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Moody's Investors Service affirmed Agribank’s ratings and revised the outlook to positive

20/03/2021

On March 18, 2021, Moody's Investors Service announced its affirmation of the long-term local and foreign currency deposit ratings of Agribank and revised the outlook to positive.

This announcement came shortly following Moody's issuance of a press release on maintaining Vietnam's Ba3 issuer rating and the change in the outlook to “Positive” from “Negative”.

To date, Agribank is ranked at Ba3 for issuer ratings and long-term local and foreign currency deposit ratings, equal to Vietnam's national rating. The outlook for Agribank's issuer ratings and long-term local and foreign currency deposit ratings is Positive, equivalent to the Positive outlook for Vietnam's sovereign rating.

According to Moody's previous ratings, Agribank has made remarkable progress in handling legacy problem assets in recent years, contributing to improving asset quality stability; capital mobilization and liquidity are at good level, mainly from individual customers and less affected by market fluctuations. Agribank has the advantage of having the largest branch network in Vietnam and the strong support from the Government due to its policy role as a provider of financial services in rural Vietnam, with a special mission in supporting and developing the agricultural and rural sector in Vietnam.

As of December 31, 2020, Agribank's total assets reached nearly VND 1.57 million billion, capital resources reached over VND 1.45 million billion, total outstanding loans to the economy reached over VND 1.21 million billion, of which nearly 70% of outstanding loans are for investment in agricultural and rural development and account for over 50% of agricultural and rural credit market share in Vietnam, making an important contribution to the development of Vietnam's agriculture in particular and the country's economy in general.

Banking operations in 2020 undergo many changes and difficulties due to epidemics and natural disasters, but Agribank's brand name and image continued to be affirmed through prestigious awards such as: Vietnam National Brand 2020; Top 10 largest enterprises in Vietnam VNR500; Top 10 most prestigious commercial banks in Vietnam; Outstanding bank for high-tech agricultural investment; Outstanding bank for the community; Corporate Social Responsibility & Green Program of the Year (Silver- Asia Pacific region); Mobile Banking & Payment Initiative of the Year (Vietnam); Domestic Retail Bank of the Year (Vietnam).

 

Kylie Nguyen

© 2019 Vietnam Bank for Agriculture and Rural Development No. 2 Lang Ha street, Ba Dinh district, Hanoi, Vietnam
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