FiinRatings
FiinRatings is a Vietnam-licensed credit rating agency and the only CBI-authorized green bond verifier in the country, operating within FiinGroup under S&P Global-transferred methodology. It serves corporate bond issuers, institutional investors, and financial institutions with credit ratings, investor analytics, and sustainable finance verification.
- Company typePrivate
- Founded2020
- HeadquartersHanoi, Vietnam
- Headcount51–100
- GTM typeB2B
- OfferingServices
What FiinRatings does
FiinRatings is a licensed credit rating agency headquartered in Hanoi, Vietnam, operating as a member company of FiinGroup and a strategic technical partner of S&P Global Ratings. Founded between 2018 and 2020, the firm is licensed by Vietnam's Ministry of Finance to provide credit rating services and is the first and only entity in Vietnam authorized by the Climate Bonds Initiative (CBI) to verify and certify labelled green bonds under the Climate Bonds Standard.
The company's product platform comprises three core service lines: Credit Rating (Xếp hạng Tín nhiệm), providing independent assessments of issuers and debt instruments aligned with S&P-transferred methodology covering 50+ Vietnamese industries and sub-industries; Investor Services (Dịch vụ cho Nhà Đầu tư), offering enterprise credit evaluation, industry analysis, and portfolio risk monitoring; and Sustainable Finance Services (Tài chính Bền vững), delivering independent second-party opinions for green, social, and sustainability bonds compliant with ICMA Green Bond Principles and CBI standards. The platform is supplemented by recurring research publications including BondXpress and Industry Spotlight sector reports. Underlying technology rests on FiinGroup's standardized financial database and the transferred S&P methodology, supported by an analyst team with deep local market expertise.
FiinRatings generates revenue through a B2B professional services and subscription-recurring model, charging negotiated per-engagement fees to corporate bond issuers for rating assessments, sustainable finance verification fees, and recurring subscriptions from institutional investor clients. The firm serves three primary customer segments — Corporate Bond Issuers, Institutional Investors, and Financial Institutions — concentrated in Vietnam's debt capital markets, with disclosed credentials including 80+ rated enterprises, 334 trillion VND in cumulative rated corporate bond issuance, 392 trillion VND in AUM from funds using its investor services, and a 50% share of independent green bond evaluations in 2024–2025. Go-to-market is direct enterprise field sales complemented by conferences, research distribution, and referral networks from international partners including the World Bank, IFC, ADB/CGIF, and S&P Global.
FiinRatings firmographics
Firmographics- Name
- FiinRatings
- Legal name
- Công ty Cổ phần FiinRatings
- Website
- https://fiinratings.vn
- Company type
- Private
- Founded year
- 2020
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- FiinRatings is a Vietnam-licensed credit rating agency and the only CBI-authorized green bond verifier in the country, operating within FiinGroup under S&P Global-transferred methodology. It serves corporate bond issuers, institutional investors, and financial institutions with credit ratings, investor analytics, and sustainable finance verification.
- Ownership category
- akta.pro rank
FiinRatings industry classification
Industry- Product category
- Credit Rating Services
- NAICS
- Credit Bureaus (561450)
- SIC
- Services-Consumer Credit Reporting, Collection Agencies (7320)
- akta.pro primary industry
- Credit Bureaus & Consumer Credit Reporting Agencies (FSAKAKAA)
Keywords
Where FiinRatings is headquartered
LocationHeadquarters
- HQ city
- Hanoi
- HQ country
- Vietnam
- HQ region
- Asia
Offices2 records
Markets served
FiinRatings business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure
Revenue model
- Credit Rating Services: Fees charged to issuers for credit rating assessments of organizations and debt instruments. Rating services are provided for corporate bond issuers across Vietnam's credit market.
- Sustainable Finance Verification Services: Independent second party opinion (SPO) and green bond verification services for sustainable finance instruments, frameworks, and transactions. Includes pre- and post-issuance reviews.
- Investor Services: Credit evaluation, industry analysis, and portfolio risk monitoring services for investors to support accurate and effective investment decisions.
