AsemconnectVietnam - FiinRatings has officially announced that it is maintaining its long-term credit rating for Vietcap Securities Joint Stock Company (VCI) at "A" with a "Stable" outlook.

This result not only reflects a solid financial foundation but also highlights Vietcap's absolute competitive advantage in cost of capital and its leading position in the Investment Banking (IB) segment.
A prominent strength in Vietcap's credit profile is its ability to raise diverse capital from domestic and international partners. By 2025, the company has a credit limit of up to VND33 trillion and a utilization rate of approximately 50%, indicating significant room for further business expansion.
In addition, VCI also has the advantage of accessing low-cost capital. Thanks to its strong reputation with domestic and international financial partners, Vietcap's cost of capital has decreased sharply from 7% (in 2024) to approximately 6% by the end of 2025.
This cost is equivalent to the median deposit interest rate of the banking industry, creating a competitive advantage and improving profit margins for VCI's core business activities.
Besides its strong capital base, the investment banking segment continues to be a core business that helps Vietcap solidify its position in the market. After making a significant mark in 2025 with high-profile IPO and listing advisory deals such as VPX, MCH, and HPA, Vietcap has already established a pipeline of large-scale advisory deals in 2026, notably the IPO advisory deals for Dien May Xanh (DMX) and Dat Viet (DatVietVAC).
The scale and quality of the pipeline of deals in 2026 continue to demonstrate Vietcap's hard-to-replicate competitive advantage in the equity investment banking (IB) segment, according to FiinRatings' assessment.
Vietcap's "stable" outlook also stems from its tight risk control strategy. In the margin lending segment, the company demonstrates a cautious approach by proactively reducing the concentration of outstanding loans – reducing dependence on large customer groups. Specifically, the proportion of outstanding loans from the 20 largest customers has decreased to 30% in Q1/2026 (compared to 40% in 2024). The loan-to-value ratio (LTV) is also maintained at a safe level of 26% by the end of 2025 and no bad debts have arisen.
Furthermore, Vietcap's financial health has been significantly strengthened as its equity increased from VND12,944 billion (in 2024) to VND18,010 billion (in 2025). Despite the substantial increase in capital, the company maintains a safe financial leverage ratio of approximately 1.0 times, providing a solid financial buffer against fluctuations in the stock market.
N.Nga
Source: VITIC/Dau tu Chung khoan