Terms of Use

LAST UPDATED: October 2024

All websites (each, the “Site”) linking to these Terms of Use (“Terms of Use”) are owned and operated by Vietnam Investors Service and Credit Rating Agency Joint Stock Company (“VIS Rating”). These Terms of Use contain the terms, covenants, conditions, and provisions upon which you may access and use the Site that you are on and the content displayed thereon, including (without limitation) the credit ratings, opinions, and other materials, tools, products, services, publications and information (collectively, the “Materials”).

VIS RATING RESERVES THE RIGHT TO CHANGE THE TERMS AND CONDITIONS OF THESE TERMS OF USE UPON NOTICE, WHICH MAY BE GIVEN BY VIS RATING POSTING SUCH CHANGE (OR REVISED TERMS OF USE) ON THE SITE, BY E-MAIL, OR BY ANY OTHER REASONABLE WAY. IF A CHANGE IS NOTIFIED BY A POSTING ON THE SITE, IT SHALL BE DEEMED TO TAKE EFFECT WHEN POSTED; IF A CHANGE IS NOTIFIED BY E-MAIL, IT SHALL BE DEEMED TO TAKE EFFECT WHEN THE E-MAIL IS SENT; AND IF A CHANGE IS NOTIFIED IN ANY OTHER WAY, IT SHALL BE DEEMED TO TAKE EFFECT WHEN THE RELEVANT NOTICE IS SENT OR ISSUED BY OR ON BEHALF OF VIS RATING. YOUR CONTINUED USE OF THE SITE FOLLOWING NOTICE OF SUCH CHANGES WILL BE CONCLUSIVELY DEEMED YOUR ACCEPTANCE OF ANY CHANGES TO THESE TERMS OF USE. YOU AGREE THAT NOTICE OF CHANGES TO THESE TERMS OF USE ON THE SITE, DELIVERED BY EMAIL, OR PROVIDED IN ANY OTHER REASONABLE WAY CONSTITUTES REASONABLE AND SUFFICIENT NOTICE.

These Terms of Use shall apply to any and all VIS Rating’s mobile application or VIS Rating’s content on third-party social media services (e.g., a VIS Rating’s LinkedIn® or Facebook page) that reference these Terms of Use. In such instances, the term “Site”, as used herein, shall include the applicable mobile application or VIS Rating content.

By using the Site, you acknowledge that you have read these Terms of Use, understand them, and agree to be bound by their terms and conditions. If you do not agree to these Terms of Use, you shall neither access nor use the Site. If you register with the Site, the user agreement you enter into as part of that registration process, rather than these Terms of Use, will govern your use of the Site.

VIS RATING’s materials found on visrating.com or other sites may not all be displayed in real-time. For real-time displays of credit ratings and other information required to be disclosed by VIS RATING pursuant to applicable law or regulation, please use https://visrating.com/rating-results/

Terms and Conditions

1. Grant of License. These Terms of Use provide you with the following personal, revocable, non-exclusive, non-transferable license to use the Site conditioned on your continued compliance with the terms and conditions of these Terms of Use:

(a) With respect to https://visrating.com/rating-results, you may copy and use the Materials displayed therein: (i) for your internal business purposes, and (ii) solely to the extent that credit ratings are required by law to be included within a report or application filed solely with to a governmental authority, distribute the required credit ratings within, and as part of, such reports.

(b) With respect to all other Sites linked to these Terms of Use (including, without limitation, materials found on https://visrating.com/rating-results, you may, on an occasional and irregular basis, print and download Materials on the Site solely for personal and non-commercial use.

(i) obscure, alter, remove or delete any copyright or other proprietary notices or disclosures contained in the Materials,

(ii) modify, create derivatives of, export, repackage, disseminate, broadcast, reproduce, license, transfer, sell or re-sell (directly or indirectly), mirror, “deep link”, “scrape” or data mine any information or Materials obtained from or through the Site, without VIS Rating’s prior written consent,

(iii) use the Site or any Materials therein to develop, improve, train or retrain any software program or database, including, but not limited to, for any artificial intelligence, machine learning or natural language processing software, algorithm, methodology and/or model,

(iv) access or use the Site for any purpose by means of any automated program, expert system, electronic agent “bot,” “spider” or similar tool, or

(v) post any Materials from the Site to forums, newsgroups, list serves, mailing lists, electronic bulletin boards, or other websites.

