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Bank for Foreign Trade of Vietnam Oct 08
Standard & Poors, Oct 2008
Abstract
Narrow revenue profile and modest profitability Weak asset quality and capitalization Difficult operating environment Strong business position and franchise in the domestic banking industry Government support given its systemic importance to Vietnam The ratings on the Bank for Foreign Trade of Vietnam (Vietcombank) reflect the bank's narrow revenue profile and modest profitability, its weak asset quality and capitalization, and the difficult operating conditions. These weaknesses are partly offset by the bank's strong business position and franchise in the domestic banking industry and expectations of extraordinary government support, given the bank's systemic importance to Vietnam (foreign currency BB/Negative/B; local currency BB+/Negative/B). These strengths have allowed Vietcombank to better weather the current challenging operating environment (see 'Credit FAQ: Vietnam Faces Strong Pressures,...
Companies mentioned in this report are: Bank for Foreign Trade of Vietnam,Socialist Republic of Vietnam
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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