On January 22, 2026, Moody’s published its periodic credit rating review, in which Agribank’s credit ratings were affirmed.

Accordingly, Moody’s has maintained Agribank’s long-term issuer and bank deposit credit ratings at Ba2 in both local and foreign currency. Moody’s also affirmed the Bank’s long-term local and foreign currency Counterparty Risk Ratings at Ba2, together with the Counterparty Risk Assessment at Ba2(cr). The outlook on Agribank’s credit ratings remains Stable.

In this review, Moody’s upgraded Agribank’s Baseline Credit Assessment (BCA) and Adjusted BCA to b1, reflecting the agency’s assessment of improvements in Agribank’s financial strength and standalone credit profile, based on the information and data reviewed during the assessment period.

Agribank’s credit ratings and Stable outlook continue to be aligned with Vietnam’s national credit rating (Ba2, Stable outlook). The maintenance of the Ba2 rating with a Stable outlook indicates Moody’s assessment that Agribank continues to sustain a stable financial and credit foundation amid a macroeconomic environment characterized by ongoing volatility.

According to Moody’s, Agribank’s asset quality remains stable, with a decline in non-performing loans and a high non-performing loan coverage ratio, providing a strong provisioning buffer against potential credit risks. These factors reflect Agribank’s prudent and consistent approach to credit risk management in its banking operations.

Moody’s also assessed that Agribank’s capital adequacy and profitability are maintained at appropriate levels, reflecting stable and sustainable operating performance despite challenges related to funding costs and the business environment.

In terms of funding, Agribank continues to be favorably assessed by Moody’s thanks to its large, stable, and well-diversified deposit base, together with its position as a state-owned commercial bank, which contributes to maintaining funding stability and liquidity.

The year 2025 marked a strong performance for Agribank, as the Bank fully achieved and exceeded the business and financial targets assigned by the State Bank of Vietnam, further affirming its role as a financial pillar of the economy and a key driver of investment in agricultural and rural development. As of the end of 2025, Agribank’s total assets exceeded VND 2.6 quadrillion, total deposits surpassed VND 2.35 quadrillion, and outstanding loans to the economy reached nearly VND 2 quadrillion, of which lending to the agricultural and rural sectors accounted for approximately 64% of total outstanding loans. Asset quality was effectively controlled, with the on-balance-sheet non-performing loan ratio at around 1.1%, significantly lower than the target threshold under the restructuring plan. At the same time, Agribank continued to advance its restructuring efforts in conjunction with non-performing loan resolution, renew its governance model, accelerate digital transformation, and invest in information technology infrastructure, thereby building a solid financial foundation for safe, efficient, and sustainable development.

Entering 2026, Agribank has identified the year as a pivotal milestone in the implementation of its strategic objectives for the new development phase, while remaining steadfast in its orientation toward safety, efficiency, and sustainability, and maintaining its role as a leading state-owned commercial bank. Key management priorities for 2026 focus on enhancing governance and risk control capacity, accelerating digital transformation in tandem with improvements in service quality and labor productivity, strengthening financial capacity, resolving and recovering non-performing loans, and prioritizing resources for key sectors of the economy, thereby contributing to macroeconomic stability and promoting sustainable growth.

Moody’s decision to maintain Agribank’s Ba2 credit rating and upgrade its Baseline Credit Assessment continues to affirm the Bank’s position and credibility in the financial market, and serves as an important basis for Agribank to sustain access to domestic and international capital markets in support of the country’s socio-economic development.

Kylie Nguyen