.in/gWDUSKgg FiinRatings is committed to being a trusted partner, empowering investors with corporate credit ratings, sector research, and portfolio risk monitoring to access quality opportunities with confidence. Contact us for free consultation: 📧 𝐄𝐦𝐚𝐢𝐥: [email protected] 📞 𝐓𝐞𝐥: (84-24) 3562 6962 🌐 𝐖𝐞𝐛𝐬𝐢𝐭𝐞: https://fiinratings.vn/ ------------------------------------------- 𝐕𝐢𝐞𝐭𝐧𝐚𝐦𝐞𝐬𝐞 𝐯𝐞𝐫𝐬𝐢𝐨𝐧: https://lnkd.in/ghqDsYYW Thuan Nguyen Quang, FCCA | Hieu Nguyen | Quan Nguyen | Bang Tam Tran | Khánh V. | Nguyen Nhat Hoang, CFA | Hue Ba, MSc | Vy H Nguyen | Minh Ngoc Hoang | Trang Truong | Linh Le, FRM #FiinRatings #sectorspotlight #BankingSector #CreditRatings #VietnamCorporateBondMarket #Investment #investorservice #VietnamCapitalMarket

📊 SOUTHEAST ASIA CAPITAL MARKETS RESEARCH REPORT: DEEPENING MARKETS TO MOBILISE LONG-TERM CAPITAL Capital markets in Viet Nam, Indonesia and the Philippines have made substantial progress over the past decade. Yet bank financing remains dominant, while equity and corporate bond markets have not fully realised their potential as sources of long-term corporate financing. ❓ What will it take to address these structural bottlenecks and attract greater participation from institutional investors? These challenges are examined in “Capital Market Development in Southeast Asia: Vietnam, Indonesia and the Philippines”, a study led by FiinRatings under the UK Government's MOBILIST programme, in collaboration with Mandiri Institute (Indonesia) and Ipsos (Philippines). The research was funded by the UK's Foreign, Commonwealth & Development Office (FCDO) and the Swiss State Secretariat for Economic Affairs SECO. 🔎 Four key findings from the research: 🔹 Capital markets have made substantial advances. All three countries have modernised market infrastructure, strengthened regulatory frameworks and expanded their capital markets over the past decade. 🔹 Bank financing remains dominant. Companies in all three countries continue to rely heavily on bank lending, while public capital markets play a limited role as alternative sources of long-term financing. 🔹 Institutional investor participation remains limited, or is concentrated primarily in lower-risk assets. 🔹 Issuer bases remain narrow, and secondary-market liquidity is underdeveloped. Building on these findings, the report identifies substantial opportunities for DFIs to support the next phase of market maturation through targeted interventions in credit enhancement, issuer readiness and institutional investor development. 📍 The research findings were presented by FiinRatings and MOBILIST at a seminar in Hanoi on 12 October 2026, bringing together regulators, international development partners, financial institutions and institutional investors. Through international research partnerships and dialogue, FiinRatings continues to contribute independent insights and practical recommendations that help investors and market participants identify opportunities and make informed investment decisions. 📖 Explore the full report here: https://lnkd.in/gtv92tay ----------- Beyond credit ratings, FiinRatings offers Corporate Key Risk Assessment, Integrity Due Diligence (IDD), sector credit research and market assessment services to support informed investment and risk management decisions. 📩 [email protected] 📞 (84-24) 3562 6962 ----------- Vietnamese Version: https://lnkd.in/g7mf3VQQ Thuan Nguyen Quang, FCCA | Hieu Nguyen | Quan Nguyen | Hanh Nguyen | Hue Ba, MSc | Yen Nhung Dao | Vy H Nguyen #FiinRatings #MOBILIST #CapitalMarkets #SoutheastAsia #VietnamCapitalMarket #InstitutionalInvestors #LongTermFinancing

