In a recent development, Mr. Pham Phu Khoi has stepped down from his position as Chairman and Member of the Board of Directors of VIS Rating, effective December 17, 2024. This decision was made based on his resignation letter dated December 4, 2024.
The company has passed resolutions to accept Mr. Khoi’s resignation and relieve him of his duties, effective immediately. In the same vein, Mr. Nguyen Lam Dung, currently a Member of the Board of Directors, has been elected as the new Chairman for the term 2021-2026. His appointment takes effect from December 17, 2024.
Mr. Khoi’s departure from VIS Rating is not an isolated case, as he has also recently resigned from his position as Chairman of the Board of Directors of LPBank Securities (LPBS) since February 7, 2025. The reason for this move is to focus on his new role as Vice Chairman of the Joint Stock Commercial Bank for Loc Phat Vietnam (LPBank, HOSE: LPB). On the same day, he was appointed as Vice Chairman and Independent Member of the Board of Directors of LPBank.
Mr. Pham Phu Khoi, born in 1963, is an accomplished individual with a Master of Business Administration in Finance from the Wharton School, University of Pennsylvania, USA. Prior to that, he obtained a Master’s degree in Aviation Economics from the Riga Civil Aviation University in Latvia (formerly part of the Soviet Union).
With over 38 years of experience, Mr. Khoi has held several leadership positions in prominent financial institutions and banks, both domestically and internationally. His notable roles include Executive Vice President, Director of Financial Markets, and Director of the Center for Debt Asset Management at VPBank (VPB), as well as Chairman of VPBank Securities (VPBS). He has also served as General Director of ACB Securities (ACBS) and Managing Director at Bank of America Merrill Lynch in Singapore.
 Mr. Pham Phu Khoi
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Mr. Khoi’s successor at VIS Rating, Mr. Nguyen Lam Dung, is currently the General Director and Chairman of the Board of Directors of VPS Securities (VPSS). He holds a Master of Business Administration from HEC School of Management in Paris, France, and a Bachelor of Finance from Babson College in the United States.
Prior to joining VPSS, Mr. Dung served as General Director of Hanoi Housing Bank Securities Joint Stock Company. He also held the position of Investment Portfolio Manager and Market Analyst at P/E Investment LLC in Boston.
 Mr. Nguyen Lam Dung
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VIS Rating was established in November 2021 through a collaboration between Moody’s, a leading global credit rating agency, and several financial institutions in Vietnam. This initiative was driven by the Vietnam Bond Market Association. The organization received its license to provide credit rating services from the Ministry of Finance on September 18, 2023, becoming the third entity permitted to operate in this field.
According to their website (as of February 26, 2025), the company has a chartered capital of over VND 103 billion, contributed by 9 institutional shareholders. Moody’s Singapore holds a 49% stake, while the remaining shareholders include Dragon Capital Finance, ACB Securities (ACBS), Nam A Bank (NAB), VNDIRECT Securities (VND), VPS Securities, TNEX Finance Company MTV, Bac A Bank (BAB), and VPBank Securities (VPBankS).
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Shareholder Information of VIS Rating
Source: VIS Rating
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– 11:18 26/02/2025
“The TPB Code: A Consistently Recommended Prospect with a Stable Outlook”
With a robust Q1 financial performance, TPBank has received a VIS Rating of AA- for its creditworthiness. Leading securities firms such as VNDirect and SSI have also consecutively given a positive outlook for TPB stock.
“LPBank Achieves Long-Term Credit Rating of A+, Outlook ‘Stable’”
The long-term credit rating of A+ and Stable Outlook for LPBank reflects the financial institution’s robust financial health and operational performance. This assessment, conducted by VIS Rating Vietnam, underscores LPBank’s strong and sustainable asset quality, profitability, and capital safety.