You warrant to VIS Rating that you will not use the Site for any purpose that is unlawful or prohibited by these Terms of Use, including but not limited to attempting or actually (i) disrupting, impairing or interfering with the Site, or (ii) collecting any information about other users of the Site, including passwords, accounts or other information.

2. Intellectual Property Rights. All Materials contained on the Site, unless otherwise indicated, are protected by law including, but not limited to, Vietnamese copyright, trade secret, and trademark law, as well as other state, national, and international laws and regulations. The Site, its Materials, layout and design are the exclusive property of VIS Rating or its licensors and, except as expressly provided herein, VIS Rating does not grant any express or implied right in any such Materials to you. Notwithstanding anything to the contrary in these Terms of Use, including with respect to any rights expressly provided to you herein, you may not use scraping tools or other computer automation to copy or extract any Materials contained on the Site for any purpose. VIS Rating owns the copyright in the Site as a collective work and/or compilation, any and all databases accessible on the Site, and in the selection, coordination, arrangement, and enhancement of the Materials on the Site. “VIS Rating”, “Vietnam Investors Service” logo and all other names, logos, and icons identifying VIS Rating and/or VIS Rating’s products and services are proprietary marks of VIS Rating or its licensors. Third-party trademarks displayed on the Site are the property of their respective owners.

3. Privacy Policy. Please see VIS Rating’s Privacy Policy available at visrating.com for a summary of VIS Rating’s personal data collection and use practices concerning the Site.

4. Password Policy Your use of visrating.com may be free of charge or access may require a paid subscription from VIS Rating. In addition, your use of certain portions of the Site requires that you register an account and select a user ID and password. As part of the registration process, you must select a member name and password and provide VIS Rating with accurate, complete and up-to-date information. Anyone with knowledge of your password can gain access to the restricted portions of the Site and the information available to you. Accordingly, you must keep your password secret. By agreeing to these Terms of Use, you agree to be solely responsible for the confidentiality and use of your respective password, as well as for any communications entered through the Site using your password. You will also immediately notify VIS Rating if you become aware of any loss or theft of your password or any unauthorized use of your password. VIS Rating reserves the right to delete or change a password at any time and for any reason.

5. Assumption of Risk. You use the Internet solely at your own risk and subject to all applicable local, state, national, and international laws and regulations. While VIS Rating has endeavored to create a secure and reliable website, please be advised that the confidentiality of any communication or material transmitted to/from the Site over the Internet cannot be guaranteed. Accordingly, VIS Rating and VIS Rating’s licensors and suppliers are not responsible for the security of any information transmitted via the Internet, the accuracy of the information contained on the Site, or for the consequences of any reliance on such information. VIS Rating and VIS Rating’s licensors and suppliers shall have no liability for interruptions or omissions in Internet, network, or hosting services. You assume the sole and complete risk of using the Site.

6. Enforcing Security. Actual or attempted unauthorized use of any of the Site may result in criminal and/or civil prosecution. To maintain the security and integrity of the Site, VIS Rating reserves the right to review and record activity on the Site to the extent permitted by law and consistent with VIS Rating’s Privacy Policy. Any information obtained by such reviewing or recording is subject to review by law enforcement organizations in connection with the investigation or prosecution of possible criminal activity on any of the Site. VIS Rating may also comply with court orders involving requests for such information.

7. Links to Other Websites. VIS Rating may provide links, in its sole discretion, to other websites on the World Wide Web for your convenience in locating related information and services. These websites have not necessarily been reviewed by VIS Rating and are maintained by third parties over which VIS Rating exercises no control. Accordingly, VIS Rating and its directors, officers, employees, agents, representatives, licensors and suppliers (together, the “VIS Rating Parties”) expressly disclaim any responsibility for these third-party websites, including, without limitation, for the content, the accuracy of the information, the quality of products or services provided by or advertised on and/or software downloaded from these third-party websites. Moreover, these links do not imply an endorsement of any third party or any website or the products or services provided by any third party.

