Shareholders of Saigon Securities Inc on April 25 approved the company’s expansion into derivatives trading, which has yet to begin in Vietnam, however.
SSI's new business will cover derivative securities brokerage, proprietary trading, consultancy as well as clearing and settlement service. (Photo cafef.vn)
HCM City (VNA)ꦕ - Shareholders of Saigon Securities Inc on April 25 approved the company’s expansion into derivatives trading, which has yet to begin in Vietnam, however.
A circular issued by the Ministry of Finance in January stipulates that a securities company must obtain approval from its shareholders to begin derivative trading.
SSI derivative trading will cover broking, proprietary trading, consultancy and clearance and settlement services.
The company will also issue covered warrants once legal regulations are in place.
The shareholders’ meeting where approval for derivatives trading was obtained also agreed on a revenue target of 1.43 trillion VND (64 million USD) this year and pre-tax profit of 950 billion VND.
Last year they were respectively 1.33 trillion VND and 1.06 trillion VND.
The company had the highest market share on both the HCM City and Hanoi exchanges with a combined 12.13 percent.
Company Chairman Nguyen Duy Hung highlighted the success of its investment banking services, with its clients including property developer Novaland, which raised 1 trillion VND in the stock market, Digiworld (250 billion VND) and Quang Ngai Sugar Company, which sold almost 300 billion VND worth of stakes to foreign investors.
Its investment banking services fetched revenues of 57 billion VND, up 125 percent from 2014.
Its SSI Asset Management Company was the first domestic fund to raise money from European institutional investors, using the undisclosed sum to establish the Andbank Investment SIF – Vietnam Value and Income Portfolio.
It also raised 32 million USD in cooperation with Japanese partner Daiwa Securities Company for the DAIWA-SSIAM Vietnam Growth Fund II LP, which focuses on private companies operating in the agriculture, aquaculture and consumer goods sectors.-VNA
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A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
SSI's new business will cover derivative securities brokerage, proprietary trading, consultancy as well as clearing and settlement service. (Photo cafef.vn)
