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At VIR's M&A Forum on December 9, FiinRatings JSC was named among the winners for Outstanding M&A Deals 2025, following the completion of S&P Global’s 43.4 per cent equity investment. The recognition highlights the company’s contribution to strengthening Vietnam’s credit assessment infrastructure at a time when transparency and standardised market information are increasingly vital.
Le Ngoc Phuong Thao, commercial director of FiinRatings, said, "The transaction is not an endpoint but a pivotal step, marking the start of a longer journey to raise credit-rating practices to international standards and improve the quality of information in Vietnam’s capital market."
Vietnam’s bond and corporate credit markets are entering a rapid growth phase, but still face structural challenges, including inconsistent data and uneven corporate disclosure standards. Risk assessments often rely on self-reported information or unverified third-party data, making it difficult for investors to gauge risk accurately and leaving companies without a standardised credit benchmark to demonstrate financial strength.
In this context, FiinRatings – the first domestic credit rating agency licensed by the Ministry of Finance – provides a robust corporate credit database, an experienced analytical team, and operations aligned with international standards. These strengths position FiinRatings as a strong partner for S&P Global’s expansion strategy in Vietnam.
With the investment now completed, S&P Global and FiinRatings will deepen their collaboration, building on the technical cooperation launched in 2021 with support from the Asian Development Bank, and focusing on three key pillars.
First, FiinRatings will gain enhanced access to S&P Global’s analytical methodologies, operating procedures, and quality-control frameworks to strengthen the reliability and consistency of its credit ratings.
Second, the two organisations will jointly advance sustainable finance in Vietnam. S&P Global has extensive experience in green bond assessments, evaluations of sustainability-related factors, and climate transition assessments. FiinRatings also plays a key role in Vietnam in verifying green bonds and green loans under ICMA and Climate Bonds Initiative standards. By combining these capabilities, the partnership will help Vietnam align more closely with international practices and reduce the risk of greenwashing.
Third, both sides will intensify information-sharing and market-education efforts to promote the use of credit ratings as a strategic tool for risk management and capital raising, rather than solely a compliance requirement. Independent rating benchmarks are increasingly being used in banking and securities and are expected to expand into fund management and insurance, in line with global practice.
According to Thao, “FiinRatings aims to make credit ratings standard practice in Vietnam within the next 5–10 years, in line with international transparency and risk-measurement norms. Broader adoption will help businesses optimise capital costs and secure long-term financing, while giving investors a clearer, more reliable basis for assessing risk and supporting a healthier bond market.”
The exclusive strategic partnership between S&P Global and FiinRatings underscores a shared long-term vision: building a robust credit ecosystem that enables Vietnamese enterprises to demonstrate financial strength to global standards and access a wider pool of international capital.
This award from VIR marks an important recognition of FiinRatings’ sustained efforts to enhance transparency, elevate credit-rating practices, and strengthen Vietnam’s capital market. It also reflects the early, positive impact of the transaction –delivering strategic value to FiinRatings and to the wider financial system.
S&P Global – a 160-year-old credit rating institution with a market capitalisation of more than $150 billion on the NYSE – typically enters markets where improved transparency is essential to attracting medium- and long-term capital. Before Vietnam, the company formed strategic partnerships with rating agencies in India, Thailand, and Indonesia, and directly established local agencies in China and Taiwan.