8. Events Beyond VIS Rating Control. You expressly absolve and release VIS Rating and VIS Rating’s licensors and suppliers from any claim of harm resulting from a cause beyond their control, including, but not limited to, the failure of electronic or mechanical equipment or communication lines, telephone or other interconnect problems, computer viruses, unauthorized access, theft, operator errors, severe weather, earthquakes, or natural disasters, strikes or other labor problems, wars, terrorism or governmental restrictions.

9. Disclosures. VIS Rating maintains policies and procedures to address the independence of the credit ratings and credit rating processes of VIS Rating. Information regarding, among others, entities holding more than 5% of the paid-up charter capital of VIS Rating, changes in the shareholding of entities holding more than 5% of the paid-up charter capital of VIS Rating and a list of rated entities with a credit rating service charge accounting for over 5% of VIS Rating’s total revenue from credit rating activities in the fiscal year prior to the time of information disclosure, are posted at visrating.com.

10. DISCLAIMERS. VIS Rating obtains all Materials furnished on the Site from sources believed by it to be accurate and reliable. You expressly agree that the credit ratings and other opinions provided via the Site (a) are, and will be construed solely as, statements of opinion of the relative future credit risk (as defined below) of entities, credit commitments, or debt or debt-like securities for references only and not statements of current or historical fact as to credit worthiness, investment or financial advice, recommendations regarding credit decisions or decisions to purchase, hold or sell any securities, endorsements of the accuracy of any of the data or conclusions, or attempts to independently assess or vouch for the financial condition of any company; (b) do not address any other risk, including but not limited to liquidity risk, market value risk or price volatility; (c) do not take into account your personal objectives, financial situations or needs; and (d) will be weighed, if at all, solely as one factor in any investment or credit decision made by or on behalf of you. Accordingly, you further expressly agree that you will with due care, make your own study and evaluation of each investment decision or security, and of each issuer and guarantor of, and each provider of credit support for, each security or credit that you may consider purchasing, holding, selling, or providing. For the avoidance of doubt, VIS Rating’s Materials and opinions may also include quantitative model-based estimates of credit risk and related opinions or commentary. Further, you expressly agree that any tools or information made available on the Site are not a substitute for the exercise of independent judgment and expertise. You should always seek the assistance of a professional for advice on investments, tax, the law, or other professional matters. For purposes of this paragraph, VIS Rating defines “credit risk” as the risk that an entity may not meet its contractual financial obligations as they come due and any estimated financial loss in the event of default or impairment. See VIS Rating’s Ratings Symbols and Definitions publication available at https://visrating.com/how-to-get-rated for information on the types of contractual financial obligations addressed by VIS Rating’s credit ratings.

VIS Rating adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources VIS Rating considers to be reliable, including, when appropriate, independent third-party sources. However, VIS Rating is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing VIS Rating’s Materials made available on the Site. Because of the possibility of human or mechanical error as well as other factors, the Site and all related Materials are provided on an “AS IS” and “AS AVAILABLE” basis without representation or warranty of any kind, and THE VIS RATING PARTIES MAKE NO REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, TO YOU OR ANY OTHER PERSON OR ENTITY AS TO THE ACCURACY, RESULTS, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE WITH RESPECT TO THE SITE OR ANY RELATED MATERIALS. VIS Rating makes no representation or warranty that any Materials on the Site are appropriate or available for use in any particular locations, and access to them from territories where any of the contents of the Site are illegal is prohibited. If you choose to access the Site from such locations, you do so on your own volition and are responsible for compliance with any applicable local laws, rules and regulations. VIS Rating may limit the Site’s availability, in whole or in part, to any person, geographic area or jurisdiction VIS Rating chooses, at any time and in VIS Rating’s sole discretion. You agree and acknowledge that no oral or written information or advice given by VIS Rating or any of its employees or agents in respect to the Site shall constitute a representation or a warranty unless such information or advice is incorporated into these Terms of Use by a written agreement. FURTHER, THE MATERIALS MADE AVAILABLE ON THE SITE MAY INCLUDE INACCURACIES OR TYPOGRAPHICAL ERRORS, AND THERE MAY BE TIMES WHEN THE SITE OR ITS MATERIALS ARE UNAVAILABLE. MOREOVER, VIS RATING MAY MAKE MODIFICATIONS AND/OR CHANGES TO THE SITE OR TO THE MATERIALS DESCRIBED OR MADE AVAILABLE ON THE SITE AT ANY TIME, FOR ANY REASON. YOU ASSUME THE SOLE RISK OF MAKING USE OF AND/OR RELYING ON THE MATERIALS MADE AVAILABLE ON THE SITE.

