Moody’s upgrades VIB’s ratings to B1

Moody's Investors Service has upgraded the baseline credit assessment (BCA) and adjusted BCA of Vietnam International Bank (VIB) to B1 and Counterparty Risk Assessment (CRA) to Ba3.

Earlier on August 14, Moody's upgraded the long-term local and foreign currency bank deposit and issuer ratings of VIB to B1 from B2, according to a Media OutReach-sent statement Wednesday.

The upgrade in VIB's BCA and other banks' is driven by the higher Macro Profile of Vietnam, progress in writing off legacy problem assets and profitability of the banks.

In addition to the upgrade, VIB was recognised by State Bank of Vietnam (SBV) and Vietnam Asset Management Company (VAMC) as one of five banks to re-purchase all bad debts that VIB sold to VAMC.