Message from the Chairman
Audited Consoliated Financial Statements Of 2019

Dear Valued Shareholders, 


We have just concluded the year of 2018 with a vibrant macroeconomic picture: The highest GDP growth rate since 2007 (7.08%), inflation curbed under 3.54% target threshold, tightened monetary policies (with a credit growth of 14%), stabilized exchange rate, and a record high of trade surplus - USD 6.8 billion. Meanwhile, Vietnam Stock Market experienced the highest volatility ever since the global financial crisis of 2008. The VN-Index peaked at record 1,211 points in April 2018, then declined sharply. At closing session of 2018, VN-Index dropped by 26.3% from its peak and 9.32% from the closing session of 2017. Global unstable events such as US - China trade war, interest rate raise by US FED, and signs of worldwide economic slowdown, etc. have detrimental effects on market psychology. Therefore, IPO and divestment efforts of state-owned enterprises slowed down in the second half of 2018. 


Vietnam Stock Market hit a harsh time where both local and foreign investors are wary. SSI has therefore faced many challenges in our business activities. However, with our business philosophy - loyal to sustainable development strategy, adapting to all market situations - SSI continued to exceed our target approved by the General Meeting of Shareholders, and met growth targets in all respects, e.g. market share, customer size, products & services, branch network, and personnel. In 2018, the Company recorded a total operating income and other consolidated income of VND 3,997 billion, growing by 30.9% year-on-year. Pre-tax accounting profit reached over VND 1,623 billion, growing by 15.5% yoy. Total assets grew robustly to reach VND 23,825.6 billion and owner’s equity reached approximately VND 9,156 billion. SSI has a healthy financial structure with high bank loans being backed by a large deposit balance as a reciprocal source. Operating expenses are tightly controlled for profit optimization. 


All Business Units have recorded their positive outcomes. Securities Services kept holding its No. 1 position over the years in terms of stock and fund certificate brokerage market share in both HOSE and HNX, at 18.70% and 11.89% respectively in 2018. Investment Banking is a popular name in many established awards, local and international alike, thanks to a number of record value deals and diversified transaction types. Treasury played an important role in managing the Company’s reserves efficiently, providing for liquidity, expanding cooperation with strong commercial banks, and pioneering in launching new products and services, e.g. structured products, corporate bond and VND interest rate swap (IRS). In 2018, SSI led the market in term of IRS revenue growth, at VND 8,000 billion. SSI Asset Management Co., Ltd. (SSIAM) has maintained our diversified distribution channels. By the end of 2018, the total assets of SSIAM were VND 5,573 billion. Principal Investment met the targeted profit for 2018, and mitigated risk on investment portfolio when the index declined. 


This was owing to efforts by the Governance Unit in maintaining the best transparency and compliance and mitigating risks among the Company’s activities. Given the increasing demands from both market and clients, information technology platform has increasingly become the backbone to the Company’s product portfolio and operations. The Support Unit has made its great efforts in smoothly coordinating functions to accommodate the Company’s growth in terms of improving technology quality, building and strengthening an attractive working environment and bridging the Company with the public to reflect all the Company’s activities in an effective and honest manner.


2018 was the 18th milestone in our “Connecting Capital to Opportunities” journey, with positive impacts on shareholders, clients and partners. To prepare for the next milestones to come in our journey, SSI has officially decided to adopt a new name, “SSI Securities Corporation,” aiming for farther reaching, not just limited in local, but towards regional and international markets.


For 2019, Vietnam Stock Market is expected to remain unpredictably volatile, with positive and negative information intertwined. On the other hand, competition among securities companies will intensify as adoption of Circular No. 128/2018/TT-BTC eliminates securities sale & purchase service floor price. Vietnam’s market also welcomes an increasing number of international players with established resources in terms of capital, human and technology. Besides, there will be competitions in adoption of technology, artificial intelligence, development of trading system, etc. all that will contribute significantly to each company’s performance. 


Given the predicted challenges in 2019, SSI will maintain our sustainable development strategy, uphold the principle of best interests for all stakeholders and transparency as our business philosophy. The Company set out the target - VND 3,775 billion in revenue, and VND 1,700.7 billion in profit before tax. Our adopted solutions for dedicated business line will focus on maintaining sustainable development: quality of products & services supplied to clients, development of network and human resources. SSI will continue our mission to assist companies in sustainable development journey, explore quality capital from local to international sources, establish long-term capital delivery and distribution channels, unlock potential resources and drive economic development. SSI understands that only with a significant number of transparent, efficient and sustainably developed companies will investors have safe options, economic potential be strengthened and securities market be developed to act as the most important capital mobilization channel for the economy. 

We would like to thank our valued clients and partners for walking alongside SSI, to our valued shareholders for having your trust in the Board of Directors and Board of Management in approving the proposals at the General Meeting of Shareholders, and to the Members of the Board of Directors for coming up with efficient business development strategies and plans. And last but not least, my special thanks are dedicated to all the staff, who have joined the journey of hardship to bring our Company to a brand new level. With all of your unity, we will achieve outstanding greatness in 2019.

I wish you good health and success!

Ho Chi Minh City, April 10, 2019


Nguyen Duy Hung 


Chairman cum Chief Executive Officer