FiinRatings affirms Vietcap Securities' Issuer Rating at “A” with a “Stable” Outlook

Vietnam’s capital market is entering a phase of accelerated progress toward meeting market upgrade requirements, driving higher standards for transparency, risk management, and financial strength among market participants.

Recently, FiinRatings published the latest surveillance results for Vietcap Securities Joint Stock Company ('VCI' or 'the Company'), maintaining its issuer rating at "A" with a "Stable" Outlook.

The rating reflects Vietcap's position among Vietnam's leading securities firms, underpinned by its strong capitalization, adequate liquidity profile, and flexible funding capacity. The “Stable” Outlook indicates FiinRatings' expectation that the Company will continue to maintain its current credit profile over the next 12–24 months.

FiinRatings assesses VCI's Business Position as “Strong”, supported by its competitive advantages in institutional brokerage and investment banking. As of the end of 2025, the Company held approximately 6.8% market share in equity brokerage on the Ho Chi Minh Stock Exchange (HOSE), ranking fourth among securities firms, while maintaining a leading position in the institutional client segment with an estimated market share of around 30%.

Capitalization and profitability remain key strengths of the Company's credit profile. Following its capital increase in 2024, VCI's shareholders' equity reached nearly VND 13 trillion, placing Vietcap among the largest-capitalized securities firms in Vietnam. Its debt-to-equity ratio remained at approximately 0.7x, significantly below the industry median of around 1.5x, while its financial safety ratio stood at approximately 501%.

In addition, FiinRatings assesses VCI's Funding and Liquidity profile as “Strong”. The Company currently maintains more than VND 26 trillion in credit facilities from domestic and international banks, while only around 25–30% of these facilities have been utilized. This provides substantial headroom to support future business growth.

VCI was initially assigned an issuer credit rating of “A-” by FiinRatings in 2022 and was subsequently upgraded to “A” in 2025. The affirmation of this rating in the 2026 surveillance review reflects the stability of the Company's credit profile, as well as the effectiveness of its strategy to strengthen capitalization and maintain prudent leverage in recent years.

As Vietnam's capital market moves closer to its market upgrade objective and continues to attract growing interest from international institutional investors, credit quality is expected to play an increasingly important role in risk assessment. In this context, issuers that maintain strong financial fundamentals and stable credit profiles are likely to be better positioned to access capital and strengthen market confidence.

Independent credit ratings therefore serve as a valuable reference for investors and market participants, enhancing transparency and comparability across issuers. As a licensed domestic credit rating agency in Vietnam and a strategic partner of S&P Global, FiinRatings continues to strengthen its rating methodologies and analytical capabilities, delivering objective and in-depth credit assessments that support the sustainable development of Vietnam's capital market.

🔗 Read the full Vietcap Rating Surveillance Report at: THIS LINK

-------------------

Contact FiinRatings today for support:
📩 Email: support@fiinratings.vn
📞 Tel: (84-24) 3562 6962