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Moody upgrades Agribank’s long-term foreign-currency deposit rating

Credit rating agency Moody's recently announced its rating upgrade on Agribank's long-term foreign-currency deposit rating from B1 to Ba3.
Moody upgrades Agribank’s long-term foreign-currency deposit rating ảnh 1Transactions at Agribank (Photo: VNA)

Hanoi (VNA) - Credit ratingagency Moody's recently announced its rating upgrade on Agribank's long-termforeign-currency deposit rating from B1 to Ba3.

Agribank has been assigned Ba3 forissuer rating and ratings for long-term domestic and foreign currency deposits,equivalent to Vietnam's national ratings. The outlook for Agribank's ratings ofissuer and long-term deposits is negative, equivalent to the negative outlookfor Vietnam's national rating.

According to Moody's assessments,Agribank has made remarkable progress in handling legacy problem assets inrecent years, contributing to improving asset quality stability.

Its capital mobilisation and liquidity areat good level, mainly from individual customers and less affected by marketfluctuations.

Agribank has the advantage of having thelargest branch network in Vietnam and the strong support from the Governmentdue to its policy role as a provider of financial services in rural Vietnam,with a special mission in supporting and developing the agricultural and ruralsector in Vietnam.

As of June 30, Agribank is the largestbank in Vietnam in terms of deposits and the second largest in terms of assets,with the market share of deposits and assets in Vietnam’s banking system of 14percent and 12 percent, respectively.

Agribank is also the bank with thelargest branch network in Vietnam with 939 branches, 1,289 transaction offices,68 mobile transaction points by specialised cars, 3,334 ATMs, 116 CDMs and25,383 POS nationwide.

Agribank has total assets of over 1.46 quadrillionVND, capital resources of over 1.35 quadrillion VND, and total outstandingloans and investments of over 1.33 quadrillion VND, in which loans to theeconomy reached 1.135 quadrillion VND.

Agribank's credit capital accounts for alarge proportion of the total outstanding loans of nearly 2 quadrillion VND inthe agricultural and rural sectors in Vietnam and accounts for over 50 percentof the market share of outstanding loans in this sector of the entire bankingindustry, making an important contribution to the development of Vietnam'sagriculture in particular and the country's economy in general.

To date, the proportion of agriculturaland rural loans of Agribank accounts for nearly 70 percent of the totaloutstanding loans and over 50 percent of agricultural and rural credit marketshare in Vietnam.

In 2020, Agribank has been honoured withmany prestigious awards: Top 10 prestigious Vietnamese commercial banks,Vietnam National Brand, Outstanding bank for high-tech agricultural investmentand Outstanding bank for the community 2020, among others.

Agribank has been and will continue toaffirm the brand of a Financial Institution playing a key role in ruralfinancial markets in Vietnam./.


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