VIS RATING’S CREDIT RATINGS AND VIS RATING’S MATERIALS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES, AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

VIS RATING’S CREDIT RATINGS AND VIS RATING’S MATERIALS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE VIS RATING’S CREDIT RATINGS OR VIS RATING’S MATERIALS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

TO THE EXTENT PERMITTED BY LAW, THE VIS RATING PARTIES DISCLAIM LIABILITY TO ANY PERSON OR ENTITY FOR ANY INDIRECT, SPECIAL, CONSEQUENTIAL, OR INCIDENTAL LOSSES OR DAMAGES WHATSOEVER ARISING FROM OR IN CONNECTION WITH YOUR ACCESS TO OR USE OF THE SITE AND ITS MATERIALS OR THE USE OF OR INABILITY TO USE THE SITE OR ANY OF ITS MATERIALS, EVEN IF ANY OF THE VIS RATING PARTIES HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH LOSSES OR DAMAGES, INCLUDING, BUT NOT LIMITED TO:

(i) COMPENSATION, REIMBURSEMENT OR DAMAGES ON ACCOUNT OF THE LOSS OF PRESENT OR PROSPECTIVE PROFITS;

(ii) EXPENDITURES, INVESTMENTS OR COMMITMENTS, WHETHER MADE IN THE ESTABLISHMENT, DEVELOPMENT OR MAINTENANCE OF BUSINESS REPUTATION OR GOODWILL;

(iii) ANY LOSS OR DAMAGE ARISING WHERE THE RELEVANT FINANCIAL INSTRUMENT IS NOT THE SUBJECT OF A PARTICULAR CREDIT RATING ASSIGNED BY VIS RATING;

(iv) LOSS OF DATA;

(v) COST OF SUBSTITUTE MATERIALS;

(vi) COST OF CAPITAL;

(vii) THE CLAIMS OF ANY THIRD PARTY, OR

(viii) ANY SUCH DAMAGES ARISING OUT OF OR IN CONNECTION WITH ANY OTHER REASON WHATSOEVER.

TO THE EXTENT PERMITTED BY LAW, THE VIS RATING PARTIES DISCLAIM LIABILITY FOR ANY DIRECT OR COMPENSATORY LOSSES OR DAMAGES CAUSED TO ANY PERSON OR ENTITY, INCLUDING BUT NOT LIMITED TO BY ANY NEGLIGENCE (BUT EXCLUDING FRAUD, WILLFUL MISCONDUCT OR ANY OTHER TYPE OF LIABILITY THAT, FOR THE AVOIDANCE OF DOUBT, BY LAW CANNOT BE EXCLUDED) ON THE PART OF, OR ANY CONTINGENCY WITHIN OR BEYOND THE CONTROL OF, THE VIS RATING PARTIES ARISING FROM OR IN CONNECTION WITH YOUR USE OF OR INABILITY TO USE THE SITE AND ITS MATERIALS.

YOU MUST USE ALL REASONABLE EFFORTS TO MITIGATE ANY LOSS OR DAMAGE WHATSOEVER (AND HOWSOEVER ARISING) AND NOTHING IN THESE TERMS OF USE SHALL BE DEEMED TO RELIEVE OR ABROGATE YOU OF ANY SUCH DUTY TO MITIGATE ANY LOSS OR DAMAGE.

