VASC to launch country’s first credit rating agency

06-Jun-2005 Intellasia | 03/Jun/2005 Saigon Times Daily page 1 | 2:42 PM Print This Post

VASC Software and Media Co will inaugurate Vietnam’s first corporate credit rating agency on June 4.
The Credit Ratings Vietnamnet Centre, or CRVC, has a board of 15 economics professors who will assess company’s financial status and creditworthiness.
The agency will also advice companies how to stay on track and warn them of possible risks in their financing, CRVC director Phan The Hai said on June 2.
“Listed and to-be-listed firms need an independent body to publicly attest to their health,” he said. “A good rating may increase their shares’ values and make it easier for them to get bank loans.”
CRVC has reached a deal with the central bank’s Credit Information Centre to share the centre’s database, which commercial bank wanting information about their clients have already found very useful, Hai said.
CRVC fees start at US$1,000 for a smallish business and go up from there.
CRVC takes into account the rating criteria of such international agencies as Standard & Poor’s, Fitch Ratings and Moody’s to ensure that its evaluations are reliable and universal.

 


Category: Business

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