Credit Rating Result
Hanoi, 20 October 2026 - VIS Rating has affirmed the VPBank Securities Joint Stock Company (VPBANKS)’s A long-term issuer rating. At the same time, VIS Rating has revised the rating outlook to positive from stable.
The rating presented in this announcement is effective from the date of the announcement and remains in effect unless and until it is superseded by a subsequent rating action. Please visit https://visrating.com/rating-results to obtain the latest update on the rating.
SUMMARY OF KEY FACTORS
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| Low | Moderate | High | Very high | Extremely high | |
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| Affiliate support | ▲ | ||||
| Government support | ▲ |
Rating rationale
The revision of the outlook on VPBANKS’s A long-term issuer rating to positive from stable reflects the potential for higher affiliate support uplift over the next 12–18 months. We may increase the uplift if its parent, Vietnam Prosperity Joint Stock Commercial Bank (VPBank), completes its planned capital raising and strengthens its capacity to support VPBANKS, while VPBANKS continues to maintain a stable standalone credit profile during its business expansion.
VPBank plans to raise capital from a foreign investor in 2026–2027, equivalent to around 5% of its charter capital. This will strengthen its loss-absorption capacity as it targets more than 30% loan growth in 2026, thereby enhancing VPBank’s credit profile and capacity to support VPBANKS.
At the same time, we expect VPBANKS’s standalone credit profile to remain broadly stable over the next 12–18 months. Growth in recurring margin lending and bond-related income will support earnings stability, while the capital raised through its 2025 IPO provides capacity for business expansion. Its average return on assets rose to 6.3% in 2025–1H2026 from 4.0% in 2024.
Close integration with VPBank will remain a key business driver. VPBANKS will use the bank’s corporate relationships to expand bond advisory and underwriting and its retail network to grow margin lending and bond distribution. VPBank’s relationship with SMBC also provides access to offshore funding, which represented 10.6% of VPBANKS’s borrowings as of June 2026. Customer borrowings through VPBank’s network and planned public bond issuances of VND12 trillion in 2026–2028 will further support funding and growth.
Nonetheless, rapid expansion will increase asset and liquidity risks. Corporate bond investments include exposure to developers with elevated leverage profiles and cash flow generation affected by market conditions, while the top 20 margin-loan tickers accounted for 70% of total margin loans in 1H2026, exhibiting high credit concentration. The firm’s sizeable bond buyback commitments relative to our rated peers may also create liquidity pressure during market downturns.
According to the management, VPBANKS will continue to apply VPBank-aligned underwriting, monitoring, and collateral valuation standards, and plans to broaden its retail customer base and increase outright bond sales to reduce concentration and balance-sheet exposure. Management also continues to maintain close monitoring and disciplined risk management of margin lending as lending scales.
Over the next 12–18 months, we will assess VPBank’s execution of its planned capital raising and the resulting increase in its capacity to support VPBANKS. We will also monitor material changes in VPBANKS’s asset risk, leverage, and liquidity, and may reassess the rating earlier if warranted.
Factors That Could Lead to an Upgrade/Downgrade
Rating methodology
Financial Institutions Rating Methodology.
For more detailed information, please refer to our full credit rating methodology at: here
Credit rating history
| Date | Rating type | Rating | Outlook | Action |
|---|---|---|---|---|
| 20 October 2026 | Long-term issuer credit rating | A | Positive | Affirm |
| 01 December 2025 | Long-term issuer credit rating | A | Stable | First-time assignment |
Regulatory disclosures
For further specification of VIS Rating's Rating Symbols and Definitions, please see: here
VPBANKS’s ownership stake in VIS Rating: 8.1%
The ownership ratio of VPBANKS held by VIS Rating’s staff: 0%
Cases in which analysts and credit rating council members cease their participation in the credit rating contract before the contract expires and the reason for the cessation: 0
VIS Rating adheres to a stringent independence policy by current regulations governing the provision of credit rating services in Vietnam. This commitment extends to compliance with our conflicts-of-interest policy, aiming to uphold objectivity and independence when expressing opinions on credit ratings.
The rating has been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure.
This rating is solicited.
Regulatory disclosures contained in this rating announcement apply to the credit rating and, if applicable, the related rating outlook or rating review.
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Analyst & Committee
Primary Analysts
Rating Committee Members
Credit Rating Announcement Number
Public credit rating announcement no: VN0309666451-002-201026
Disclaimer
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