Credit Rating Result
Hanoi, 16 June 2026 - Vietnam Investors Service and Credit Rating Agency Joint Stock Company (VIS Rating) has assigned a bond rating of A to Greenland Pho Hoa Company Limited’s (short name: GPH) proposed VND 354 billion 3-year bonds guaranteed by Orient Commercial Joint Stock Bank (OCB, unrated).
The bond rating is based on our review of the draft bond offering prospectus, terms and conditions of the bond, guarantee letter, and other relevant documents. GPH intends to use the bond proceeds to develop a new residential project in Bac Ly commune, Bac Ninh province.
At the same time, VIS Rating has also assigned an issuer rating of BB- to GPH. The outlook for the ratings is 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in this announcement is effective from the date of the announcement and remains in effect unless and until it is superseded by a subsequent rating action.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.
Rating rationale
The A bond rating primarily reflects our assessment of OCB’s credit profile and its ability to service its unsubordinated debt obligations, given the bank's irrevocable guarantee of the bonds.
We view OCB’s payment obligations under the guarantee as ranking pari passu with all its present and future unsubordinated obligations.
The A rating is underpinned by our expectation that bondholders will essentially face repayment risks of OCB, the guarantor, and have limited exposure to the bond issuer’s risk profile. Our stable outlook on the bond rating reflects our view that OCB's credit fundamentals will remain robust over the next 12-18 months.
The guarantee covers the entire bond maturity and allows for timely repayment to bondholders upon being invoked. The guarantee will cap coverage at VND 378.43 billion, intended to cover the full bond principal, interest, and related late-payment penalties throughout the bond's maturity.
If the guarantee cap is insufficient to cover bond obligations—such as in cases of accrued unpaid interest or late-payment penalties—bondholders will need to seek recourse from the bond issuer.
GPH has appointed OCBS to be the bondholder representative to enforce bondholder rights and submit claims. In the event of a payment default that is not resolved by the issuer, the bondholder representative will submit a claim dossier to the guarantor, upon which the guarantor is required to fulfill its obligations under the guarantee within five business days.
OCB is a mid-sized privately owned bank (ranked 18th by assets, approximately VND 323 trillion at end-2025), operating a diversified banking platform across retail and SME segments, supported by both physical distribution and digital channels.
OCB’s credit profile reflects a robust standalone financial position, supported by above-average capitalization, but is weighed down by elevated exposure to cyclical sectors and weakening profitability and funding metrics. We expect the bank to benefit from a moderate likelihood of government support in a stress scenario, given its established domestic franchise.
Its key strength lies in its strong capital buffer, with tangible common equity to risk-weighted assets of around 11.5% as of end-2025, above the industry average, providing capacity to absorb asset-quality shocks.
Profitability has moderated over the past two years, with ROAA declining to 1.2% in 3M2026, a five-year low, driven by elevated credit costs and funding-driven margin compression. Net interest margin narrowed to 3.0% (from 3.2% in 2025) as deposit competition intensified. CASA declined to 8.3% of gross loans in 3M2026 (from 12.0% in 2024), with higher reliance on market funding.
Asset quality improved modestly in 2025, with its problem loan ratio declining to 4.4% from 4.9%. We expect tighter underwriting in retail lending and greater corporate diversification to gradually stabilize asset risk and reduce credit costs over the next 12–18 months.
Factors That Could Lead to an Upgrade/Downgrade
Rating methodology
Non-Financial Corporates Rating Methodology.
For more detailed information, please refer to our full credit rating methodology at: here
Credit rating history
| Date | Rating type | Rating | Bond code | Maturity | Outlook | Action |
|---|---|---|---|---|---|---|
| 16 June 2026 | Guaranteed Bond Rating | A | GPH12601 | 3 years | Stable | First-time assignment |
Regulatory disclosures
For further specification of VIS Rating's Rating Symbols and Definitions, please see: here
GPH’s ownership stake in VIS Rating: 0%
The ownership ratio of GPH 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: VN2400934223-001-160626
Disclaimer
VIS Rating’s credit ratings, assessments, other opinions, and publications are not intended for use by non-professional investors and it would be reckless and inappropriate for non-professional investors to use VIS Rating’s credit ratings, assessments, other opinions or publications when making an investment decision. If in doubt you should contact your financial or other professional adviser.