T«PaiClMII«fR6
HOAT DQNG CUA CAC TO CHlfC XEP HANG TIN NHIEM DOANH NGHIEP
TAI VIET NAM VA SO SANH V(5l CAC QUOC GIA CHAU A
• N G U Y I N TRUNG Hiiu
T6MTAT:
Nghifin ctfu thifc hi^n dfinh gifi thtfc t^cfic t6 chtfc xd'p h^ng tin nhi§m (CRA) doanh nghidp t^i Vi§t Nam trong 2 giai do?n trtfdc v i sau thfing 11/2014 (khi Nghi dinh 88/2014-ND-CP chinh thtfc c6 hifiu life). Viit quS nghiSn ctfu cho thay, mtfc do phfit tri^n ciia cfic CRA doanh nghidp a Wiit Nam mdi dang trong giai do^n khdi diu. So vdi cfic qudc gia chSu A khfic, CRA doanh nghidp chinh thtfc tai Viet Nam dtfqfc ihfinh I$p chtfa lau, chtfa c6 hoat d0ng ndi b§t vk mtfc dO d6ng gdp hi§u quS cho thi trtfdng tii chlnh chtfa to ring. Do 66, cin c6 dinh htfdng phfit tri^n mOt cfich manh me vfi b^n vi?ng hdn.
Tilf khda: T6 chtfc xip h^ing tin nhi$m, xip hang tin nhi^m, doanh nghidp Vi$t Nam.
1. D$t v&n d l
Tang (2009) da khdng dinh vai trd giam thieu b^t cfin xtfng thdng tin trdn thi trtfdng tfii chinh cua cfic CRA, ttf 66 tfie ddng tich ctfc d^n ti^p can vd'n cOa cfic doanh nghidp. Theo Ld Quang Ctfdng (2007), thi trtfdng Viet Nam cdn xfiy dtfng t6 chtfc xd'p hang tin nhidm (XHTN). Theo HNX (2015). cdn cSn nh^c stf dung XHTN doanh nghidp vdi thi trtfdng mdi ndi nhtf Viet Nam hay tai cfic qud'c gia nhtf Malaysia dang cfin nhfic loai bo XHTN ddi vdi thi trtfdng trai phieu. Khdng the phii nhan hidn ttfdng bS't can xtfng thong tin trdn thi tnfdng tfii chinh ndi chung va thi trtfdng trfii phid'u Vi^t Nam ndi ridng Ifim cho vide thflc day phfit tri^n thi trtfdng nfiy vfin cdn nhi^u khd khfin.
VI vay. vide xem xdt mOtcfich khfii qufit vi boat ddng cua cfic CRA doanh nghiep tai Vidt Nam la mdt di^u cdn thidt.
2. Ho9t d$ng cua cac CRA doanh nghidp t^i Vi$t Nam
DCRA dtfdc cdng nhfin mdt cfich chlnh thtfc ddu tidn tai Viet Nam la Trung tam Dfinh gifi tin nhidm doanh nghidp (CRVC), dtfdc thfinh ISp vfio thfing 5/2005. Theo cong bd, viec danh gifi sd tidn hfinh theo quy dinh cd cd sd nghidn ctfu, tham khSo ttf cfic td chtfc trdn the gidi, nhtf Standard & Poor's, Moodys, vfi phil hdp vdi thiic tiln Vi$t Nam. Kdt qufi dtfdc Hdi dong dfinh gifi thdng nhdt vdi si/tham gia cua d?i didn cfic nha khoa hoc. cfic chuydn gia tfii chlnh d cfic bo ngfinh, dai didn di ,.iuh n ^ 0 p vfi cfic cd quan khfic. Tuy nhidn, sau hdn mdt nfim ho?t ddng, trung tfim da ddng ctfa do thi trtfdng XHTN doanh nghifp tai Vidt Nam c6n qi,.i nhd, trung tfim khdng tao lap dtfdc vj thd vfi dam- iieng du trdn thi trtfdng, thidu stf ho trd cdn thiet i uj quan chtfc nfing cung nhtf cfic bdn lidn quan (AlJU, 2018) 320 Stf n - Thdng 5/2020
