* SURVEILLANCE RATING RESULT (Third year of monitoring): vnBBB
* OUTLOOK: Stable
* DATE OF RATING CERTIFICATION ISSUANCE: December 08, 2025
* BUSINESS LINE: Packaging
* RATING COMMITTEE:
Mr. Le Hoang Quan, MSc
Mr. Bui Van Long, MSc
Ms. Bui Thu Huong, MBA, CFA
* ANALYSTS:
Mr. Nguyen Duc Phu, MSc
Ms. Nguyen Kim Chi, CFA
* INFORMATION OF INTEREST CONFLICT
– Saigon Ratings’ share ownership in Thuan Duc JSC: None
– Saigon Ratings’ bond ownership in Thuan Duc JSC: None
– Saigon Ratings’ other debt instrument ownership in Thuan Duc JSC: None
– Saigon Ratings employee’s share ownership in Thuan Duc 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 (Thuan Duc JSC).