Go-to-market motion1 record
Distribution channels3 records
Marketing channels5 records
FiinRatings product offering
Product offeringCore offering
FiinRatings provides independent credit rating assessments for issuers and debt instruments under Vietnamese standards, sustainable finance verification services (green, social, and sustainability bonds; framework and post-issuance reviews) compliant with ICMA and Climate Bonds Initiative (CBI) standards, and investor services covering enterprise credit evaluation, industry analysis, and portfolio risk monitoring. All services are built on a credit risk methodology transferred from S&P Global Ratings and FiinGroup's large standardized financial database.
Product overview
FiinRatings operates as a unified credit rating and sustainable finance platform offering three core services: Xếp hạng Tín nhiệm (Credit Rating) for issuer and debt instrument assessments, Dịch vụ cho Nhà Đầu tư (Investor Services) for portfolio risk monitoring, and Dịch vụ Tài chính Bền vững (Sustainable Finance Services) for green bond verification. The platform is supplemented by research publications including BondXpress market reports and Industry Spotlight sector analyses, delivered as integral components of the service ecosystem.
Differentiator
Problem solved
Functional benefit
Products and services
- Credit Rating (Xếp hạng Tín nhiệm) Independent credit rating assessments for issuers and debt instruments under Vietnamese standards, helping enterprises build market credibility and expand capital-raising opportunities. Built on a credit risk methodology transferred from S&P Global Ratings and standardized across 50+ Vietnamese industries and sub-industries.
- Investor Services (Dịch vụ cho Nhà Đầu tư) Enterprise credit evaluation, industry analysis, and portfolio risk monitoring services delivered to funds, insurers, banks, and institutional investors to support accurate and effective investment decisions on Vietnamese credit and equity.
- Sustainable Finance Services (Dịch vụ Tài chính Bền vững) Independent assessments for sustainable finance instruments, frameworks, and transactions, including green bond framework verification (Second Party Opinion), post-issuance allocation and impact report evaluation, and ESG framework assessments, compliant with ICMA Green Bond Principles and CBI Climate Bonds Standard.
- BondXpress (Vietnam Corporate Bond Market Reports) Monthly and annual corporate bond market reports providing issuance data, market analysis, and outlook for Vietnam's debt capital market, published via the FiinRatings website and distributed to investors and market participants.
- Industry Spotlight Reports (Tâm điểm Ngành) In-depth industry analysis and research reports covering key sectors in Vietnam including banking, cement, consumer finance, and renewable energy, published as part of the firm's investor and public research offering.
Quantifiable outcome
- 50% of green bond issuances in 2024–2025 had independent evaluation by FiinRatings
- +3 more outcomes
Companies that use FiinRatings
Customer profileNamed customers8 records
Segments3 records
Ideal customer profiles3 records
FiinRatings technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
FiinRatings partnerships and signals
Strategic signalPartnerships
Seven partnerships are on record, tiered major, core and supporting.
- Vietnam Bankers Association (VNBA)majorFiinGroup and IFC collaborated with the Vietnam Bankers Association (VNBA) to organize the Data Products and Analytics Seminar for Financial Institutions, part of the BIIA's event series in Hanoi.
- International Finance Corporation (IFC) / World Bank GroupmajorFiinGroup collaborated with IFC, a member of World Bank Group, and S&P Global Market Intelligence to organize the 'Innovation in Banking and Finance Services for SMEs in Vietnam 2024' workshop, providing insights on SME credit risk management and financial services innovation.
- S&P Global RatingscoreFiinRatings is a member of FiinGroup and a technical cooperation partner with S&P Global Ratings. The methodology used by FiinRatings was transferred from S&P Global Ratings, ensuring transparency and consistency aligned with international standards. This partnership provides FiinRatings with global best practices in credit rating methodology.
- Climate Bonds Initiative (CBI)coreFiinRatings is the first and only organization in Vietnam authorized by the Climate Bonds Initiative (CBI) to verify and certify green bonds under the Climate Bonds Standard. This authorization allows FiinRatings to provide internationally recognized green bond verification services in Vietnam.
- International Capital Market Association (ICMA)coreFiinRatings provides green and sustainable bond verification services compliant with ICMA Green Bond Principles, ensuring alignment with international standards for sustainable finance.
- GuarantCo (PIDG Group)majorGuarantCo, a member of the Private Infrastructure Development Group (PIDG), provided full and unconditional payment guarantee for IDI's 1,000 billion VND green bond issuance, with independent assessment by FiinRatings.