TAI Clim-NGAN lANG-lAl IIEM
Cdng ty TNHH Thdng nn Tin nhiem vd Xe'p hang Doanh nghifp {Vietnam Credit)- Dtfdc thanh lap nfim 2IK)4 vdi ten gpi la Cdng ty C&R Viet Nam, den 2009 ddi ten thfinh Vietnam Credit va chinh thtfc cd Liic hoat dpng tren thi trtfdng XHTN. Hoal JiSng cua It) chtfc nay htfdng dd'n cac ngan hang Ihifdng mai. Ngay 09/12/2009, Cdng ly cdng bd bang xe'p hang ngan hang (Vietnam Bank Rating) nfim 2(K)9, dtfara dfinh gia ve chi sd tin nhiem cua 47 ngan hang thtfdng mai dang hoat dpng tai Viet Nam Ngiiy lap ttfc, ke't qufi xe'p hang va'p phai stf phdn doi Itf phia ngfinh ngan hang, Hiep hoi Ngan hfing Viel Nam cung da gtfi cong vfin de'n Ngan hing Nha ntfdc de phan dd'i. Vietnam Credit sau (16 cung da huy viec cdng bd' tfii lieu dien giai ve phtfdng phfip va rut lai kei qufi xe'p hang. Khong chi vay. de'n ngay 28/9/2012. Cd quan Dieu tra cong an Thanh phd Ha Noi da khdi to' vu an hlnh s[f trdn [hue va Ifim gia tai lidu cua cd quan, td chtfc. xfiy ra tai Vielnam Credit. Dieu nay da anh hu'dng tn/c tie'p de'n uy tin cua td chtfc va giam stf [in cfiy ciJa thi trtfdng. hoat dgng sau do cua hp gan nhif khong LO them stf phfit trien mdi.
Cdng ty cdphan XHTN Doanh nghiep Viet Nam (CRVi. Dtfdc thfinh lap ttf ngay 05/12/2006. hoat Jong [rong nhieu ITnh vtfc. Mfing dich vu trpng tam ciia cdng ty la cung cap dich vu XHTN va tha'm Jinh doanh nghiep. CRV cung gidi thieu se cung cS'p thdng tin tin nhiem ciia cfic doanh nghiep niem yei tren ihi Irtfdng chtfng khoan Viet Nam vfi thong tin tin nhicm cua cfic nganh kinh te'ndi chung. Ben L-anh dd. cung cd djch vu danh gifi dinh mtfc tin nhi^m theo yeu cau cua khfich hfing.
Nfim 2010. CRV lan dau tien dtfa ra thi trtfdng cudn bfio cfio thtfdng nien chi so' tin nhiem Viet Nam bao gdm nhieu ngi dung ve danh gia nang Itfc tfii chinh doanh nghiep, dfinh gifi vfi xe'p hang cfic doanh nghiep nidm yd't Irdn thi trtfdng chtfng khoan (CRV. 2010). Cfic nfim sau dd, ttf 2011 - 2014. CRV lien luc xua'l ban bfio cao Ihtfdng nidn na\ Tu\ nhien, hoat ddng cua CRV sau dd cung khong the md rdng \ a gap nhieu khd khfin ti/ong ttf nhtf Vielnam Credit.
Njihi dmh so 88/2014/ND-CP cua Chinh phu.
Quy dinh \ e dich vu Xep hang tin nhiem cd hieu Itfc ki} Itf ngay 15/11/2014 dtfdc xem la quy dmh phdp luai hoan chinh dau lien ve boat dong CRA lai thi tnrdng Viet Nam Nghi dmh quy dinh rdrang cfic doanh nghiep xd'p hang bdt budc phdi dtfdc cap Giay chtfng nhan dii dieu kien kinh doanh theo quy
dinh. khdng cdn cfic doanb nghiep ttf phfil hanh cdc bao cfio XHTN hay cdng bd'thdng tin \ e ket qua XHTN nhu'trong cfic giai doan trtfdc.
