•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
SSI Securities Joint Stock Company (ticker: SSI) held its 2026 Annual General Meeting on April 23, 2026. Based on shareholder eligibility checks, as of 2:00 PM SSI had 163,615 shareholders holding 2.491 trillion shares. The meeting recorded 1,446 attendees representing 1.272 billion shares, equivalent to 51.08% of total voting shares, exceeding organizers’ initial expectations.
Chairman Nguyen Duy Hung opened the meeting, saying the AGM is taking place amid a complex global political environment. He pointed to domestic enthusiasm supported by strong growth efforts and government development goals. Hung noted that the government’s allocation of 39 quadrillion VND for development signals opportunities alongside challenges, and said upgrading Vietnam’s stock market is the next step in the country’s 26-year development journey.
He added that investors’ goals have broadened beyond trading and speculation toward asset accumulation, reflecting a shift in investment culture.
“This is a positive sign for a more sustainable stock market,” the SSI chairman said.
Nguyen Duc Thong, SSI’s CEO, presented the company’s 2025 results and the 2026 plan.
Thong said Vietnam’s 2025 GDP growth reached 8.02%, reflecting resilience amid global challenges. Monetary policy supported growth, with credit growth at 19% compared with 13.4% in 2024. He said the widening gap between liquidity growth and credit needs close monitoring in 2026, particularly as the VND remains weaker than some regional currencies.
On the market, 2025 ended at record highs. The VN-Index closed 2025 at 1,784.49 points, an all-time high and up 41% from the start of the year. Average daily turnover in 2025 reached 29.3 trillion VND (up 39.8% year-on-year), with a liquidity peak of 86 trillion VND on August 5. In derivatives, average daily trading value reached 40.3 trillion VND (up 48.9% year-on-year).
Despite foreign investors posting a net outflow of 135 trillion VND (up 46% from 2024), the market still delivered strong growth, supported by domestic capital. Thong cited 11.9 million brokerage accounts by end-2025 (about 11.6% of the population), ahead of the 2030 target of 11 million accounts.
SSI’s CEO said 2025 market success was supported by fundamentals, while momentum was driven by strategic inflection points. These included the successful operation of the KRX core trading system, which improved trading capacity and enabled modern financial products. He also cited FTSE Russell’s upgrade of Vietnam to a secondary emerging market, the launch of VN100 futures on 10/10/2025, and government resolutions and decrees (68-NQ/TW and Decree 245/2025) aimed at driving private sector growth, attracting foreign capital, and accelerating IPOs and listings.
As a result, SSI reported 2025 business results that exceeded the annual plan set at the AGM. In 2025, SSI recorded consolidated net revenue of 13,112 billion VND and after-tax profit of 4,107 billion VND, up 52% and 43% year-on-year, respectively. The company said this was the highest in its 25-year history. Equity stood at 38,531 billion VND as of 31/03/2026.
SSI also reported that its market share on HOSE reached a five-year high, with ROE at 13.3%.
Growth momentum continued into Q1-2026. SSI reported parent revenue up 46%, and consolidated pre-tax profit close to 1,600 billion VND. The company said more than 150,000 new customers opened accounts, bringing total trading accounts to nearly 805,000.
For foreign institutional clients, SSI said it signed multiple cooperation agreements with global brokers to facilitate smoother access for global investors. SSI also highlighted non-margin trading services that attract hundreds of foreign institutions, leveraging scale and fast processing to broaden its client base.
SSI said the SuperCore project makes it the first securities company to own a core derivatives trading system. The LFO core supports integration with strategic partners, intended to expand connectivity and operating capacity.
In digital transformation and operational optimization, SSI deployed S-Office, enabling online signing, approvals, issuance, and archival of documents. The company said this could save hundreds of man-days and reduce office costs.
SSI said it executed major fundraising in 2025, including a private placement of 3,256 billion VND to professional investors and raising USD 300 million via syndicated loans, described as the largest in history for a Vietnamese securities group.
The company also continued to act as advisor and arranger of capital for large deals, including advising on a private placement for BIDV (190 million USD), advising on public issuance of bonds for HDBank (400 million USD), and advising on public offerings and listings for CRV Real Estate and Taseco Land.
SSI said upsizing is a structural driver, while attention should be paid to interest rates and geopolitics. It noted Vietnam aims for around 10% GDP growth in 2026. Growth drivers cited include unprecedented infrastructure investment, steady FDI, the return of services to normal, and household consumption recovery supported by tax reform.
SSI expects the market to move in line with macro conditions and reform progress, with continued upgrade as a key structural driver in 2026. The leadership said Vietnam is on track to be included in the FTSE upgrade to a higher category, while MSCI remains a long-term strategic target. It said reform priorities include standardizing market operations, completing Non-prefunding (NPF) mechanisms, updating foreign investor regulations, simplifying market entry procedures, and preparing for CCP adoption.
SSI also said IPO activity is expected to remain vibrant, with companies from various sectors planning IPOs and listings on HOSE, which would increase supply and market depth.
SSI said market valuation may differentiate by sector and company, with re-rating in 2026. It cited risks including slower credit growth and potential rate hikes from a low base in 2025, alongside ongoing external geopolitical tensions that could affect macro growth and listed company profits.
Based on its analysis, SSI provided a VN-Index scenario around 1,800 with average liquidity of about 28,500 billion VND per session.
Looking ahead to 2026, SSI said it targets two-digit growth. The company set consolidated revenue at 15,660 billion VND (up 19%) and pre-tax profit at 5,838 billion VND (up 15%). SSI also outlined plans to continue expanding capital, aiming for 30,000 billion VND capital, and maintaining a 10% cash dividend with potential stock dividends to shareholders.
The AGM also discussed board changes and governance improvements, including the departure of Kosuke Mizuno and the appointment of new directors. The discussion covered potential upgrades to FTSE’s major indices, SSI’s relative advantages after an upgrade to FTSE’s new-emerging status, and continued emphasis on technology and risk management.
Notes from the AGM included questions about stock market upgrading timelines, SSI’s competitive positioning, risk management, margin lending dynamics, and the company’s plan to maintain leadership without promising stock price performance.
SSI reaffirmed its commitment to leading the market over the long term, focusing on scale, financial strength, technology investment, and a constructive relationship with domestic and international investors. The company said its 2026 plan centers on sustainable leadership through capital strength, technology, and market-building initiatives, supported by ongoing reforms and market upgrades.
Premium gym chains are entering a “golden era” that is ending or already in decline, as rising operating costs collide with shifting consumer preferences toward more flexible, community-based ways to exercise. Long-term memberships are shrinking, margins are pressured by higher rents and facility expenses, and competition from smaller, more personalized…