- Global Green Growth Institute (GGGI)supportingGGGI supported IDI in building its Green Bond Framework, with independent assessment provided by FiinRatings under ICMA principles.
Scale indicators6 records
Recent moves6 records
Expansion highlights5 records
FiinRatings competitors and assessment
Company assessmentRegional players
- ICRA Limited: India's leading domestic credit rating agency, majority-owned by Moody's. Operates comparable corporate ratings, issuer advisory, and research products across a single large emerging market.
- MARC (Malaysian Rating Corporation): Malaysia's leading domestic credit rating agency. Operates an analogous three-pillar model - corporate ratings, sustainable finance verification, and investor research - within a single Southeast Asian market.
- Lianhe Ratings Global: China-headquartered international credit rating agency with cross-border bond rating capability serving Chinese and Asia-Pacific issuers - similar 'domestic leader with international partnership' DNA as FiinRatings.
- TRIS Rating: Thailand's leading domestic credit rating agency with established methodology and corporate issuer franchise across the Thai bond market - structurally analogous to FiinRatings' Vietnam position.
Broad incumbents
- Moody's Ratings: Global credit rating agency with significant Asia-Pacific presence, offering issuer ratings and sustainable finance services that compete for the same cross-border capital-seeking Vietnamese issuers and global ESG bond mandates.
- S&P Global Ratings: Global credit rating agency and FiinRatings' core methodology-transfer partner. S&P also operates a large sustainable finance / green bond verification franchise that directly overlaps with FiinRatings' SPO service.
- Kroll Bond Rating Agency (KBRA): U.S.-headquartered NRSRO with an active structured finance and corporate ratings franchise and growing sustainable finance mandate pipeline - comparable regulatory-license and methodology-driven profile.
- Fitch Ratings: Global credit rating agency with established offices in Singapore and Hong Kong, offering issuer and bond ratings that compete directly for the same pool of regional, USD-denominated issuers out of Vietnam.
Direct peers
- ISS ESG: Sustainable finance ratings and SPO provider serving bond issuers and institutional investors; competes for green bond verification mandates in emerging Asia.
- Sustainalytics: Independent ESG and sustainable finance second-party-opinion provider. Closest functional competitor to FiinRatings' green bond SPO and ESG fund assessment offerings across emerging markets.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat5 records
Key risks5 records
Key highlights7 records
Customer concentration
FiinRatings social profiles
Digital presenceFiinRatings financial estimates
Financial estimateRevenue estimate
Valuation estimate
FiinRatings leadership team
Management profileNumber of profiles
Profiles4 records
FiinRatings funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
FiinRatings M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about FiinRatings
What does FiinRatings do?
FiinRatings provides independent credit rating assessments for issuers and debt instruments under Vietnamese standards, sustainable finance verification services (green, social, and sustainability bonds; framework and post-issuance reviews) compliant with ICMA and Climate Bonds Initiative (CBI) standards, and investor services covering enterprise credit evaluation, industry analysis, and portfolio risk monitoring. All services are built on a credit risk methodology transferred from S&P Global Ratings and FiinGroup's large standardized financial database.
Is FiinRatings a public or private company?
FiinRatings is a private company. It is classified as corporate owned and is currently operating.
When was FiinRatings founded?
FiinRatings was founded in 2020. It employs 51 to 100 people.
Where is FiinRatings based?
FiinRatings is headquartered in Hanoi, Vietnam, in the Asia region.
How does FiinRatings make money?
Three revenue lines are on record. Credit Rating Services are the primary driver. The others are sustainable Finance Verification Services and investor Services.
Who are FiinRatings's main competitors?
Regional players on record are ICRA Limited, MARC (Malaysian Rating Corporation), Lianhe Ratings Global and TRIS Rating. Broad incumbents are Moody's Ratings, S&P Global Ratings, Kroll Bond Rating Agency (KBRA) and Fitch Ratings. Direct peers are ISS ESG and Sustainalytics.
Does FiinRatings have an API?
No public API is recorded for FiinRatings.
What industry is FiinRatings in?
FiinRatings's product category is Credit Rating Services. Its primary akta.pro industry code is FSAKAKAA, Credit Bureaus & Consumer Credit Reporting Agencies. Its NAICS code is 561450 and its SIC code is 7320.