-MdL dil cfic qu> dinh \ e dieu kien kinh doanh difa ra khfi rd. tuy nhien trong 3 nam. iCf nfim 2014 den giffa nfim 2017. khdng cd ba'l k\ DCRA nao dtfdc thanh lap tai Viet Nam. phan finh stf khd khfin trong thu hiit cfic nhfi dau IU vao mdt thj tru'dng mdi me.
Den nea> 21/07/2017. Bd Tai chinh mdi cap phep cho doanh nghidp dau tien d Viet Nam thtfc hien djch vu XHTN la Cdng ly Co phan Sai Gdn Phat Thinh Rating (PTR). PTR nhanh chdng dtfa ra thi trtfdng cac dich vu la XHTN doanh nghiep \a XHTN cac cong cu nd. Tiep theo dd. PTR cung cdng bd' ve cac dich \ u khfic cd the thtfc hien nhtf giam sfit XHTN. nghien ctfu thi tru'dng. cung cap giai phfip quan tri nii ro tin dung, phan tich dfinh gifi vfi bao cao chuyen sau doanh nghiep.. PTR cung cdng bd mtfc phi ddi vdi cfic dich vu XMTN td chtfc phfit hanh. XHTN trai phieu dfii han, XHTN td chtfc bao Ifinh. Tuy nhien, den cud'i nfim 2019. PTR mdi cdng bd' ke't qua xdp hang cua 2 doanh nghiep la khfich hfing ciia hp. so Itfdng kha khiem ton sau hdn 2 nfim hoal ddng.
3. So sanh vdi hoat dOng ciia DCRA tai cfic quo'c gia chau A va mpt so'khuyd'n nghj dd'i vdi
\ielNamfS(i/i,!,' /)
Tai tifng qud'c gia chau A, quy dinh phap iy dtfdc quan tam la cd hay khdng bat huge thtfc hien XHTN ddi vdi cac chu the lham gia Iren Ihi in/dng vfi cac nghia \u nd. Tdng hdp ttf ACRAA (2016) va ACRAA (2018) cho thay, da sd la yeu cau bfit budc phai cd kei qua XHTN ddi vdi phat hfinh dai chung cac trai phie'u doanh nghiep va khdng bfit budc xep hang vdi phat hfinh rieng le. Sau khung hoang lai chinh nam 2008. Hoa Ky, Nhal Ban. EU da stfa ddi chinh sach vdi CRA de thiic da\ canh tranh. Tuy nhien. he thdng yeu cau cap phep chfit che vfin di/dc fip dung tai cac qud'c gia chau A.
Viec trao ddi quan diem dtfdc thtfc hien gitfa cfic cd quan CRA mdt each ihtfdng xuyen tai cfic stf kien nhtf cfic cudc hpp cua ACRAA. Pham vi xep hang cua cfic CR.A tai chau A cung kha da dang.cd the khdng gidi han trong MCC XHTN trai phieu doanh nghiep. trai phid'u Chinh phii mfi cdn dtfdc cho phep xdp hang cho mdi loat cfic cdng cu nd.
thtfdng phidu. khoan nd ngan hang,, iheo tidu chi quy dinh ciia ttfng qud'c gia (The 21 si Centur\
Public Policy In^iitute. 2011).
So 11 -Thang 5/2020 321
TAPCittKTiniK
Bdng 1. Quy Ofrih c u a c a c
....
