Credit Rating Result
Hanoi, 29 October 2026 - Vietnam Investors Service and Credit Rating Agency Joint Stock Company (VIS Rating) has assigned an A- bond rating to Truong Hai Group Corporation’s (THACO, A- issuer, stable) proposed VND 3,000 billion 3-year senior secured bonds.
The bond rating is based on our review of the draft bond offering prospectus, the bond's terms and conditions, and other relevant documents. THACO will use the bond proceeds to undertake an investment project by increasing its capital contribution to its subsidiary, Truong Hai Agriculture Joint Stock Company (THACO AGRI), so that THACO AGRI can make capital contributions and enter into business cooperation with Indochina Rubber Investment and Development Company Limited to develop the Eastern Rubber (Cambodia) Co., Ltd project.
The ratings presented in this announcement are effective from the date of the announcement and remain in effect unless and until they are superseded by a subsequent rating action. Please visit https://visrating.com/rating-results for the latest rating update.
SUMMARY OF KEY FACTORS
| Extremely Weak |
Very Weak |
Weak | Below- Average |
Average | Above- Average |
Strong | Very Strong |
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|---|---|---|---|---|---|---|---|---|
| Stand-alone Assessment | ▲ | |||||||
| Scale | ▲ | |||||||
| Business Profile | ▲ | |||||||
| Profitability & Efficiency | ▲ | |||||||
| Leverage & Coverage | ▲ |
| Other consideration | Negative | Neutral | Positive |
|---|---|---|---|
| Liquidity | ▲ |
| Low | Moderate | High | Very High | Extremely High | |
|---|---|---|---|---|---|
| Affiliate support | ▲ | ||||
| Government support | ▲ |
Rating rationale
The A- bond rating primarily reflects THACO’s ‘Above-Average’ standalone assessment and A- long-term issuer rating.
The senior secured bond constitutes direct, senior, and secured obligations of THACO and will rank pari passu with other senior secured obligations of THACO. The senior secured bond rating is aligned with THACO's long-term issuer rating because secured debt dominates its debt structure.
The bond is secured by THACO's 256,344,048 ordinary shares in Dai Quang Minh Real Estate Investment Joint Stock Company (Dai Quang Minh) and Dai Quang Minh's property rights related to two land plots, V4-02 and V3-07, within the Low-rise Residential project (Zone III) in Thu Thiem New Urban Area (Ho Chi Minh City). Under the bond terms, THACO may add or replace collateral after issuance to maintain at least 100% collateral coverage.
THACO plans to issue the proposed VND 3,000 billion 3-year senior secured bond in Q4 2026. THACO will use the proceeds to undertake an investment project by subscribing to new shares in THACO AGRI. THACO AGRI will use the funds to invest in and cooperate with Indochina Rubber Investment and Development Company Limited to develop the Eastern Rubber (Cambodia) Co., Ltd project, a fruit tree cultivation and cattle farming project in Kratie, Cambodia.
THACO has appointed Techcom Securities (TCBS) to serve as the bond advisor, bondholder representative, and initial collateral management agent. TCBS will monitor THACO's compliance with the bond terms and conditions, notify bondholders of any breach, and coordinate with bondholders on collateral liquidation.
In a default, recoveries from collateral liquidation will depend on the market value of the pledged collateral, which may be affected by weak investor sentiment, protracted negotiations, and delays.
THACO will service the bond from its cash flows and other lawful income sources. Any shortfall may be met from THACO's other assets or third-party assets, subject to bondholder approval.
We do not factor in any affiliate or government support for THACO’s debt repayment.
THACO's A- long-term issuer rating reflects its 'Above-Average' standalone assessment, underpinned by its 'Very Strong' scale, 'Strong' business profile, 'Above-Average' profitability and efficiency, and 'Below-Average' leverage and coverage.
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 |
|---|---|---|---|---|---|---|
| 29 October 2026 | Issue Rating - Long-term | A- | THCL12602 | 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.
Please see the rating tab on the issuer/entity page on https://visrating.com for additional regulatory disclosures for each credit rating.
Analyst & Committee
Primary Analysts
Rating Committee Members
Credit Rating Announcement Number
Public credit rating announcement no: VN3600252847-003-291026
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.