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

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

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

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

Its capital mobilisation 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 June 30, Agribank is the largest bank 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 14 percent and 12 percent, respectively.

Agribank is also the bank with the largest branch network in Vietnam with 939 branches, 1,289 transaction offices, 68 mobile transaction points by specialised cars, 3,334 ATMs, 116 CDMs and 25,383 POS nationwide.

Agribank has total assets of over 1.46 quadrillion VND, capital resources of over 1.35 quadrillion VND, and total outstanding loans and investments of over 1.33 quadrillion VND, in which loans to the economy reached 1.135 quadrillion VND.

Agribank's credit capital accounts for a large proportion of the total outstanding loans of nearly 2 quadrillion VND in the agricultural and rural sectors in Vietnam and accounts for over 50 percent of the market share of outstanding loans in this sector of the entire banking industry, making an important contribution to the development of Vietnam's agriculture in particular and the country's economy in general.

To date, the proportion of agricultural and rural loans of Agribank accounts for nearly 70 percent of the total outstanding loans and over 50 percent of agricultural and rural credit market share in Vietnam.

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

Agribank has been and will continue to affirm the brand of a Financial Institution playing a key role in rural financial markets in Vietnam./.