QuScgis Bahrain Bangladesh
qufic gia chdu A vd ySu ciu sOt d y n g XHTN d o a n h n g h l ^ P Quy d|nh xep hong
Traiphi«u (phai hanh dai Chung) Kh6ng*
OS AlDO 1 Co Indonesia
Nh$t Ban
Han Qufic
Malaysia Paltistan Tfung Qu5c Philippines Thai Lan ThiNhTKif Bdi Loan (Tnjng Qudc)
Co Kh6ng-
Co'
Kh6ng' C6' 06 C6 Co Kh6ng Khdng"
TraipHtu ( p h i t h M i rieng li)
Khdng
ca
Cd Khdng Khdng
Khdng
Khong
Cd Khdng Khdng Khdng Khdng Khdng
Ghichu ,
' Cd yeu c5u vdi cac ngSn hang, cdng ty b^o hi^m
• TiSi thigu dupc XHTN bdi 2 CRA.
* Trii cSc trai phiSu ni§m ySt t$i Tokyo Pro-Bond Mariset \i bSt budc XHTN.
* Ydu cSu cd nhilu ket quS xSp h?ng va XHTN bao gSm c i cic thuong phiSu, giSy Id cd gia.
* TnJdc 2017 l i b i t budc xdp h?ng t i t c i , hi#n t$i l i khdng i p dyng trO trudng hop l i trii phi^u vS Sukuk b i n cho nhi diu tU c i nh3n.
' Ch! dupc phdp phit hinh khi xgp hang tU BBB trd Idn.
• Khdng b i t budc XHTN trSi phiSu nhung vSh phii diing XHTN doanh nghidp d€ thay thd.
NguSn: ACRAA (2016). ACRAA (2018) Theo ACRAA (2016), da sdcfic qudc gia chfiu
A da cd thanh lfip DCRA. Tiiy Ihudc vfio quy md th) tnfdng vfi nhu cau phfit tridn ma so Itfdng CRA cd thd ttf 1 den 7 td chtfc, tham chi nhieu hdn do cd cfic DCRA khdng gia nb^p hi#p hOi, khdng cd thdng tin pho bid'n trdn Ihi trtfdng qud'c td. Ngofii ra, cdn cd stf tham gia ctia cac GCRA tai cac thi trtfdng nfiy thdng qua tham gia trtfc tie'p xdp hang ho$c lien doanh, gdp vdn vdi cfic DCRA.
Cfic DCRA dtfdc thfinh lap trong khoang hdn 30 nfim trd lai day tai chau A. CRA lau ddi nhiTt Ifi KR cua Hfin Qudc (1983) vfi gtn dfiy nha't Ifi NCRL (2010) tai Bangladesh. Thdi diem nd rd cua DCRA t^i chfiu A la d dau thap nidn 90. Dau nfim 2000, sau cupc khung hofing tfii chinh chfiu A. chi cd hai cd quan CRA mdi dtfdc ihfinh lfip v"i nhflng ldi chi irich cho cung cap XHTN khdng chinh xfic ciia cac CRA trong giai doan nfiy. Sau dd. Ngfinh XHTN chau A chtfng kien stf ra mil ciia ACRAA
(Hidp hdi Cfic td chtfc XHTN Chfiu A) nfim 2001.
di/a trdn nen tang hd trd ciia Ngfin hfing Phfit trien chfiu A (ADB). Hidp hpi nfiy da cd nhffng hfinh ddng cu thd dd thdng nhfi^t tidu chuIn xdp h^ng, cfii thidn mtfc dd chlnh xfic cua bfio cfio.
Cfic qudc gia chfiu A da sd cd dinh htfdng b^t budc xdp hang. Cd quan qufin Vj' dinh htfdng theo htfdng khuydn khich hoat ddng CRA vfi thi trtfdng trfii phidu phfit trien mdi tao ra cd hdi ldn dd CRA phfit tridn boat ddng. Cfic td chtfc DCRA nfiy d^u thfinh lap trtfdc PTR tai Vidl Nam, hogit ddng cOa cfic td chtfc nay cung ngfiy cfing tSng ldn vd sd lifdng. Vdi cfic qudc gia cd quy md thj trtfdng ldn.
