According to a bank representative, this is the first time since 2018 that S&P has upgraded Eximbank's rating, acknowledging the positive developments in sustainable profit growth and the restructuring process.

Ivan Tan, director of analytical and credit ratings (Singapore), stated that the bank's credit rating upgrade follows S&P's adjustment of Vietnam's Banking Industry Country Risk Assessment (BICRA) to group '8'. Along with this, Eximbank's Stand-Alone Credit Profile (SACP) was raised to BB-.

According to Tan, the bank will benefit from the country's continuous GDP growth trend, which will positively impact its financial situation.

Customers transacting at the bank. Photo: Eximbank

Customers transacting at the bank. Photo: Eximbank

S&P analysts noted that Eximbank's core strategy focuses on developing two main customer segments: retail and small and medium-sized enterprises (SMEs). As of 31/12/2024, retail loans accounted for 54% of the total outstanding loans of the entire system. This customer group also brings high-profit margins, contributing significantly to the bank's total profit.

S&P believes Eximbank's profit growth is stable and sustainable. The intensified restructuring efforts in recent years, combined with a rigorous appraisal process, have helped the bank improve operational efficiency and risk management. As a result, credit provision costs have also been reduced. The "stable" outlook provided by S&P is based on the expectation that the bank will maintain its current capitalization level over the next 12–24 months. Growth momentum during this period is expected to come from the established restructuring foundation.

At the same time, S&P also noted that Eximbank could be further upgraded in the future if its Risk-Adjusted Capital (RAC) ratio steadily increases and surpasses 10%. To achieve this, the bank needs to increase sustainable capital by improving profits and controlling credit growth.

In a previously published report, the international credit rating organization noted that Eximbank's return on assets (ROA) increased from 1.1% in 2023 to 1.5% in 2024, thanks to improved net interest margins and reduced capital costs. They forecast the bank's ROA will remain stable in the range of 1.25–1.35% over the next 12–24 months as the government encourages banks to lower lending rates to support businesses and economic growth.

S&P also assessed Eximbank's asset quality as being under control, with the non-performing loan (NPL) ratio decreasing to 2.5% at the end of 2024. The ratio of loans requiring attention and restructuring also decreased from 5% to 3.9%, showing positive results from the bank's credit risk control and bad debt handling measures. With this year's RAC ratio remaining stable around 5.2%–5.4%, the bank is considered to have a solid capital base to support credit growth in the coming period. The bank's credit growth is expected to reach 16%–18%, higher than the government's target growth rate for the entire banking industry (12%–15%).

S&P acknowledged Eximbank's flexibility in diversifying capital sources, prioritizing low-cost capital. Recent restructuring efforts have created a foundation for the bank to enhance its adaptability to changes and pursue sustainable development goals in the long term.

An Eximbank representative stated that S&P's credit rating upgrade to BB- is clear evidence of the bank's efforts in strengthening financial capacity, risk management, and sustainable development. The event is international recognition of the bank's achievements, demonstrating the trust of the market, partners, and customers in the comprehensive restructuring process that is reshaping Eximbank's operating model and vision.

The bank will continue to adhere to its development orientation based on three pillars: safety, efficiency, and sustainability. At the same time, Eximbank is committed to accompanying customers on their journey to increase value and contribute to the Vietnamese economy.

Bank leaders added that Eximbank is at a "hinge" stage for its plan to make a strong breakthrough in the 2026–2030 period. The bank is cooperating with international consulting firms and experts to comprehensively restructure the bank and develop medium- and long-term development strategies. The core strategy is customer-centricity, promoting digital transformation, and expanding the target customer base beyond the current core segments of individual and SME customers.

In addition, the bank recently announced its business results for the first 6 months of 2025, with pre-tax profit of 1,488.5 billion VND, a 0.97% increase compared to the same period last year. In Quarter II alone, pre-tax profit was recorded at 656.9 billion VND. Credit grew by 9.8% to 184,663 billion VND, and total assets reached 256,442 billion VND, a 6.95% increase compared to the beginning of the year.

One notable change in the repositioning strategy is Eximbank's preparation to move its headquarters to Hanoi. This move marks a strategic turning point in the restructuring process, helping the bank expand its nationwide coverage and strengthen its presence in the northern and central markets.

Hoang Dan