FiinRatings – A Strategic Partner of S&P Global – has assigned a first-time Long-term Credit Rating of ‘A’ to Vietcap Securities Joint Stock Company (“VCI” or “the Company”) with ‘Stable’ rating outlook, announced on October 29, 2025.  

The rating reflects VCI’s position among the leading securities firms in Vietnam, underpinned by its solid equity base, adequate liquidity, and superior funding capability. FiinRatings expects the Company’s credit profile to remain stable and resilient over the next 12–24 months. 

FiinRatings assesses VCI’s Business Position as “Strong”, supported by a solid institutional client base and a distinct competitive advantage in Investment Banking (IB). Since 2012, the Company has consistently ranked among the Top 10 securities firms by equity brokerage market share on HOSE. As of end-Q2 2025, VCI held a 6.8% brokerage market share on HOSE, ranking 4th in the industry, and remained the market leader in institutional brokerage with about 30% market share. VCI’s balanced business model, comprising brokerage, investment banking, proprietary trading, and margin lending, enables the Company to sustain diversified and stable income streams across market cycles. 

The Capital and Earnings profile is also assessed as “Strong”, representing one of the key strengths in VCI’s overall credit profile. In 2024, the Company increased its equity to VND 12,944 billion, rising to the Top 6 among Vietnam’s securities firms. It maintains a debt-to-equity ratio of 0.7x, significantly lower than the industry median of 1.5x, while its financial safety ratio reached 501%, slightly above the industry median of 493%. The cost-to-income ratio (CIR) improved to 47%, lower than the Top 20 industry median of 54%, indicating enhanced operating efficiency. 

VCI’s Funding and Liquidity is assessed as “Strong”, reflecting a balanced funding structure and diversified access to capital from both domestic and international banks. The Company holds total credit facilities exceeding VND 26,000 billion with competitive funding costs of 6–7%. As of 1H2025, VCI had utilized only 25–30% of its approved facilities, demonstrating ample funding headroom and low refinancing pressure. 

FiinRatings first assigned a Long-term Issuer Credit Rating to VCI in 2022 at “A-” with a “Stable” outlook and has now assigned a new first-time Long-term Credit Rating in 2025, resulting in a rating of “A” with a “Stable” Outlook. The rating reflects VCI’s successful capital increase in 2024 and its sustained low leverage, which have strengthened the Company’s financial position. With the sector anchor for Vietnam’s securities brokerage sector at “BBB”, VCI ranks among the highly rated securities firms in the market.

VCI is one of seven securities firms that have been assigned an initial credit rating by FiinRatings. In addition to VCI, FiinRatings currently maintains and updates ratings on Techcom Securities (TCBS), PetroVietnam Securities (PSI), and APG Securities (APG). 

As a strategic partner of S&P Global and a licensed credit rating agency in Vietnam, FiinRatings is committed to supporting Vietnamese enterprises in building credibility, expanding access to capitals at reasonable costs, and enhancing the transparency and sustainability of Vietnam’s capital market in line with international standards.  

Disclaimer: Credit-related and other analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact. FiinRatings’ opinions, analyses, and rating acknowledgment decisions are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. 

👇 The Initial Credit Rating Report of Vietcap Securities Joint Stock Company is available below