According to the latest rating announcement from Moody’s (*), Vietnam Technological and Commercial Joint Stock Bank’s (Techcombank) rating has been upgraded. This upgrade strengthens Techcombank’s position as one of the leading banks in Vietnam.
Moody's has upgraded Techcombank’s long-term CR (Counterparty Risk) assessment to B1 (CR) from B2 (CR). Additionally, Moody’s has upgraded Techcombank Baseline Credit Assessment (BCA) to b2 from b3. Currently, Techcombank is one of the few banks (state owned and joint stock) in Vietnam that have achieved this rating (together with Vietcombank, Vietinbank, MB, ABB, VIB and ACB). As described by Moody’s, the upgrade of Techcombank's BCA to b2 reflects an improving asset quality trend and a generally healthy funding and liquidity profile.
Commenting on this upgrade, Mr. QuocAnh NguyenLe, CEO of Techcombank said: “Moody’s positive assessments have reinforced Techcombank’s drive to be the best bank in Vietnam. This upgrade showcases Techcombank’s achievements in clear accounting, improved asset quality, strong balance sheet management, effective cost control and operational excellence.”
Among other good news for Techcombank, Brand Finance, a world leading brand pricing company, has put Techcombank’s brand value at VND 2,000 billion, ranking 18th out of the Top 50 Brands in Vietnam in 2016, and 4th amongst banks. This year, Techcombank has also been recognized by many prestigious international organizations: Compensation and Rewards Management from 2016 Vietnam HR Awards, “House of the Year 2016” from Asia Risk Awards, Best Bank in Vietnam (2007 – 2016) from Finance Asia, Best Trade Finance Bank in Vietnam, Best Bond Issuer in Vietnam from Alpha Southeast Asia, and Best Internet Bank from the Asian Banker.
(*) Moody’s (Moody’s Investors Service) is one of three largest credit rating agencies in the world.
