* 6-MONTH SURVEILLANCE RATING OPINION (First year of monitoring): vnBB
* OUTLOOK: Adverse
* DATE OF RATING CERTIFICATION ISSUANCE: December 12, 2025
* Business line: Tourism
* RATING COMMITTEE:
Mr. Bui Van Long, MSc
Mr. Nguyen Duc Phu, MSc
Ms. Bui Thu Huong, MBA, CFA
* ANALYSTS:
Ms. Do Phuong Lan, MDE
Ms. Nguyen Kim Chi, BA
* INFORMATION OF INTEREST CONFLICT
– Saigon Ratings’ share ownership in Crystal Bay Vietnam JSC: None
– Saigon Ratings’ bond ownership in Crystal Bay Vietnam JSC: None
– Saigon Ratings’ other debt instrument ownership in Crystal Bay Vietnam JSC: None
– Saigon Ratings employee’s share ownership in Crystal Bay Vietnam JSC: None
Saigon Ratings is committed to the implementation of credit rating independently and objectively.
Saigon Ratings issued a credit rating report as a reference information; it is not an investment or capital contribution recommendation for debt instruments issued by the rated company (Crystal Bay Vietnam JSC)).
