Credit Rating Result

Hanoi, 08 April 2026 - VIS Rating has upgraded the long-term issuer rating of Tien Phong Securities Corporation (TPS) to BBB+ from BBB. The outlook on TPS’s BBB+ issuer rating 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in this announcement is effective from the date of the announcement and remains in effect unless and until it is superseded by a subsequent rating action.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 rating upgrade reflects VIS Rating’s expectation of a moderate likelihood of TPS receiving extraordinary support from its parent bank, Tien Phong Commercial Joint Stock Bank (TPBank) (AA-, stable), in times of need, following TPBank increasing its equity stake in TPS to 51% on 31 December 2025, from 9% previously.
TPS’s BBB+ rating now incorporates an affiliate support uplift from its average standalone assessment. As a subsidiary of TPBank, we view the level of strategic and operational integration of TPS with TPBank as increasing over time. TPBank will support TPS in strengthening its credit underwriting standards to better align with the bank’s credit policy, improving the quality of corporate bond advisory and distribution business.
According to management, TPS will now collaborate with TPBank across various functions, for example risk, finance, and legal to information technology and human resources, leveraging the parent bank’s resources to enhance TPS’s governance capacity and operations. Specifically, standardizing and refining TPS's risk management framework in line with TPBank’s standards and governance processes will be a key focus of implementation.
According to TPBank, TPS will play a key role in TPBank’s long-term strategy to build a diversified financial services ecosystem, leveraging the bank’s extensive customer base to offer a wide range of financial products.
We note that TPS’s standalone credit metrics have remained broadly stable over the past six months, as the firm continued to record stronger profits from business expansion while pursuing its de-risking efforts.
As of 2025, TPS’s return on average assets (ROAA) improved to 0.9% from its trough level of -2.0% in 1H2025, exceeding its pre-tax target of VND139 billion in 2025. According to management, the firm targets profit before tax to nearly triple from 2025 to VND 428 billion in 2026, mainly driven by growth in its margin lending business, boosted by collaboration with TPBank.
We expect the bank’s income diversity and stability will improve over time, as the income growth and contribution from its margin lending business increase.
TPS raised VND 3.6 trillion in new capital through the capital injection by TPBank in December 2025. We expect its leverage ratio of 1.9x at end-2025 after the capital injection to gradually increase to 2.7x – 3.0x over the next 12-18 months, as it deploys the new capital to support income growth.
On the de-risking front, we note that high-risk assets – comprising mostly defaulted corporate bonds and business cooperation contract (BCC) receivables - fell to 40% of total assets at end-2025, from 70% at end-June 2025. The decline was primarily driven by recoveries through asset sales. We expect further recoveries from the remaining problematic assets facing unresolved legal- or business-related issues will be challenging.
TPS’s funding and liquidity remained robust. As of 2025, TPS’s liquidity inflows over outflows ratio was 386%, well above the industry average of 105%.

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

Regulatory disclosures

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Analyst & Committee

Primary Analysts

Nguyen Ha My, CFA

Sector Lead Analyst

Email: my.nguyen@visrating.com

Rating Committee Members

Simon Chen, CFA

Head of Ratings & Research

Email: simon.chen@visrating.com

Phan Duy Hung, CFA, MBA

Senior Director - Head of Financial Institutions Ratings & Research

Email: hung.phan@visrating.com

Nguyen Dinh Duy, CFA

Director - Senior Analyst

Email: duy.nguyen@visrating.com

Credit Rating Announcement Number