🏦 𝐕𝐢𝐞𝐭𝐧𝐚𝐦 𝐁𝐚𝐧𝐤𝐢𝐧𝐠 𝐒𝐞𝐜𝐭𝐨𝐫 𝟏𝐇𝟐𝟎𝟐𝟔: 𝐂𝐫𝐞𝐝𝐢𝐭 𝐆𝐫𝐨𝐰𝐭𝐡 𝐀𝐜𝐜𝐞𝐥𝐞𝐫𝐚𝐭𝐞𝐬 𝐚𝐬 𝐋𝐢𝐪𝐮𝐢𝐝𝐢𝐭𝐲 𝐏𝐫𝐞𝐬𝐬𝐮𝐫𝐞𝐬 𝐌𝐨𝐮𝐧𝐭 In the first half of 2026, Vietnam's banking system recorded VND 20.03 quadrillion in outstanding credit, up 7.7% YTD, continuing to play a central role in financing economic growth. However, credit growth outpacing deposit mobilization is putting increasing pressure on banks' liquidity and funding structures. 📊 FiinRatings' “Vietnam Banking Sector – 1H2026 Update: Liquidity Pressures Mount as Policy Shifts Accelerate Credit Disbursement” examines key developments in credit growth, asset quality, liquidity and the sector's credit outlook. The report highlights five key findings: 🔹 Real estate credit accounted for 26.3% of system-wide outstanding loans, with real estate business lending rising 41% YoY. 🔹 Net fee income increased 49.7% in 1H2026, while net interest margins (NIM) narrowed to approximately 2.8%. Off-balance-sheet credit equivalents grew 24.3%, outpacing on-balance-sheet credit growth. 🔹 The NPL ratio remained around 1.9%, while loan loss reserve (LLR) coverage declined to approximately 80%, its lowest level in five years. 🔹 Credit growth outpaced deposit mobilization: System-wide credit grew 7.41% YTD, compared with 5.02% growth in customer funding. The credit–deposit gap across 30 banks widened to VND 1,673 trillion. 🔹 Credit profiles remained broadly stable: The median indicative credit rating across 30 banks held at [A-], with 24 banks unchanged, three recording improvements and three showing weaker credit profiles. Stable funding is becoming a key determinant of banks' capacity for further credit growth. With Basel III liquidity requirements, including the Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR), scheduled for phased implementation from 2028, banks will increasingly need to diversify their medium- and long-term funding sources through bond issuance, syndicated loans and international capital markets. Against this backdrop, strong credit quality and transparent disclosure will become increasingly important in strengthening investor confidence, supporting risk-based pricing and expanding access to long-term funding. 👉 Explore the full report here: https://lnkd.in/gGxUqsAY --- 💎 FiinRatings' research goes beyond tracking developments in the banking sector, providing in-depth analysis of credit quality, risks and the sector's outlook. These independent insights provide a reliable information foundation for investment decision-making and credit risk management. Connect with FiinRatings' analysts for further insights: 🌐 https://fiinratings.vn/ 📩 [email protected] ☎️ (84-24) 3562 6962 ---- Vietnamese Version: https://lnkd.in/gjaw56CB Thuan Nguyen Quang, FCCA Hieu Nguyen Quan Nguyen Bang Tam Tran Khánh V. Hanh Nguyen Hue Ba, MSc Mai Huong Ngo #FiinRatings #VietnamBankingSector #BankingOutlook #SectorSpotlight

📊 VIETNAM DEBT CAPITAL MARKET 2026 SPOTLIGHT: BROADENING AND DEEPENING, BUT MUST GO FURTHER TO FUND GROWTH AMBITIONS Meeting that ambition will require long-term capital on a much larger scale. Bank credit will remain the backbone of funding, but it cannot carry the investment needs alone. Around it, Vietnam's debt market is changing fast, supported by regulatory reforms, a wider investor base, new instruments such as labelled bonds, and growing reliance on offshore funding. 📌For international investors, this brings new opportunities in a market where pricing and credit conditions evolve quickly. FiinRatings' Vietnam Debt Capital Market 2026 Spotlight takes a closer look at these shifts, covering the credit environment and developments across government and corporate bonds, syndicated loans, private credit, DFI financing and sustainable finance. Key highlights: 🔹 Strong growth, but limited room for lower funding costs. Record FDI and accelerating manufacturing support growth, while inflation and external pressures leave limited room for monetary easing. FiinRatings expects funding costs to stay flat rather than fall in Q4/2026. 