S&I Ratings

The expert in credit rating

A leading provider of credit rating services and corporate research and analysis

S&I Ratings aspires to become a leading provider of credit rating services and corporate research and analysis

Founded by leading companies in the financial sector and supported by a team of seasoned experts, S&I Ratings aims to become a leading provider of credit rating services and corporate research and analysis in Vietnam.

At S&I Ratings, "Understanding the market and businesses" is our core value. The goal of our credit rating and assessment is not only to provide accurate data and information but also to offer investors a deep understanding of the market and businesses, enabling them to make the most informed financial decisions.

Our solutions

For Issuers

Report

Credit Ratings for Issuers and Debt Instruments

S&I Ratings provides independent credit rating services for issuers and debt instruments. This service helps issuers understand their current creditworthiness, identify potential risks, and develop plans to improve and enhance their position in the credit market.

Report

Credit Assessment Report

S&I Ratings provides analysis and assessment services on financial capacity and risk identification in the operations of issuers. The reports help businesses gain a clearer understanding of their current creditworthiness, enabling them to implement solutions to enhance their position before undergoing a credit rating.

Report

Second Party Opinion (SPO)

S&I Ratings provides SPO services with the goal of supporting issuers in Vietnam to build trust with investors, enhance transparency and promote access to sustainable sources of capital

Why issuers need our solutions?

Our solutions

For Investors

Report

Corporate Bond Market Report

S&I Ratings provides detailed information and in-depth analysis of the corporate bond market. This service helps investors understand market trends and fluctuations, thereby supporting investment decision-making.

Report

Industry Research Report

S&I Ratings is ready to provide businesses and investors with Industry Research reports on the most promising and dynamic sectors in the market.

Why investors need our solutions?

Our Rating Results

Report date	Issuer	Business type	Industry	Rating type	Rating	Outlook	Report
10/09/2025	OCB - Orient Commercial Joint Stock Bank	Financial Institution	Banking	Surveillance	A+	Stable	View report
10/06/2025	DNSE Securities Joint Stock Company	Financial Institution	Securities	Issuer - Initial Rating	BBB	Stable	View report
10/03/2025	OCB - Orient Commercial Joint Stock Bank	Financial Institution	Banking	Issuer - Initial Rating	A+	Stable	View report

Our Research & Insights

Corporate Bonds

3Q2025 Corporate Bond Bulletin

Q3/2025 Corporate Bond Market: Record Early Buybacks Amid Cooling Issuance Corporate bond issuance in Q3/2025 totaled VND 156.1 trillion across 154 domestic deals and one international issuance by VPBank (USD 300 million), down 33% from Q2 but flat year-on-year. Activity cooled after a strong Q2 driven by major banks raising capital. Private placements still dominated

October 22, 2025

Macro

Vietnam Macro Bulletin 3Q2025

Vietnam’s Economy in Q3/2025: Strong Growth Supported by Low Interest Rates Vietnam’s GDP surged 8.23% YoY in Q3, bringing nine-month growth to 7.85%, the second-highest in 15 years, only behind the surge in 2022. Industrials and Construction (+8.69%) led the expansion, with Manufacturing (+9.92%) and Construction (+9.33%) posting robust gains. Services (+8.49%) and Agriculture (+3.83%)

October 15, 2025

Investor

Vietnam Green Finance Seminar 2025: Pathways to Progress

About the Event Join us for an insightful event dedicated to exploring the latest developments in ESG (Environmental, Social, and Governance) ratings and their impact on sustainable finance. As the demand for responsible investing continues to grow, understanding the evolving landscape of ESG ratings becomes crucial for investors, companies, and policymakers alike. This event will

August 5, 2025

Banking Sector

2025 Banking Sector Outlook: Balancing Growth and Efficiency

Key Highlights from Banks’ 2025 business plans Vietnamese banks have released their business plans for 2025 at their AGMs, with small-sized joint stock commercial banks (JSCBs) are targeting the highest PBT growth (up 106% YoY, excluding NVB), followed by mid-sized JSCBs (up 20% YoY), and large-sized JSCBs (up 17% YoY). Meanwhile, among state-owned commercial banks

June 2, 2025

Macro

Vietnam Macro Bulletin 1Q2025

Q1 Production and consumption activities show positive growth GDP growth reached 6.93% YoY in 1Q2025, the highest increase in Q1 since 2020 (Chart 1). This positive result mainly stems from growth momentum in the manufacturing and tourism sectors, with key industries such as manufacturing (+9.3% YoY), hospitality and food services (+9.3% YoY), construction (+8% YoY),

May 13, 2025

Corporate Bonds

1Q2025 Corporate Bond Bulletin

1Q2025 Overview: Positive signals from public bond issuance channel According to S&I Ratings estimates, 1Q2025 saw 13 bond issuance rounds totaling VND 25.1 trillion. This includes 11 rounds of public issuance (VND 23.1 trillion) and 2 rounds of private issuance (VND 2 trillion). The bond issuance value increased by 4.7% compared to the same period

May 12, 2025