The Credit Information Centre (CIC) will release a credit report on listed enterprises in August, with the purpose of providing investors and financial institutions with an objective reference for their investment activities.
The CIC, a centre under the State Bank, publishes the report on an annual basis, in partnership with global credit-rating corporation Dun & Bradstreet (D&B). The ratings are based largely on state-audited financial reports, banking loans and non-financial services, which are assigned with a grade from triple A down to C.
Nguyen Huu Duong, the centre's Deputy Director, said the centre expected to release the 2010 report on August 26.
"Companies with a good credit rating will provide effective investment opportunities for potential investors," Duong said, noting that companies realised that substandard business performances would lead to poor credit reports.
Since the centre started the report three years ago, corporate performances had improved, Duong said.
Meanwhile, Nicholas Teoh, Vice President of Dun & Bradstreet's Asia Pacific Partnerships, said that the partnership with CIC would provide D & B with an accurate assessment of Vietnamese enterprises, leading to a reliable information source for its clients worldwide.
Teoh said that foreign enquiries about Vietnamese enterprises and economy had doubled annually in the three recent years, indicating that Viet Nam is becoming an increasingly attractive market. As a result, a transparent source of information was essential to exploit this potential, and credit ratings would contribute to that transparency, he added.
"We will also announce changes to the evaluation method during the launch this year, which will bring it closer to the international standard," Duong said.
Meanwhile, Teoh revealed a future global investment valuing US$110 - 130 million which will aim to improve online access to the information. The investment is expected to be implemented in within three years.
In 2009, the centre rated 113 listed firms with triple A, out of 361 registered enterprises. Top 20 companies included Binh Dinh Mineral Company, dairy producer Vinamilk and Tien Phong Plastic Company.