Credit Rating Result
Hanoi, 23 July 2026 - Vietnam Investors Service and Credit Rating Agency Joint Stock Company (VIS Rating) has assigned an A senior secured bond rating to Vietnam Container Shipping Joint Stock Corporation (short name: Viconship, VSC). The outlook on the ratings is stable.
The bond rating is assigned based on the draft bond offering prospectus and terms and conditions of VSC’s proposed 36-month VND 500 billion senior secured bond issuance.
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in this announcement is effective from the date of the announcement and remains in effect unless and until it is superseded by a subsequent rating action.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
| Extremely Weak | Very Weak | Weak | Below- Average | Average | Above- Average | Strong | Very Strong | |
|---|---|---|---|---|---|---|---|---|
| Stand-alone Assessment | ▲ | |||||||
| Scale | ▲ | |||||||
| Business Profile | ▲ | |||||||
| Profitability & Efficiency | ▲ | |||||||
| Leverage &Coverage | ▲ |
| Other consideration | Negative | Stable | Positive |
|---|---|---|---|
| Liquidity | ▲ |
| Low | Moderate | High | Very High | Extremely High | |
|---|---|---|---|---|---|
| Affiliate support | ▲ | ||||
| Government support | ▲ |
Rating rationale
The A senior secured bond rating is primarily underpinned by VSC’s ‘Above-Average’ standalone assessment and A long-term issuer rating.
The senior secured bond constitutes direct, senior and secured obligations of VSC, and will rank pari passu with other senior secured obligations of VSC. The senior secured bond rating is aligned with VSC's long-term issuer rating, reflecting the preponderance of secured debt in its debt structure.
The bond is secured by 100% of VSC’s capital contribution to Green Port Services One Member Co., Ltd (Green Port), representing 100% of Green Port’s charter capital, together with all associated rights, income and economic benefits. The bond terms and conditions allow post-issuance collateral supplementation or substitution to maintain a collateral coverage ratio of 150%-220%, depending on the type of collateral.
Proceeds of the proposed 36-month VND 500 billion senior secured bond will be used to repay VSC’s existing loans. VSC intends to issue the bond in July 2026.
The company has appointed JB Securities Vietnam (JBSV) to serve as the advisory service provider, bondholder representative, and collateral management agent. JBSV is responsible for monitoring VSC’s compliance with the terms and conditions of the bonds, notifying bondholders of any breach of the bond terms and conditions and coordinating with bondholders in collateral liquidation.
We note that recoveries from collateral liquidation in the event of default depend on the market valuation of the pledged capital contribution, which may be affected by investor sentiment, protracted negotiations and delays.
According to management, VSC intends to meet the bond obligations mainly through cash flow generated by its core businesses of port operation and container shipping.
We do not factor in any potential external support from related entities or the government to VSC in meeting its debt obligations.
VSC’s A long-term issuer rating reflects its ‘Above-Average’ standalone assessment, underpinned by its ‘Average’ scale, ‘Above-Average’ business profile, ‘Very Strong’ profitability and efficiency, and ‘Average’ leverage and coverage.
VSC has built an integrated port-logistics ecosystem in Hai Phong, operating three container terminals with total capacity of approximately 1.3 million TEUs per year. Its integrated ecosystem and strong relationships with leading container shipping lines, including Hai An Transport and Stevedoring (HAH), supports the expansion into the container shipping business. Nevertheless, its business diversification remains more limited than that of larger peers.
Over the next 12-18 months, we expect VSC's revenue to grow at an average of 6% per year and EBITDA margin to improve to around 44.9% over 2026-2028, supported by higher capacity utilization, potential stevedoring tariff increases and the high-margin container shipping business. We expect Debt/EBITDA to stabilize around 3.8x, as debt for new vessels is offset by EBITDA growth and a planned reduction in short-term investment, while EBIT/Interest Expense and CFO/Debt remain broadly stable at 2.0x and 11.2%. Liquidity is expected to remain well-managed, supported by strong cash resources of VND 1.3 trillion as of end 2025 and sizeable bond and equity issuance plans.
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 |
|---|---|---|---|---|---|---|
| 23 July 2026 | Senior secured debt rating | A | VSC12601 | 3 years | Stable | First-time assignment |
Regulatory disclosures
For further specification of VIS Rating's Rating Symbols and Definitions, please see: here
VSC’s ownership stake in VIS Rating: 0%
The ownership ratio of VSC 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.
Please see https://visrating.com for any updates on changes to the lead rating analyst and to the VIS Rating's legal entity that has issued the rating.
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Analyst & Committee
Primary Analysts
Rating Committee Members
Credit Rating Announcement Number
Public credit rating announcement no: VN0200453688-001-230726
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.