On April 23, 2024, in Ho Chi Minh City, Saigon Ratings and CCXI – the largest credit rating agency in China (established and operating since 1992, with 30% of its capital owned by the international credit rating agency Moody’s) signed a memorandum of strategic cooperation.
Saigon Ratings and CCXI are committed to jointly implementing a strategic to contribute to the development of the bond market in Vietnam. Accordingly, both parties will exchange experiences in governance, operational management, and sustainable development of credit rating agency in Vietnam and China. They will exchange technology, engage in extensive professional cooperation regarding the assessment of credit ratings for Financial Institutions, Corporate, and Debt instruments in the market. They will also collaborate on research and expand financial activities in both the Vietnamese and Chinese markets. Additionally, Saigon Ratings and CCXI will collaborate to provide coordinated services in the field of green finance and ESG assessment for Vietnamese investors, international investors, and Chinese FDI investors in the Vietnamese market.
Saigon Ratings and CCXI signed a memorandum of strategic cooperation.
During the visit to Ho Chi Minh City, Mr. Yan Yan – Chairman of China Chengxin International, and the delegation met and the Saigon Ratings management and analyst team. Mr. Yan Yan stated that, based on the growth potential of Vietnam’s economy and bond market, as well as the bilateral relations and trade exchanges between China and Vietnam, strengthening cooperation on a broad scale would serve as a foundation to promote collaboration between the two parties.
Mr. Phung Xuan Minh – Chairman of Saigon Ratings, expressed that Vietnam’s bond market still holds significant growth potential. Moreover, based on the Vietnamese government’s target of achieving Net-Zero emissions by 2050, services related to green finance and ESG assessment in Vietnam have immense development prospects. Both parties demonstrated enthusiasm for multi-level cooperation in areas such as credit rating assessment for issuers and bonds, green bond certification, and ESG assessment. They also emphasized the importance of exchanging experiences, knowledge, and providing advanced training for analysts. Prior to this, both sides had exchanges regarding the developmental history of the bond markets in China and Vietnam, prospects for financial market development, regulatory environments, operations of credit rating organizations, and other relevant issues.
CCXI’s delegation communicated with SGR management and analyst team.
In recent years, CCXI has continued to strengthen its cooperation in Southeast Asia, engaging in exchanges with the Association of Credit Rating Agencies in Asia (ACRAA) and expanding its collaborative rating activities in the Southeast Asian region. On December 1, 2023, CCXI participated in the 2023 Annual Conference of ACRAA in Bangkok, Thailand, and during the 2024-2025 Board of Directors election, Mr. Yan Yan was reappointed as a member of ACRAA’s Board of Directors. Additionally, CCXI has conducted extensive working sessions with credit rating agency in Thailand, Vietnam, Malaysia, Indonesia, and other countries. Furthermore, CCXI has actively promoted bilateral cooperation on issues related to green finance assessment, technology exchange, market development research, and more to support Chinese FDI enterprises in investment, finance, and credit risk assessment activities in the Southeast Asian market.
