Saigon Securities Incorporation (SSI) targets pre-tax profits of VND1.615 trillion (US$70.8 million) on revenues of VND3.41 trillion ($149.56 million) this year, year-on-year increases of 12 per cent and 15 per cent.

At its annual general shareholders meeting in HCM City on Friday, the company also laid out its medium- and long-term business strategies for each of its areas of business like securities services, treasury, investment banking, and asset management.

Shareholders approved a change in the company’s name to SSI Securities Corporation.

The company’s rationale was that SSI was a well-known brand in the domestic and international financial markets.

Last year it was selected by Forbes Vietnam as the only securities company among Viet Nam’s 40 Most Valuable Brands, with its brand valued at $26.5 million.

Nguyen Hong Nam, the company’s deputy general director, said SSI achieved high growth last year, with revenues rising 19.8 per cent to over VND3.04 trillion.

Its pre-tax profit was more than VND1.4 trillion, a 23 per cent rise, he said.

Its revenues from securities services were VND1.328 trillion, a year-on-year increase of 53 per cent and accounting for 43.5 per cent of total revenues, he said.

SSI retained its position as the leading brokerage on both the HCM City and Ha Noi exchanges with a 15.26 per cent market share compared to 13.04 per cent in 2016.

Viet Nam’s GDP growth rate is expected to be 6.7 per cent this year, and investment from the private and foreign sectors is expected to increase sharply, he said.

This year is also forecast to be the peak year for divestment and equitisation, he said.

These are positive factors that would boost the securities markets this year, he added. — VNS