The leading provider of credit ratings Moody's recently upgraded the long-term local (LC) and foreign currency (FC) deposit and issuer ratings and the LC and FC Counterparty Risk Ratings and Counterparty Risk Assessment of Agribank by one notch.

In this review period, Moody's has adjusted the rating outlook of Agribank from "stable" to "positive".

Previously, in September 2022, Moody's also upgraded the long-term local currency deposits and local/foreign currency issuer ratings of Agribank from "Ba3" to "Ba2" with a "Stable" outlook, following Moody's upgrade of the rating of "Vietnam's National Credit Strength".

In the context of the volatile global financial picture with many challenges and difficulties, this is a positive sign for the Vietnamese banking system in general and Agribank in particular. The rating upgrade will benefit Agribank from improved independent credit strength and basic credit rating.

With 35 years of development,  to date, Agribank is the leading commercial bank in Vietnam with an exemplary role in leading the system of credit institutions in implementing the national monetary policy as well as policies of the Party and the State on monetary and banking activities.

As of the end of 2022, Agribank's total assets reached over VND 1.89 million billion; mobilized capital of over VND 1.71 million billion; total outstanding loans to the economy of over VND 1.44 million billion, of which outstanding loans in agriculture and rural areas always account for 65-70% of total outstanding loans. Agribank has always strictly controlled asset quality, the bad debt ratio for many years has been below the level prescribed by the State Bank.

The Agribank brand has regularly appeared at the top of major brand rankings in Vietnam and abroad for many years. In the 2022 Brand Finance Banking 500 ranking, a list of the 500 most valuable banking brands in the world, Agribank took the 157th place, up 16 places year on year. This was the highest ranking among the 11 Vietnamese commercial banks listed in the ranking in 2022.

Brand Finance also placed Agribank at the sixth position out of the 50 most valuable brands in Vietnam in 2022 as it maintained a stable growth, at 22 percent in 2022, and the position of the most valuable bank in Vietnam. Agribank was valued at USD 1.412 billion last year with a brand strength index of 75.4 and an AA+ rating.

Kylie Nguyen