🔹 Capital markets remain complementary to bank credit. Regulatory reforms, a broader institutional investor base and new bond rules are laying the foundation for a deeper, longer-tenor market, though the benefits will build over years rather than quarters. 🔹 Offshore funding is becoming more important, but not necessarily cheaper. A return to USD sovereign issuance could restore an international pricing benchmark, while at BB+/Ba2, below investment grade, Vietnamese issuers still pay high-yield prices. 🔹 The government bond market still has room to deepen. At 19.2% of GDP, the local-currency government bond market remains shallower than regional peers, and foreign investors hold only around 0.1%. 🔹 The funding toolkit is becoming more diverse. Syndicated loans, private credit and DFI lending are complementing traditional funding channels, particularly for large, long-tenor financing needs. 🔹 Green labelled bonds are moving beyond bank issuers. Recent transactions point to two replicable pathways: DFI credit enhancement and standalone issuance by stronger domestic credits. More issuers, instruments and funding channels also mean greater differences in credit quality, transaction structures and funding costs. For investors, understanding these differences at both issuer and instrument level will become increasingly important. 👉Explore the full Vietnam Debt Capital Market 2026 Spotlight here: https://lnkd.in/gWQj7DBK ------- Connect with FiinRatings analysts to explore our Investor Intelligence & Solutions: [email protected] (84-24) 3562 6962 ------- Vietnamese Version: Thuan Nguyen Quang, FCCA | Hieu Nguyen | Quan Nguyen | Hanh Nguyen | Yen Nhung Dao | Hue Ba, MSc | Vy H Nguyen | Mai Huong Ngo #FiinRatings #VietnamDCM #DebtCapitalMarket #CreditRisk

💡 𝐕𝐢𝐞𝐭𝐧𝐚𝐦 𝐆𝐫𝐞𝐞𝐧 𝐁𝐨𝐧𝐝 𝐌𝐚𝐫𝐤𝐞𝐭 𝟐𝟎𝟐𝟓: 𝐋𝐞𝐬𝐬 𝐕𝐨𝐥𝐮𝐦𝐞, 𝐇𝐢𝐠𝐡𝐞𝐫 𝐐𝐮𝐚𝐥𝐢𝐭𝐲 In 2025, 100% of green & sustainability bond issuances obtained pre-issuance Second Party Opinions (SPOs) and credit ratings, despite a decline in local-currency issuance volume compared with the previous year. Together with the growing participation of non-financial corporates, these developments indicate that the market is placing greater emphasis on transaction quality and credibility. 📌 Against this backdrop, FiinRatings has released the report, "Vietnam Green Bond Market: 2025 Review and Outlook," prepared with technical review and contributions from the GGGI Viet Nam under the Green Bond Readiness Program, supported by the Government of Luxembourg. Key takeaways from the report: 🔹 Local-currency green and sustainability bond issuance reached VND 3,407 billion across 5 transactions. Among these, Xuan Mai – Hanoi's 20-year green bond demonstrates the potential to raise longer-term capital for infrastructure projects. 🔹 Outstanding green credit reached VND 780 trillion by the end of 2025, up nearly 15% year-on-year and accounting for approximately 4.2% of total economy-wide credit. 🔹 Beyond green bonds and green credit, sustainable finance instruments continue to diversify, with sustainability-linked loans gaining early traction alongside growing interest in transition finance and blue finance. 🔹 Viet Nam is estimated to require approximately USD 368 billion in green and transition finance by 2040, with nearly half expected to come from the private sector. Alongside the growing financing needs for the green transition, Viet Nam's policy framework is being progressively strengthened, from the Green Taxonomy and support mechanisms to incentives for green bonds. These developments are also creating clearer requirements around transparency, market standards, and transaction credibility. 