IN ANY EVENT, TO THE EXTENT PERMITTED BY LAW, THE AGGREGATE LIABILITY OF THE VIS RATING PARTIES FOR ANY REASON WHATSOEVER RELATED TO ACCESS TO OR USE OF THE SITE AND ITS MATERIALS SHALL NOT EXCEED THE GREATER OF (A) THE TOTAL AMOUNT PAID BY YOU FOR SERVICES PROVIDED VIA THE SITE PURSUANT TO THESE TERMS OF USE DURING THE TWELVE (12) MONTHS IMMEDIATELY PRECEDING THE EVENT GIVING RISE TO LIABILITY, OR (B) TWO MILLION VIETNAMESE DONG.

11. Indemnity. You agree to indemnify, reimburse and hold harmless VIS Rating, its licensors and suppliers, all of their subsidiaries, and all of their respective officers, directors, employees, shareholders, representatives, agents, successors and assigns, from and against any damages, liabilities, costs and expenses (including reasonable attorneys’ and professionals’ fees and court costs) arising out of any third party claims based on or related to your use of the Site or any breach by you of these Terms of Use. For the avoidance of doubt, you agree that this indemnity clause is not a claim for damages but a claim for reimbursement of expenses and losses; and that this indemnity clause is not subject to the rules on compensation for damages under the laws of Vietnam including the rules on limitation, exclusion, causation, or mitigation of damages.

12. Submissions. VIS Rating welcomes your feedback and suggestions, including about how to improve the Site. VIS Rating and/or its service providers may make available through the Site certain services to which you are able to post comments, information and/or feedback (for example, message boards, blogs, chat features, messaging and/or comment functionalities). Any ideas, suggestions, information, feedback, know-how, material, and any other content (collectively, “Submissions”) posted and/or received through the Site, will be deemed to include a worldwide, royalty-free, fully paid-up, perpetual, irrevocable, nonexclusive, transferable and fully sublicensable (through multiple tiers) right and license for VIS Rating to adopt, publish, reproduce, disseminate, transmit, distribute, copy, use, create derivative works, display, (in whole or part) worldwide, or act on such Submissions without additional approval or consideration, in any form, media, or technology now known or later developed for the full term of any rights that may exist in such Submissions. You hereby waive (a) any claim to the contrary; and (b) any “moral rights” associated with your Submissions. You represent and warrant that you have all rights necessary for you to grant the foregoing license, and that each Submission you provide to the Site complies with all applicable laws, rules and regulations. You are and remain responsible and liable for the content of any Submission. IF YOU DO NOT WISH TO GRANT THE RIGHTS GRANTED IN THIS SECTION, PLEASE DO NOT POST, TRANSMIT OR OTHERWISE MAKE ANY SUBMISSION. ANY SUBMISSIONS MADE ARE DONE SO AT YOUR OWN RISK. Please note, VIS Rating does not control any of the user-submitted Submissions, they do not reflect the opinion of VIS Rating, and VIS Rating does not guarantee their accuracy or endorse any of the opinions expressed. The VIS Rating Parties are not responsible or liable for (i) any Submissions, including, without limitation, any errors or omissions in such Submissions, links or images embedded therein, or results obtained by using any of the same; or (ii) any loss or damage caused by the Submissions or resulting from the use (including without limitation republication) or misuse thereof by any third party, including your reliance thereon.

13. Export Restrictions. No software or any other Materials associated with the Site may be downloaded or otherwise exported or re-exported to countries or persons prohibited under relevant export control laws, including, without limitation, countries against which the United States has embargoed goods, or to anyone on the U.S. Treasury Department list of Specially Designated Nationals and Blocked Persons or the U.S. Commerce Department’s Table of Deny Orders. You are responsible for compliance with the laws of your local jurisdiction regarding the import, export, or re-export of any such software or other Materials. By using and/or downloading any such software and/or other Materials from the Site, you represent and warrant that you are not located in, under the control of, or a national or resident of any such country to which such import, export, or re-export is prohibited or are not a person or entity to which such export is prohibited.

