2024 cyberattack 'a blessing in disguise' for Vietnam's leading broker VNDirect: chairwoman
The cybersecurity breach that major Vietnamese brokerage VNDirect Securities encountered in 2024 was "an unfortunate incident, but also a lucky chance", chairwoman Pham Minh Huong said on Wednesday.
“It made us realize the need for transformation, a thorough review, and restructuring our entire organization,” she told the company's 2025 AGM.

VNDirect chairwoman Pham Minh Huong speaks at the 2025 AGM on May 28, 2025. Photo by The Investor/Hoa Khoa.
Digital transformation is inevitable. Along with that are reshuffling, operational systems, and security infrastructure - this presents an entirely new and different investment challenge, she stated.
Huong emphasized that VNDirect, listed on the Ho Chi Minh Stock Exchange (HoSE) as VND, was fortunate to be a well-capitalized securities firm with strong financial resources and core technological capabilities, enabling it to respond effectively to the cyberattack.
However, she acknowledged that addressing the breach required a broader overhaul in terms of business structure, governance, and development of technological solutions.
Business challenges in 2025
Regarding business operations, Huong noted that 2025 would pose significant challenges for VNDirect. “The nature of the securities industry is still service-based - meaning the goal is to deliver services at the most reasonable cost.
"In a leadership meeting before this AGM, I mentioned our strategy is to lay solid groundwork for the future of a financial institution,” she noted.
Recent regulatory uncertainties surrounding bond issuance have led to the temporary suspension of several financial products and services for individual clients in order to comply with State Securities Commission (SSC) regulations. This has reduced VNDirect’s connections with clients, hindering product delivery.
Nonetheless, Huong said she believes the newly launched KRX trading system presents an opportunity to expand trading tools and services for professional traders.
For 2025, VNDirect aims to leverage its 19 years of accumulated business infrastructure - particularly its customer base and healthy balance sheet with VND20 trillion ($768 million) in equity. “This is a legacy we must protect,” Huong stressed.
The major challenge for VNDirect lies in how to effectively deploy investment capital. “It’s a challenge for both securities firms and banks. Finding viable investment opportunities requires significant effort, expertise, and accurate forecasting,” she said.
"In a shifting global environment, even established companies must focus inward and strengthen their internal capabilities. Going forward, the firm’s strategy is to reinforce its internal foundations. Although 2025 and 2026 are expected to be difficult, building a strong foundation is essential to seizing future opportunities," Huong added.
The company will continue investing in infrastructure and technology to develop investor-centric products. Given proactive changes from the government and SSC, and increased support for private sector growth, the chairwoman said she believes that securities remain an inflation-hedging, liquid asset class.
When asked whether VNDirect fears competition from securities companies backed by banks, Huong responded: “The market is always competitive. That’s how we learn where our weaknesses lie so we can improve.
"While VNDirect may no longer have a first-mover advantage, we still have opportunities to outperform ourselves. We’re currently facing challenges related to our balance sheet and corporate bonds, but as professionals, we aim to transform these issues into solutions."
VNDirect CEO Nguyen Vu Long added that while the company’s core strategy focuses on internal strength, its market share - particularly in the retail segment - remains a tough challenge amid today’s competitive landscape. A shrinking market share can impact the company’s reputation.
“We’ve been thinking about how to regain market share, but we won’t compete at all costs. Offering free services or lowering interest rates would lead to a lose-lose situation. We need capital to reinvest in technology, AI, and infrastructure to optimize trading speed,” said Long.
He also mentioned that VNDirect is engaging with institutional investors to expand its market share.
The company’s stock price was another hot topic during the AGM. Huong stated that the stock’s value is determined by the market. In recent years, VNDirect has been involved in underwriting several bond issuances that are still under regulatory review due to policy changes.
“VND shares may not currently be attractive for short-term investors, but the market will decide. Those looking to trade VND should follow the industry and market trends. For long-term investors, our strategy is to protect dividends and increase value over time,” she said.
Regarding bonds of Trung Nam Group, CEO Long said the company has overcome its most difficult phase, and legal obstacles are being resolved. "Trung Nam has a strong portfolio of energy projects and the capacity to repay debts, although delays are unavoidable. As the group restructures in 2025, more time will be needed for assets like real estate and energy to regain liquidity."
VNDirect targets total revenue of over VND4.41 trillion ($169.35 million) in 2025, an 8% increase compared to 2024. Its pre-tax and after-tax profit are expected to grow 10% and 7% to VND2.3 trillion ($88.32 million) and VND1.84 trillion respectively.
In Q1/2025, the company posted nearly VND1.26 trillion ($43.39 million) in revenue and VND478 billion ($18.36 million) in pre-tax profit, down 9.2% and 37.8% year-over-year. With these results, it fulfilled 21% of the year's profit target within the first three months.
The company also plans to raise VND5 trillion ($192 million) through bond issuance in 2025.
In the stock market, VND closed Wednesday at VND16,150 per share.
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