Vietnam Leading Stock Broker Gains Profit of VND300 Bln in 2008

Saigon Securities Incorporation (SSI), the biggest stock broker in Vietnam, was estimated to obtain profit of VND300 billion (US$17.6 million) last year, or 54.6 per cent of its plan set earlier 2008, SSI Chairman Nguyen Duy Hung was quoted by the Securities Investment newspaper as saying.

 

Hung said the profit figure of VND300 billion in 2008, though being much lower than VND855.8 billion in 2007, is significant in the context of the slumping stock market and economic difficulties last year.

 

The HCM City-based SSI is the only securities firm, out of four ones listed on the stock exchange, to post profit last year.

 

Bao Viet Securities (BVS), Kim Long Securities (KLS) and Haiphong Securities (HPC), which are listed on the Hanoi bourse, suffered losses of VND450 billion, VND300 billion and VND100 billion, respectively.

 

By the end of December 2008, foreign investors held a 32.28 per cent of convertible bonds in SSI. Japan's Daiwa Securities and Australia's ANZ Bank are two strategic foreign partners in the stock broker. (Securities Investment)