On November 13, 2024, Fitch Ratings, one of the world's top three credit ratings agencies, has affirmed the rating for Agribank's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB+'; Government Support Rating (GSR) at 'bb+'. In addition, Fitch assigned Local-Currency Long-Term IDR of 'BB+' which is a new rating for Agribank. The Outlook on the IDRs is Stable.

As indicated by Fitch ratings, Agribank's GSR and Long-Term IDRs are equalized with the sovereign rating of Vietnam (BB+/Stable) and of the highest among Vietnamese banks being evaluated by Fitch.

In its justification, Fitch attributed its affirmed Agribank ratings due to its view that the State is likely to support Agribank in times of need, given Agribank's 100% State ownership, high systemic importance as demonstrated in Agribank's 14% market share of system deposits, and its strategic role in supporting the agriculture and rural sectors. Fitch also credited Agribank's earnings and profitability score on continued improvements in the structure of Agribank earnings mix.

As of October 31, 2024, Agribank's total assets reached VND 2.14 million billion, making it one of the largest banks in the system of credit institutions of Vietnam; Capital resources reached VND 1.94 million billion; Total outstanding loans to the economy reached VND 1.66 million billion; Operation safety ratios met regulations.

Agribank is currently the bank with the largest retail system in Vietnam with 2,223 branches and transaction offices in all localities across the country and more than 3,300 ATMs, CDMs and Agribank Digital Kiosks.

Agribank is the leading bank in investing in the development of Vietnam's Agriculture-Farmer-Rural Areas (Tam Nong), with the investment amount for "Tam Nong" accounting for about 63% of total outstanding loans. As a 100% state-owned bank, Agribank always plays a pioneering role in seriously and effectively implementing monetary and credit policies to support the economy. Agribank is effectively implementing various policy credit programs and national target programs on new rural construction, sustainable poverty reduction and socio-economic development in ethnic minority and mountainous areas. In addition, Agribank has been actively implementing ESG practices for a green future and sustainable development.

Kylie Nguyen