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| The headquarters of Agribank in Hanoi__Photo: Agribank |
On November 13, 2024, Fitch Ratings, one of the top credit rating agencies internationally, has affirmed the rating for Agribank's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB+'; Government Support Rating (GSR) at 'bb+'. In addition, Fitch assigned Local-Currency Long-Term IDR of 'BB+' which is a new rating for Agribank. The Outlook on the IDRs is Stable.
As indicated by Fitch ratings, Agribank's GSR and long-term IDRs are equalized with the sovereign rating of Vietnam (BB+/Stable) and of the highest among Vietnamese banks being evaluated by Fitch.
In its justification, Fitch attributed its affirmed Agribank rating due to its view that the State is likely to support Agribank in times of need, given Agribank's 100 percent State ownership, high systemic importance as demonstrated in Agribank's 14 percent market share of system deposits, and its strategic role in supporting the agriculture and rural sectors. Fitch also credited Agribank's earnings and profitability score on continued improvements in the structure of its earnings mix.
As of October 31, 2024, Agribank's total assets reached VND 2.14 million billion, making it one of the largest banks in the system of credit institutions of Vietnam; Capital resources reached VND 1.94 million billion; total outstanding loans to the economy reached VND 1.66 million billion; prudential ratios met regulations.
Agribank is currently the bank with the largest retail system in Vietnam with 2,223 branches and transaction offices in all localities across the country and more than 3,300 ATMs, CDMs and Agribank Digital Kiosks.
Agribank is the leading bank in investing in agriculture, farmer and rural development, with the investment proportion for “agriculture, farmers and rural areas” accounting for about 63 percent of total outstanding loans. As a wholly state-owned bank, Agribank always plays a pioneering role in seriously and effectively implementing monetary and credit policies to support the economy. Agribank is effectively implementing various policy credit programs and national target programs on new rural construction, sustainable poverty reduction and socio-economic development in ethnic minority and mountainous areas. In addition, Agribank has been actively implementing ESG practices for a green future and sustainable development.
Ha An