🤝 Drawing on FiinRatings' experience in providing independent external reviews for sustainable finance instruments, the report offers practical analysis and guidance to help enterprises better understand the requirements and key areas of preparation for their green bond issuance plans. 📖 Explore the full report here: https://lnkd.in/gzyHKC6f ------------------- 💎 Connect with FiinRatings experts to learn more about green bond issuance and SPOs for sustainable finance transactions: https://fiinratings.vn/ Contact FiinRatings for further support: 📩 [email protected] 📞 (84-24) 3562 6962 --------- 𝐕𝐢𝐞𝐭𝐧𝐚𝐦𝐞𝐬𝐞 𝐯𝐞𝐫𝐬𝐢𝐨𝐧: https://lnkd.in/gYYTKMmY Thuan Nguyen Quang, FCCA | Hieu Nguyen | Quan Nguyen | Hanh Nguyen | Yen Nhung Dao | Hue Ba, MSc | Vy H Nguyen #FiinRatings #GreenBonds #SustainableFinance #SPO #GreenFinance #TraiPhieuXanh #ThiTruongVon #VietnamCapitalMarket #VietnamGreenBondMarket

📌 Proactively Navigating a High-Interest-Rate Environment: Five Priorities for Corporate Capital Strategy Interest rates have risen significantly since the beginning of 2026, placing additional pressure on corporate funding costs and capital structures. As of August 2026, the average 12-month deposit rate stood at 6.1%, while average issuance rates for bank bonds and non-bank corporate bonds reached 8.7% and 12.2%, respectively. How might interest rates evolve in the period ahead, and what are the implications for corporate capital strategy? 📍 These were among the key issues discussed by Mr. Thuan Nguyen Quang, FCCA, Executive Chairman of FiinGroup & FiinRatings, at the webinar "Capital Strategy and Business Preservation in a High-Interest-Rate Cycle", organised by VNIDA - Vietnam Independent Directors Association on 27 August 2026. Interest rates may ease, but the scope for a decline remains limited. The gap between credit and deposits has widened to approximately VND 2 quadrillion, while 80% of term deposits have maturities of less than 12 months and the corporate bond market has yet to fully develop its role as a source of long-term funding. Pressure on medium- and long-term funding is therefore unlikely to ease quickly. This means companies need to do more than monitor interest-rate movements. They should proactively strengthen their financial health and broaden their funding options. According to Mr. Thuan, five priorities for corporate capital strategy in 2026–2027 are: 🔹 Review investment plans 🔹 Review debt-servicing capacity 🔹 Strengthen financial risk management, including working capital management 🔹 Strengthen the credit profile before funding needs arise 🔹 Diversify funding channels Early preparation not only helps companies better manage fluctuations in funding costs, but also lays the foundation for long-term access to capital. Credit quality, transparency, and an appropriate capital structure are becoming increasingly important in building confidence among financial institutions and broadening funding options across market cycles. 🤝 With deep expertise in credit ratings, credit analysis, and independent sustainable finance assessments across a range of bonds, loans, and capital market transactions in domestic and international markets, FiinRatings aims to support companies on this journey by helping build a credible assessment framework for the market and connecting companies more effectively with long-term sources of capital. 📖 Read Mr. Nguyen Quang Thuan's full analysis here: https://lnkd.in/gja_cz_b ----- 👉 Explore FiinRatings’ credit rating, credit analysis, and sustainable finance services: https://fiinratings.vn/ Contact for further information: 📩Email: [email protected] 📞Tel: (84-24) 3562 6962 ----- Vietnamese version: https://lnkd.in/gNXQcwk2 Hieu Nguyen | Quan Nguyen | Hanh Nguyen | Hue Ba, MSc | Vy H Nguyen #FiinRatings #CapitalStrategy #InterestRates #VietnamCapitalMarket