'No reason to alter business plan', SSI Securities chairman plays down shareholder concerns about Trump tariffs

As the government has taken strong measures to promote the private sector and SSI Securities Corporation's Q1 business performance was strong, there is no reason to adjust the company’s plan, said chairman Nguyen Duy Hung.

Hung made the statement at the leading broker's 2025 AGM in Ho Chi Minh City on Friday.

The board of directors at SSI forecasts that 2025 will offer many opportunities for the Vietnamese stock market.

They said Circular 68, which took effect on November 2, 2024, is expected to ease barriers for foreign investors and lay important groundwork for FTSE Russell to consider upgrading Vietnam to an emerging market in its September review.

The circular regulates securities transactions via the securities trading system; clearing and settlement of securities transactions; activities of securities companies; and information disclosure on the securities market.

The State Securities Commission also plans to launch the KRX trading system, which is anticipated to enhance both the scale and quality of the Vietnamese stock market.

Additionally, the new provisions under the amended Securities Law, which took effect on January 1, 2025, will likely boost capital-raising activities and make the market more dynamic and attractive.

However, SSI remains cautious about potential risks - particularly the ongoing net selling pressure from foreign investors, a trend that began in 2024 and has continued into the early months of 2025. This trend has yet to show signs of abating.

Based on its market outlook, SSI expects the VN-Index to fluctuate between 1,450 and 1,500 points, with average market liquidity of around VND19.5 trillion ($753.77 million) per session.

The company has set a target for consolidated revenue of VND9.695 trillion ($374.75 million) and consolidated pre-tax profit of VND4.252 trillion ($164.36 million), up 15% and 20%, respectively, compared to the previous year.

Addressing shareholder concerns about potential impacts from U.S. tariff policies, Hung reaffirmed that there is no reason to alter the business plan. He pointed to numerous positive market signals, including the government's continued efforts to support the private sector and maintain stable macroeconomic targets.

Hung also reassured shareholders that SSI places the highest priority on risk management.

“In 25 years of market fluctuations, SSI has never suffered negative consequences,” he noted. “While we can't say with certainty that there won’t be any impacts, I’m confident that the leadership team and I will fulfill the business plan.”

Some shareholders raised concerns regarding a potential trade war. In response, Hung compared the situation to the Covid-19 pandemic, stating that a trade war is less alarming because, ultimately, the involved parties must come to the negotiating table and work toward a resolution. “Covid-19 brought fear because no one knew when it would end,” he added.

During the meeting, shareholders also expressed interest in SSI’s strategic direction amid the government's development of a legal framework for cryptocurrencies and digital assets, including a pilot trading platform.

Responding to these inquiries, Hung reiterated that SSI’s goal is to become a leading, reputable financial institution - not necessarily the largest, but one known for its credibility. “We must be informed and aware of every trend,” he said.

He acknowledged that SSI has recently explored digital assets to begin positioning itself but emphasized that participation in the market would come later, if at all. Digital assets, he noted, are an irreversible global trend. Citing Party General Secretary To Lam’s recent remarks about the importance of digital development, Hung described research and exploration as essential first steps.

Still, he emphasized that SSI always strictly complies with legal regulations and aims to ensure safety and transparency. “We will only move forward when there is clear safety and efficiency - financial safety, legal safety, and reputational safety,” Hung stated.

Currently, SSI has no plans to launch a digital asset trading platform, as the company is carefully assessing the risks, protecting investor interests, and evaluating technological infrastructure.

“Digital currency is the future, but like anything, it has two sides. Businesses must research, understand, and offer services responsibly,” Hung concluded.