Leading broker SSI allays concerns over cybersecurity after VNDirect ransomware attack
Information security requires a supervisor who can identify strangers entering the system, said Nguyen Duy Hung, chairman of leading broker SSI Securities in response to inquiries from shareholders following the hacking incident at VNDirect Securities.
SSI Securities JSC, which is listed in the HCMC Stock Exchange (HoSE) as SSI, convened its 2024 AGM on Thursday.

Chairman of Nguyen Duy Hung SSI responds to shareholders' questions at AGM in Ho Chi Minh City on April 25, 2024 . Photo courtesy of SSI.
"We demand frequent password changes through a multi-phase monitoring process. The first thing to do with a system is to have a supervisor who can identify strangers entering.
"What matters is whether or not we can immediately identify newcomers and whether or not they are able to remove their belongings. When outsiders get inside, we have to get rid of them right away. We need to be able to start the backup system and have recovery time in case the system develops a malfunction," Hung said.
Leading brokerage house VNDirect Securities last month suffered a cyberattack that paralyzed its electronic platforms on March 25. The mishap forced both the Ho Chi Minh and Hanoi stock exchanges to disconnect from VNDirect. A day later, the stock market watchdog instructed securities companies to enhance their cybersecurity. VNDirect Securities JSC was not allowed to resume its connections to the Ho Chi Minh and Hanoi stock exchanges until a week later.
Nguyen Duc Thong, deputy general director of SSI, said that many people consider information security just a barrier to keep people from intruding. However, investors need to establish a connection with the system.
Nguyen Vu Thuy Huong, director of proprietary trading, capital business, said that at SSI, proprietary trading accounts for 60% of overall profit. Capital, share, and derivatives trading are all included in the company's proprietary trading area. Derivatives and equities make up 15% of these three divisions' profits, while the capital segment accounts for 45%.
Nguyen Hong Nam, general director of SSI, noted that the economy is likely to continue recovering through 2024. The government is prioritizing resources to foster economic growth. GDP is expected to expand at a rate of 6-6.5%, driven mostly by public investment and the revival of import-export activities.
This year, Vietnam's stock market has been steadily rising. SSI researchers predict that the benchmark VN-Index will hit 1,300 points, with liquidity ranging from VND18,000 billion ($709,829) to VND20,000 billion ($788,699).
The VN-Index is trading at 1,208 points at 10 a.m. on Friday, up 0.25% from Thursday's close.
SSI executives presented a revenue plan of VND8,112 billion ($319.9 million) in 2024, an increase of 11% from last year. Pre-tax profit is set to reach VND3,398 billion ($134 million), up 19%. The company's projected revenue for Q1 is VND2,022 billion ($79.7 million), and its projected pre-tax profit is VND942.6 billion ($37.14 million).
The company reports revenue of VND7,281 ($287.12 million) and a net profit of VND2,293 billion ($90.42 million) for 2023. The proposal from the board of directors was to pay VND1,511 billion ($59.6 million) as cash dividends, or 10% per share.
Growth in profits
Huong, director of proprietary trading, capital business, said that the four primary business blocks identified in the 2024 business strategy are wholesale, retail, capital investment, and investment banking services. The corporation has set a profit growth target of 19%, meaning that each division will grow at a rate equal to the company as a whole.
Vu Ngoc Anh, director of the retail division, said that the brokerage house will keep growing its clientele that uses leverage over the next two years. It aims to raise the current average margen lending of VND17,000 billion ($670.4 million) to VND20,000 billion ($788.7 million) by the end of this year.
SSI's market share drops
Chaiman Hung said that both SSI and conventional businesses have seen a decline in market share. Although SSI has put various improvement strategies in place, the issue will not go away quickly.
"While gaining more market share is a goal worth pursuing, the business also needs to balance other aspects of profitability and efficiency. The company's efficient and sustainable development is SSI's main objective," he added.
Private placement for strategic partners
Hung said that the company cannot rush because, in addition to the price, SSI must examine the value that the invited partner delivers. This necessitates the right person at the right time.
Strategy for personal asset management
SSI Asset Management general director Nguyen Ngoc Anh stated that the investment management division has 90,000 private and institutional clients. SSI has recently launched an investment trust segment for high-end customers, with the expectation that this will become a significant activity in fund management within the next 2-3 years.
Vu Ngoc Anh, director of the retail division, said that asset management has become increasingly popular in recent years. "Vietnam is experiencing two new trends: a new generation of wealthy individuals and the transfer of assets from parents to children, which will increase the demand for asset management services."
In Vietnam, most financial institutions are likewise interested in this industry. The company recognized that there was a clear need. The organization has completed phase one of its asset management development strategy.
Risk factor for the market
Hung said that the greatest risk is investor confidence. Fortunately, investors remain confident in the stock market, and market liquidity has increased.
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