VPBank Securities Joint Stock Company
About the Issuer
Established in 2009, VPBANKS is now one of Vietnam's top three securities firms by total assets, reaching VND 51 trillion as of 1H2025. Following its 2022 acquisition by Vietnam Prosperity Joint Stock Commercial Bank (VPBank) - a large privately owned bank. VPBANKS repositioned its core focus toward corporate bond advisory, underwriting, and distribution, leveraging VPBank's extensive client network to scale operations.
Rating Results
Credit Opinion
(1) its exposure to high-risk assets and leverage are maintained at substantially lower levels than current levels; or
(2) we view the standalone credit profile of VPBank to improve from continuous asset quality improvement and higher loss-absorption buffers
(1) high-risk assets rises continuously from current levels, and in turn, heightens the likelihood of balance sheet losses and liquidity challenges; or
(2) leverage ratio increases substantially, without any meaningful increase in long-term borrowings or liquid assets, posing greater risks to liquidity shocks; or
(3) we assess VPBank's capacity to support VPBANKS to have fallen substantially
(1) one of Vietnam’s top three securities firms by total assets;
(2) strong liquid asset buffer and a proven ability to secure diversified funding from both domestic and international sources
(1) elevated earnings volatility reflecting its rapid growth relative to peers;
(2) The bond portfolio is concentrated in real estate and hospitality issuers—sectors challenged by weak cash flows and high leverage;
(3) margin loan concentration to large clients;
(4) increased borrowing to support strong asset growth
Issuer analysis reports
Rating Results
Second Party Opinion
List of Second Party Opinions (SPO) published by VIS Rating for VPX.
VIS Rating has not issued a Second Party Opinion for this company
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