Bank for Investment and Development of Vietnam (BIDV) has been rated B2 for local currency and B3 for foreign currency by Moody's Investors Service. Photo dddn.com.vn

HA NOI (Biz Hub) — Moody's Investors Service ranked Bank for Investment and Development of Vietnam (BIDV) in 2013 as B2 for local currency and B3 for foreign currency, a press release reported on Tuesday.

The rating agency also issued an "E" for its financial strength rating and B2 for its issuer rating.

The outlook of the bank is evaluated as "stable".

This is the eighth year in a row that BIDV has been rated by Moody's.

After the first nine months of this year, total asset of the bank reached VND535.8 trillion (US$25.5 billion) and its profit after tax was VND3,115 billion ($148.3 million). However, BIDV had more than VND8.7 trillion ($414.2 million) in non-performing loans as of the end of September, though its non-performing loan ratio declined slightly to 2.5 per cent.

The bank has 127 branches with nearly 700 units in 63 cities and provinces throughout the country. — VNS