CRA da dtfdc thfinh lSp_,tff nhffng nfim 1970 - 1980 - nhtf Trung Qudc, An Dp - thi so ludng chii thd dtfdc xdp hging cd the ldn de'n hfing nghin, Tai thi trtfdng nhd hdn nhtf Philippines hay Bahrain sd' ltfdng chii thd dtfdc xdp hgng cung gan 100 (Bfing 2).
322 Stf 11 - Thang 5/2020
TAlCllM-KAliUlK-lAlHfM
Bdng 2. Danh sach DCiiA d o a n h n g h i f p tgi c d c q u d c gia c h d u A
QuScgia
Balvan
Bangladesh
AiSd
Indonesia Nhit Bin
Hin Qudc
Malaysia
Pakistan
Tmng Qudc
Philippines Oil Loan (Tmng Qudc) Thii Lan TMNhlKy
CRA
IIRA CRAB CRISL ECRL NCRL
Acuite BWR CARE Ratings CRISIL ICRA PEFINDO JCR KR NICE MARC RAM Ratings JCR-VIS PACRA
CCX LCR Dagong FECR Golden Shanghai Brilliance
PhllRatings
TRC TRIS Rating JCR-ER
Nim thinh lip
2002 2003 1995 2009 2010
2005 2007 1993 1987 1991 1993 1985 1983 2007 1995 1990 1997 1994
1992 2000 1994 1988 2006 1992
1985 1997
1993 2007
TiV ad chlnh
Bahrain Dhaka Dhaio Dhaka Dhaka
Mumbai Bangalore Mumbai Mumbai Gumgram Jakarta Tokyo Seoul Seoul Kuala Lumpur Kuala Lumpur Karachi Lahore
Beijing Beijing Beijing Shanghai Beijing Shanghai
Manila
Taipei
Bangkok Istanbul
S o l u m chu lh<
dadu^cxgph^ng
39 11,000t 22.688 11,715 6,684
50,0X1+
15,000 -7,800 26,000+
6,393 694 729 504 558
88 246
236 208
4,000+
1,000+
n.a.
56 824 1,680
75 171
196
eia chl vnbelts c6ng b&kSt qui XHTN
htlp://iifating.com/
http://crab.com.bd/
htlp://www.crislbd.com/
http://emeigingrating.com/
http://www.ncrbd.com/
https://www.acuite.in/
http://www.brickworkiatings.com http://www.careratings.com/
http://www.crisil.com htlp://www.icra.in/
http://www.pefindo.com https://www.jcr.co.jp/en/
http://www.korearatings.com http://eng.nicerating.com http://www.marc.com.my/
http://www.ram.com.my/
hltp://www.jcrvis.com.pk/
http://www.pacra.com/
http://www.ccxi.com.en/enhttp://ww wJhratings.com/
http://en.dagongcredit.com/
http://www.sfecr.com/
http://www.dfratings.com/
http://shxsj.com/en/
http://philratings.com.ph http://www.taiwanratings com
http://trisrating.com
20O+ http://www.jcrer.com.tr
Nguon: ACRAA 12016). ACKAA 12018)
So 11 - Thdng 5/2020 323
UPoiciKTmK
3. Danh gia \a mdt sd khuydn nghj cbo phit tridn thj trrfefng XHTN doanta nghidp Vidt Nam Bdi cinh ihtfc td cua cac CRA tai Vidl Nam trong 2 giai doan tftfdc vk sau th^ng 11/2014 da chi ra. mtfc dd phdt trien cua thi trtfdng XHTN doanb nghidp d Vidt Nam mdi chi dang trong nhftig giai doan khdi dau.
