* CREDIT RATING OPINION (first-time): vnBB
* OUTLOOK: Stable
* DATE OF RATING CERTIFICATION ISSUANCE: July 11, 2025
* BUSINESS LINE: Real estate development
* RATING COMMITTEE:
Mr. Bui Van Long, MSc
Mr. Le Hoang Quan, MBA
Ms. Bui Thu Huong, MBA, CFA
* ANALYSTS:
Mr. Nguyen Duc Phu, MSc
Mr. Vu Thien Phong, ACCA, CFA
* INFORMATION OF INTEREST CONFLICT
– Saigon Ratings’ share ownership in Tien Phong Thai Binh Investment JSC: None
– Saigon Ratings’ bond ownership in Tien Phong Thai Binh Investment JSC: None
– Saigon Ratings’ other debt instrument ownership in Tien Phong Thai Binh Investment JSC: None
– Saigon Ratings employee’s share ownership in Tien Phong Thai Binh Investment 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 (Tien Phong Thai Binh Investment JSC).
