S&P Global Ratings and FiinRatings meet with the Vietnam Banks Association to discuss Capital Market and Corporate Bond Market Development

On March 9, 2026, S&P Global Ratings and FiinRatings met with the Vietnam Banks Association (VNBA) to discuss the outlook for the banking sector, the role of commercial banks in capital market development, and international experience in developing corporate bond markets.

The meeting was chaired by Dr. Nguyen Quoc Hung, Vice Chairman cum Secretary General of VNBA, with the participation of senior representatives from the Association’s Standing Office.

The S&P Global Ratings delegation included Mr. Guy Deslondes, Global Head of Emerging Markets Development (based in Milan), and Mr. Ritesh Maheshwari, Managing Director, Asia-Pacific Head of Market Outreach & Head of Southeast Asia. Representing FiinRatings were Mr. Nguyen Quang Thuan, Chief Executive Officer, and Ms. Nguyen Thao Hanh, Manager, Credit Research.

At the meeting, participants noted that Vietnam’s economy is currently at a critical turning point, with significant demand for capital to support infrastructure investment, business expansion, and sustainable growth. In this context, the capital market, particularly the corporate bond market, is expected to play an increasingly important role in providing medium- and long-term funding alongside the banking system.

Drawing on experience from emerging markets, S&P Global Ratings senior representatives emphasized that sustainable capital market development depends on several key factors, including transparency, risk-based pricing, and the presence of independent credit rating agencies. These elements are essential to strengthen investor confidence and deepen the market.

Transparency and the Role of Credit Ratings

Credit ratings were also a key focus of the discussion. Dr. Nguyen Quoc Hung noted that the banking system alone may not be able to fully meet the economy’s substantial funding needs. As such, developing the capital market, particularly the corporate bond market, plays an increasingly important role in establishing an effective medium- to long-term funding channel alongside bank credit.

Dr. Nguyen Quoc Hung, Vice Chairman cum Secretary General of VNBA, speaking at the meeting

In this context, bond issuance should be accompanied by transparent risk assessment and pricing mechanisms, enabling investors to better understand issuers’ financial capacity as well as the associated risks. This provides a foundation for strengthening investor confidence and supporting the sustainable development of Vietnam’s corporate bond market.

Dr. Hung also highlighted a positive development under the State Bank of Vietnam’s latest Circular 14, which allows the application of risk management frameworks that reference not only international credit ratings, such as those from S&P Global Ratings, but also, at an initial stage, ratings from domestic independent agencies such as FiinRatings, provided they are aligned with international rating benchmarks.

Opportunities for Green Finance and International Capital

In addition to the corporate bond market, participants also discussed trends in green and sustainable finance, including green bonds, green loans, and financing instruments for sustainable development projects.

Mr. Guy Deslondes, Global Head of Emerging Markets Development, S&P Global Ratings, speaking at the meeting

According to Mr. Guy Deslondes, issuers that meet transparency and performance standards are well positioned to attract international capital. In practice, several Vietnamese banks have successfully mobilized funding through green bond issuances, with participation from international financial institutions and development finance institutions (DFIs).

Promoting Cooperation and Capital Market Development

The meeting also opened up opportunities for enhanced cooperation between VNBA, FiinRatings, and S&P Global Ratings through knowledge-sharing initiatives, workshops, and international exchange programs aimed at supporting the development of Vietnam’s banking sector and financial markets.

Mr. Ritesh Maheshwari, Managing Director, Asia-Pacific Head of Market Outreach & Head of Southeast Asia, S&P Global Ratings, speaking at the meeting

Building on this engagement, S&P Global Ratings and FiinRatings, together with FiinGroup, will co-host the Vietnam Corporate Bond Market Forum 2026 in Hanoi. The event will bring together financial and investment institutions, domestic and international experts, regulators, and market participants to share international practices, exchange insights, and discuss solutions for developing Vietnam’s corporate bond market.

This marks the second consecutive year the Forum will be held in Hanoi by FiinRatings and S&P Global Ratings, following the establishment of our strategic partnership in February 2025, under which S&P Global acquired a 43.4% stake in FiinRatings.

Through ongoing knowledge exchange and collaboration, FiinRatings and S&P Global Ratings reaffirm our commitment to aligning Vietnam’s market practices with international standards, contributing to the development of a more transparent, efficient, and sustainable capital market over the long term.

For more information and registration details for the Vietnam Debt Capital Market Forum, please visit: THIS LINK