14. Governing Law. These Terms of Use, including (without limitation) any disputes relating to the Materials on the Site, whether in contract, tort, statute or otherwise, are governed by the laws of Vietnam.

15. Dispute Resolution. THIS PARAGRAPH CONTAINS ARBITRATION AND CLASS ACTION WAIVER PROVISIONS THAT WAIVE THE RIGHT TO A COURT HEARING OR TO PARTICIPATE IN A CLASS ACTION. PLEASE REVIEW CAREFULLY. Any dispute arising out of or in relation with this contract shall be finally resolved by arbitration at the Vietnam International Arbitration Centre (VIAC) in accordance with its Rules of Arbitration. The place of arbitration shall be Hanoi. The language to be used in the arbitral proceeding shall be in Vietnamese. Any claim must be brought in the claimant’s individual capacity, and not as a plaintiff or class member in any purported class, collective, representative, multiple plaintiffs, or similar proceeding (“Class Action”). The parties expressly waive any ability to maintain any Class Action in any forum. The decision of the arbitrators shall be binding upon the parties hereto, and the expense of the arbitration (including without limitation the award of attorneys’ fees to the prevailing party) shall be paid as the arbitrators determine. The decision of the arbitrator may be entered by any court of competent jurisdiction. You agree to submit to the jurisdiction of Hanoi’s People Court for the purposes of any judicial proceedings to obtain interim relief and in aid of the arbitration or judicial proceedings to confirm or enforce the award. Notwithstanding the foregoing, VIS Rating may, to the extent permitted by applicable law, seek preliminary injunctive relief from a court of law in the event of a breach by you of these Terms of Use.

16. Term, Termination. These Terms of Use will take effect when you first commence using the Site. VIS Rating reserves the right at any time and for any reason to deny you access to the Site or any portion thereof. Termination will be effective without notice.

17. Waiver. Failure to insist on strict performance of any of the terms and conditions of these Terms of Use will not operate as a waiver of any subsequent default or failure of performance. No waiver by VIS Rating of any right under these Terms of Use will be deemed to be either a waiver of any other right or provision or a waiver of that same right or provision at any other time.

18. Nature of Relationship. No joint venture, partnership, employment, or agency relationship exists between you and VIS Rating as a result of these Terms of Use or your use of the Site.

19. Severability. The provisions of these Terms of Use are severable. If any provision (or part of any provision) shall be determined to be void or unenforceable, the relevant provision or part of any provision shall be deemed deleted and these Terms of Use, and the validity and enforceability of all remaining provisions (and parts of any provisions) of these Terms of Use, shall not be affected.

20. Entire Agreement/Reservation of Rights. Your rights to use certain Materials available on or through the Site may be subject to separate written agreements with VIS Rating (“Other Agreements”). Particular pages or features of the Site with content supplied by VIS Rating or its licensors may have different or additional terms (“Special Terms“), which will be disclosed to you when you access those pages or features, and by accessing or using such pages and features, you will be deemed to have agreed to the applicable Special Terms. If there is a conflict between these Terms of Use and the Special Terms, the Special Terms will govern with respect to such pages or features or content. In the event of a conflict between these Terms of Use and one or more Other Agreements, the terms of such Other Agreement(s) shall govern and control with respect to such pages or features or content that are the subject of the Other Agreement(s). With the exception of any Special Terms and Other Agreements, these Terms of Use represent the entire agreement between you and VIS Rating with respect to your use of, and Material available on or through, the Site, and it supersedes all prior or contemporaneous communications and proposals, whether electronic, oral, or written between you and VIS Rating with respect to the Site. Any rights not expressly granted herein are reserved.

21. Third Party Beneficiaries. VIS Rating’s licensors set forth in these Terms of Use are intended to be third party beneficiaries of the terms and conditions set forth herein, as applicable to their respective products and services.

