(*) Mr. Phung Xuan Minh – Chairman of Saigon Ratings.
Trustworthiness – The Foundational Value That Builds a Corporate Brand
After decades of experiencing the ups and downs of Vietnam’s financial sector, I have come to realize that the assets of an enterprise do not merely lie in high-rise buildings, modern production lines, or balance sheets filled with impressive profit figures. The greatest asset — the very factor that enables an enterprise to endure all pressures, storms, and hardships — is its “trustworthiness” in business operations.
I am truly inspired when looking back on the persistent journey of many Vietnamese enterprises, where trustworthiness, humanity, and resilience have helped them shape and grow their businesses, gradually becoming major brands in the region and across the globe. If trustworthiness is important in life, then in business, its decisive value is many times greater.
Trustworthiness in business has become an essential standard in the formation and development of a brand. Fully aware of this, many enterprises have chosen trustworthiness as a core value — the original and foundational element for all business activities throughout their journey of sustainable development. Preserving trustworthiness contributes to building and strengthening the confidence and credibility of partners and customers.
In the new era of the market economy, trustworthiness is no longer an abstract concept. It has been concretized, quantified, and valued through a powerful tool: Credit Rating.
Personally, I have always kept in mind that: “In a market economy, corporate silence is not golden; information transparency is the real diamond.”
Financial transparency through Credit Rating helps enterprises more easily access, build trust, and cooperate with potential domestic and international partners. At the same time, it opens up greater opportunities to attract medium- and long-term investment capital to achieve business development goals.
Reality shows that in many countries with developed market economies, Credit Rating has become part of business culture. Enterprises that are willing to “reveal” their financial health under the lens of independent credit rating agencies often demonstrate stronger resilience against crises of confidence. Just as diamonds require thousands of years of natural pressure to form their value, enterprises also need to withstand the “pressure” of strict financial risk management standards in order to become more valuable in the eyes of investors.
A fairly common misconception in Vietnam is that many enterprises only seek Credit Rating when preparing to issue bonds or when facing liquidity shortages. In reality, credit quality is not merely an indicator for assessing reputation and repayment capacity; it is also a strategic tool in risk management throughout the entire business lifecycle, helping reinforce the trust of partners and customers.
Imagine an enterprise as a ship sailing across the ocean. The captain cannot wait until a storm arises to inspect the hull or adjust the compass. Credit Rating serves as a “24/7 operational warning radar system,” helping the corporate vessel stay on course and safely reach its destination.
Start-up stage: Credit Rating helps enterprises build a standardized risk management foundation from the very beginning, forming a habit of complying with financial discipline and preventing potential risks.
Growth stage: Credit Rating serves as a benchmark for optimizing capital structure, helping enterprises clearly understand their own “value” when negotiating with capital providers, thereby accessing funding at the most reasonable cost.
Decline or volatility stage: Credit Rating acts as a “financial health report,” reassuring creditors, shareholders, customers, and partners that the enterprise is still firmly controlling the “steering wheel” amid numerous challenges.
The Three Pillars of Credit Rating: Independence – Objectivity – Integrity
These are the immutable principles that the leadership of Saigon Ratings consistently emphasizes in every internal meeting: “Under all circumstances, Saigon Ratings must never distort credit rating profiles. We only provide objective and reliable reference information on the financial health of issuers, in order to protect enterprises’ trustworthiness and investors’ assets.”
Independence: Saigon Ratings’ rating assessment process is completely separated between the business division and the analytical division. The professional opinions of analysts and the Rating Committee are paramount and are not influenced by service fees or any external factors.
Objectivity: All assessments are based on data-driven analysis and a scientific methodology system that is aligned with international practices and standards, and has been reviewed and approved by the Ministry of Finance.
Integrity: Integrity is not merely honesty or reliability; it is also a precious asset closely associated with the reputation of a credit rating agency brand and the sustainability of Saigon Ratings’ organizational culture.
Credit Rating: “Trustworthiness” – A Strategic Asset of Enterprises in the Market
Saigon Ratings [04/29/2026]
