Consistent Dividend Payout and Capital Expansion Plans
Vietnamese brokerage giant Saigon Securities Inc. (SSI) has announced a 10% cash dividend payout for 2024, amounting to VND1.97 trillion ($77 million). This marks the tenth consecutive year the firm has upheld this policy, reinforcing its commitment to rewarding shareholders.
According to documents prepared for its upcoming 2025 Annual General Meeting (AGM), the Ho Chi Minh Stock Exchange-listed company (HoSE: SSI) will not issue share dividends as it did in 2023. Instead, it plans to offer up to 10 million shares under its Employee Stock Option (ESO) program and execute a private placement to strengthen its capital base.
Previously, at its 2023 AGM, SSI proposed a private placement of 104 million shares, but the plan was not executed. The company has extended this strategy into 2025-2026, aiming to increase its charter capital from VND19.74 trillion to VND20.79 trillion ($812.9 million). The additional funds will support lending activities, issuance guarantees, and investments in financial instruments such as certificates of deposit and other securities.
Ambitious Profit Targets Amid Market Growth
Saigon Securities Inc. has set an ambitious financial target for 2025, projecting VND97 trillion ($3.79 billion) in revenue and a pre-tax profit of VND4.25 trillion ($166.2 million), reflecting an 11% and 20% year-on-year growth, respectively. If met, these figures would represent new records for the company.
These optimistic projections are based on expectations that the VN-Index, which tracks the Ho Chi Minh Stock Exchange, will fluctuate between 1,450 and 1,500 points, with an average daily trading value of approximately VND19.5 trillion ($762.5 million).
CEO Nguyen Hong Nam remains optimistic about 2025, citing potential stock market growth driven by regulatory changes. The implementation of Circular 68 in late 2024 is expected to reduce barriers for foreign investors, potentially paving the way for Vietnam’s market upgrade from “frontier” to “emerging” status by FTSE Russell. Additionally, the State Securities Commission (SSC) is set to introduce the new KRX trading system, promising enhanced efficiency and transparency.
However, Nam acknowledged potential challenges, including sustained selling pressure from foreign investors. In 2024 alone, foreign investors net sold VND92 trillion ($3.6 billion), with this trend continuing into early 2025.
Diversification into Digital Assets and Market Expansion
Beyond its core brokerage and investment operations, Saigon Securities Inc. is actively engaged in private equity transactions, IPO advisory, and public offerings. The firm is also playing a key role in Vietnam’s capital market development, acting as the exclusive distributor for a highly anticipated auction by industrial real estate developer Becamex IDC (HoSE: BCM).
Recognizing the rapid growth of digital assets, SSI is expanding into blockchain and Web3 technologies. Through its SSI-IMF Fund, the firm has launched SSI Digital, a technology incubator focused on artificial intelligence (AI), fintech, and digital assets.
Nam emphasized SSI Digital’s commitment to supporting innovative companies in Vietnam’s evolving tech landscape. The company also aims to collaborate with partners and government agencies to pilot digital asset market operations in Vietnam by 2025.
As of Friday’s market close, Saigon Securities Inc’s stock was trading at VND26,350 ($1.03) per share.
