At a BIDV branch. (Photo: VNA)Hanoi (VNA) – The Bank for Investment and Development of Vietnam (BIDV)’s long-term local and foreign currency deposit and long-term issuer ratings have remained at Ba3, according to global rating agency Moody’s Investor Services.
These are the highest ratings among the Vietnamese banks in the face of the COVID-19 pandemic which is taking heavy toll on the country’s economy.
In its announcement released last week, Moody’s said the bank’s capitalisation has strengthened following an external capital gain in 2019, as well as steady improvements to asset quality following the resolution of legacy problem assets and write offs of Vietnam Asset Management Company (VAMC) bonds.
Funding is a key strength for BIDV as the bank's deposit base is supported by its extensive branch network and strong relationships with large Vietnamese corporates.
Moody’s also expected a very high probability of BIDV receiving support from the government in times of need because of the government’s 81-percent ownership in the bank as well as its significant market shares of system assets and deposits.
As of December 31 last year, BIDV’s total assets had reached 1.49 quadrillion VND (over 83.65 billion USD). This year marks the 15th consecutive year that BIDV is being reviewed by Moody’s./.
VNA