Ve mtfc dd tin ttfdng, uy tin vk danh tidng ciia ciic t6 chtfc cd hoat ddng xdp hang tai Vidt Nam trong thdi gian qua 6iu khdng tao lap dtfOc niem tin trdn thi trtfdng. Nguydn nhan chiS ydu do cdc td chtfc niiy cd quy md nhd, sd Itfdng chuydn gia it, khdng cd cic chuydn gia dii uy tm trong ddnh gid.
Ddng thdi. do thj trtfdng diidu cdc quy dinh dinh htfdng va hoat ddng thidu hi^u qui ciia cdc td chtfc ndu trdn ndn dan den tinh trang hotii nghi, khdng tin ttfdng, tham chi 1^ phdn ddi hoat ddng ciJa cdc td chtfc dd.
Sau khi PTR dtfdc cdp phdp thanb lap vk nhanh chdng di^ ra thdng tin cd bdn, 6iy d6 ve hoat ddng XHTN doanh nghidp da tdc ddng it nhidu ddn thi trtfdng. Vdi cdc quy dinh phdp ludt rd rdng hdn, vi^c ra ddi mdt DCRA tudn thii cdc quy dinh ciia Chfnh phu vd dtfdc cap phdp chinh thl^c Id mpt btfdc tidn ldn cho thi trtfdng XHTN doanh nghiep cdn sd khai ciJa Vi^t Nam. Tuy nhidn, vide phdt tridn djch vu nay van chdm va g^p nhieu khd khdn.
Thdng tin vi XHTN tai cdc qudc gia chdu A cung gdp phan dtfa ra thtfc trang ve "xudt phat chSni" cua thi trtfdng Vidt Nam so vdi khu vtfc cd v^ sd ltfdng va chdt Itfdng. Cd the thay, Nghi dinh 88/ND-CP cua Chinh phd da cd nhtfng phan thich tfng va ttfdng ddng vdi cdc quy tdc thdng nhat d nhffng qudc gia chdu A khdc. Mdu thudn ldi ich, pham vi dp dung cda hoat dpng XHTN, tidn tnnh xdp hang.... da cd cdc quy dinh dinh htfdng ro rdng trdn thi tnrdng.
Tuy nhidn, ttf ban hdnh quy dinh dd'n viec dp dung Ihtfc td cdn nhieu khd khdn do thi trtfdng
XHTN doanh nghidp ndi ridng \ .Mig XHTN ndi chung v5n cdn khd mdi md. Bd Tai chfnh cfin phdi tidp mc nghidn ctfu vd tid'n ldi ban hdnh quy dinh chi Udt lira chpn cdc td chtfc doc l^P cd uy tin, phtfdng phdp khoa hpc dd cdn;j nhan kdt qud XHTN cua hp vd dd kdt qua xep hang dtf^c stf dung rdng rai nhirUy ban chtfng khodn Hoa KJ - SEC vd cdc qudc gia khdc da thtfc hidn thdnh cdng.
Dong thdi, hoan thidn quy dinh phdp 1^ dd thu hut stf quan tdm cua cdc td chtfc trong vd ngoai ntfdc dd thanh l|p them CRA tai Vi^t Nam.
Cdc quy dinh ve dp dung XHTN doanh nghidp trdn thi irtfdng, d§c bidt Id thi trtfdng trdi phidu vdn dtfng d mtfc khuydn khich. Diiu ndy dSn ddn mot vdng trdn Idp lai: Thi trtfdng trdi phidu se ldm tdng nhu c^u thtfc hi0n XHTN khi cdc CRA vd cd sd h? ting lien quan ddn XHTN dd dtf^c phdt trien, trong khi cdc CRA vd thi trtfdng XHTN doanh nghidp se chi phdt tridn khi cd nhu clu thtfc sif rd rdng trdn thi trtfdng trdi phidu. Dd phd vd vdng trdn Idp lai dd, cdc qudc gia Itfa chgn nhilu gidi phdp ddng bg, trong so' dd Id siJ dung cd chd cda ly thuyet danh tidng vd phdt tin hi$u vdi ydu cau bit budc thtfc hi^n xdp hang ttf CRA dtfdc chtfng nhdn dd cdng bd ra cdng chung mtfc dd rui ro trtfdc khi phdt hdnh.
