* CREDIT RATING OPINION (first-time): vnBBB
* OUTLOOK: Stable
* DATE OF RATING CERTIFICATION ISSUANCE: September 26, 2025
* BUSINESS LINE: Real Estate Rental
* RATING COMMITTEE:
Mr. Bui Van Long, MSc
Mr. Le Hoang Quan, MBA
Ms. Bui Thu Huong, MBA, CFA
* ANALYSTS:
Mr. Nguyen Duc Phu, MSc
Ms. Diep Ngoc Yen, MSc
* INFORMATION OF INTEREST CONFLICT
– Saigon Ratings’ share ownership in Thu Thua Industrial Zone and Urban Development JSC: None
– Saigon Ratings’ bond ownership in Thu Thua Industrial Zone and Urban Development JSC: None
– Saigon Ratings’ other debt instrument ownership in Thu Thua Industrial Zone and Urban Development JSC: None
– Saigon Ratings employees’ share ownership in Thu Thua Industrial Zone and Urban Development JSC: None
Saigon Ratings is committed to the independent and objective implementation of credit ratings.
Saigon Ratings issued a credit rating report as reference information; it is not an investment or capital contribution recommendation for debt instruments issued by the rated company (Thu Thua Industrial Zone and Urban Development JSC).