22. Assignment. You may not assign your rights and obligations under these Terms of Use without the prior written consent of VIS Rating. Any assignment made in violation of the foregoing prohibition shall be null and void. These Terms of Use shall be binding upon the parties hereto and their respective successors and permitted assigns.

23. Sanctions Compliance. You warrant you are familiar with, have complied with, and will comply, in all respects, with the laws and regulations regarding the offering of unlawful or improper inducements (including the Vietnamese and any other applicable anti-corruption and anti-bribery laws). You warrant that neither you, nor any entity on whose behalf you are acting, is (i) subject to asset freeze sanctions or any other economic or financial sanctions which prohibit the provision by VIS Rating of the services under this Terms of Use imposed by the United States (U.S.), United Kingdom (UK), European Union, United Nations, or any other governmental authority having jurisdiction over the parties to this Terms of Use (e.g., included on the U.S. Specially Designated Nationals and Blocked Persons List or the Consolidated List of Financial Sanctions Targets in the UK), nor are you or any entity on whose behalf you are acting owned or controlled by any such person(s) whether individually or in the aggregate; (ii) subject to comprehensive geographic sanctions imposed by the U.S. Government for any reason, including but not limited to being organized or headquartered in or a governmental entity of a country or territory subject to such sanctions (currently Cuba, North Korea, Iran, Syria, and the Crimea, Donetsk, and Luhansk regions in Ukraine); or (iii) located in Russia. Additionally, you, or the entity on whose behalf you are acting, warrant that you or such entity do not intend to and will not knowingly supply or use the Site to or for the benefit of any of the foregoing. You agree to notify VIS Rating if these circumstances change. For purposes of this provision, "owned" and "own" means an ownership of an equity interest of 50 percent or greater, whether held directly or indirectly, and "control” and “controlled" means the right or ability, whether directly or indirectly, to dictate the decisions, actions, and/or policies of an entity or its management. If you breach this Section, or VIS RATING determines that it is prohibited by any applicable law or regulation from providing access to the site, or VIS RATING determines that it will cease providing access to the site in any country or territory, in addition to any other rights or remedies Moody's may have, Moody's may immediately suspend or terminate your access to the Site and any affected subscriptions.

24. Forward-Looking Statements. Certain statements contained on the Site, in VIS Rating’s news releases or communicated orally or in writing by VIS Rating concerning the company or its management, are forward-looking statements. These statements are based on future expectations, plans and prospects for VIS Rating’s business and operations that involve a number of risks and uncertainties, which could cause actual results or outcomes to differ materially. Forward-looking statements appear at various places throughout the Site and may contain the words “believe”, “expect”, “anticipate”, “intend”, “plan”, “will”, “predict”, “potential”, “continue”, “strategy”, “aspire”, “target”, “forecast”, “project”, “estimate”, “should”, “could”, “may” and similar expressions or words and variations thereof. Any forward-looking statements speak only as of the date on which they were made. VIS Rating undertakes no obligation (nor does it intend) to publicly supplement, update or revise any forward-looking statements on a going-forward basis, whether as a result of subsequent developments, changed expectations or otherwise.

25. Claims of Copyright Infringement. If you believe in good faith that materials available on the Site infringe your copyright, you (or your agent) may send VIS Rating a notice requesting that VIS Rating remove the material or block access to it. Notices must meet the then-current statutory requirements imposed by the relevant law on intellectual property. Notices should be sent by mail to: compliance@visrating.com

26. Contact Information. If you would like to contact VIS Rating regarding these Terms of Use or the Privacy Policy, please contact:

Vietnam Investors Service and Credit Rating Agency Joint Stock Company

Unit 2709, 27th floor – West Tower, Lotte Center Hanoi Building, 54 Lieu Giai, Cong Vi Ward, Ba Dinh District, Hanoi City, Vietnam

Phone: 024 3388 6000

E-mail: compliance@visrating.com

If you choose to contact VIS Rating via e-mail regarding these Terms of Use or the Privacy Policy, respectively, please mark the subject heading of your e-mail “Terms of Use Inquiry” or “Privacy Inquiry.”