Vide dinh htfdng cua Chinh phii ve vide cd tdi thidu hai td chtfc DCRA dat yeu cau tai Vi§t Nam ddn ndm 2020 dd cdc ddt phdt hdnh trdi phidu ciJa doanh nghidp d i u phdi dtfdc XHTN, dang gdp nhilu thach thtfc. Vi vdy, khuydn nghi t^o 1$ trinh d l hinh thdnh cd sd phdp If v l vide bdt budc xdp hang tin nhidm khi phat hdnh trdi phidu doanb nghiep Id diiu cin thidt. Diiu ndy sd cd ldi ldn trong viec bao vd cdc nha diu ttf khdng chuydn nhtf nhd diu ttf cd nhdn, cdc doanh nghipp sdn xuat kinh doanh khitham gia thi trtfdng vd gia tdng kJ ctfdng cua thi trtfdng trdi phidu dang phdt tridn ndng tai Vidt Nam irong thdi gian gan ddy •
TAI LI$U THAM KHAO:
1. Association of Credit Rating Agencies in Asia (2016). Asia Credit Rating Guidebook. ACRAA PunliLati.m 2. Associaiion of Credit Rating Agencies in Asia (2018). A.sia Credu Rating Guidebook-20lfi i ,,..,, .^r Publicauon.
324 S^ 11 - Thdng 5/2020
TAICIM-KAllAn-lAlllfH
3. Asian Envelopment Bank (2018). ASEAN-^3 Btmd Market Guide 20)8: Viet Nam. ADB Publication Stock (te.TCS189569-2
4.CRVI2O\0).BdocaothltSmgniinclilsotinnhiimViitNam2010.tiXB'WliBa\
5. HNX (2016). De tin Phdt triin thi trttcmg Trdi phliu doanh nghiip tai Vifl Nam. Uy ban ChiJng khodn nhS tttiOc.
B$ Tii chinh.
6. U Quang Cudng (2007). XSy dlftig m6 Hnh to chtfc dinh miJc tin nhi^m tf Viet Nam. Tap cht Phdt Irien kinh 1^.
7. Tang. T. T. (2009). Information asymmetry and frrms" c r ^ t market access: Evidence from Moody's credit rating fonnal refinement. Journal t^ Financial Economics, 93(2). 325-351. 8. The 21sl Cenniry Public Policy Inslilule (2011). Asiait Btmd Market Developmem and Regional Fintmcitd Cooperatitm: Study Crimp Report.
AsianBondsOniine - Asian Development Bank.
Ngiy nhiin bai: 17/4/2020
Ngity phan bi^n (Unh gii vi sia chila: 2«/4/2020 Ngiy cU(p nhjnding bii: g/5/2020
Thdng lin ttic gid:
ThS. NGUvf N TRUNG HIEU
Giang vi6n, Khoa NgSn hing, TriJcIng D»i hpc Ngin hing TP. Hi Chi Mmh
THE PERFORMANCE OF VIETNAMESE CREDIT RATING AGENCIES COMPARED TO OTHERS
IN ASIAN COUNTRIES
• Master. NGUYEN TRUNG HIEU Lecturer, Faculty ot Banking, Banking University ot Ho Ctii Minh City
ABSTRACT:
This study carried out a realistic assessment of credit rating agencies (CRAs) in Vietnam before and after tlie promulgation of Decree 88/2014-ND-CP in November 2014. This study's findings siiow that CRAs in Vietnam is at an early development stage, in comparison 10 weU-established CRAs in other Asian countries. As a result, it is important for CRAs in Vietnam to have stronger and more sustainable development orientations.
Keywords: Credit rating agency, credit rating, Viemamese enterprises.
Scf 11-Ttidng5/2(320 3 2 5
