Credit Rating Result
Hanoi, 26 August 2026 - Vietnam Investors Service and Credit Rating Agency Joint Stock Company (VIS Rating) has assigned a bond rating of A+ to Truong Hai Group Corporation’s (THACO, A-, stable) proposed VND 2,000 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, the bond's terms and conditions, the guarantee letter, and other relevant documents. THACO plans to use the bond proceeds to make a capital contribution under a business cooperation contract with Thiso International Trading and Services Joint Stock Company to invest in Commercial Service Center – Supermarket project (PHI project).
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in this announcement is effective from the date of the announcement and remains in effect unless and until it is superseded by a subsequent rating action.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
BOND RATING
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 full and 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 timely repayment to bondholders if invoked. We view the guarantee amount of VND 2,200 billion to be sufficient to fully cover outstanding bond principal, accrued interest, and any applicable late-payment penalties.
THACO is in the process of appointing an eligible securities company as bondholder representative. Under the draft bondholder representative agreement, the representative is mandated to act on behalf of bondholders, exercise their rights, and monitor the issuer's compliance with its key obligations.
If an event of default remains unresolved by the issuer, the bondholder representative may submit a claim dossier to the guarantor on behalf of bondholders. Upon receipt of a valid claim, the guarantor must fulfill its payment obligations under the guarantee within five business days.
OCB is a mid-sized privately owned bank (ranked 18th by assets, approximately VND 352 trillion as of June 2026), operating a diversified banking platform across retail and SME segments, supported by both physical distribution and digital channels.
OCB’s credit profile is supported by robust capitalization and our expectation of government support in times of need. Its tangible common equity ratio was 11.4% of risk-weighted assets as of June 2026, above the industry average and providing a buffer against asset-quality shocks.
Credit pressures stem from weaker profitability, funding, and asset quality. In 6M2026, ROAA fell to 1.2%, CASA to 7.9% of gross loans, and the problem loan ratio rose to 6.9%. Diversified funding, adequate liquidity, and tighter underwriting should help stabilize 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
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 | Bond code | Maturity | Outlook | Action |
|---|---|---|---|---|---|---|
| 26 August 2026 | Issue Rating - Long-term | A+ | To be updated | 3 years | Stable | First-time assignment |
Regulatory disclosures
For further specification of VIS Rating's Rating Symbols and Definitions, please see: here
THACO’s ownership stake in VIS Rating: 0%
The ownership ratio of THACO 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: VN3600252847-002-260826
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.