Credit Rating Result
Hanoi, 07 January 2026 - VIS Rating has withdrawn the BBB+ ratings assigned to one tranche of subordinated bond issued by Vietnam Asia Commercial Joint Stock Bank (VAB).
Rating rationale
The rating withdrawal follows the redemption of VAB’s subordinated bond. On 26 December 2025, VAB announced that it had fully redeemed and repaid its outstanding VND270 billion subordinated bond (Bond Code VABLH2431002) ahead of the scheduled maturity date of 24 December 2031. We have withdrawn the BBB+ rating assigned to this subordinated bond, as it is no longer outstanding.
Prior to the rating withdrawal, the outlook on the BBB+ rating was stable.
Established in 2003, VAB is a small-sized, privately-owned commercial bank with a 0.7% share of total deposits at end-September 2025.
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
| Date | Rating type | Rating | Bond code | Maturity | Outlook | Action |
|---|---|---|---|---|---|---|
| 07 January 2026 | Subordinated debt rating | WR | VABLH2431002 | 7 years | - | Rating withdrawn |
| 12 June 2025 | Subordinated debt rating | BBB+ | VABLH2431002 | 7 years | Stable | First-time assignment |
Regulatory disclosures
For further specification of VIS Rating's Rating Symbols and Definitions, please see: here
VAB’s ownership stake in VIS Rating: 0%
The ownership ratio of VAB 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
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The rating has been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure.
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Analyst & Committee
Primary Analysts
Rating Committee Members
Credit Rating Announcement Number
Public credit rating announcement no: VN0302963695-003-070125
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