Dear Shareholders, Customers, and Partners of  RongViet Securities Corporation (VDSC), 

In 2023, the geo-political situation around the Globe was still in an unstable condition. The fact that the FED maintained a tight monetary policy in order to control inflation by raising the interest 04 consecutive times and maintaining a high interest rate in a long time has created certain difficulties for the recovery of the World’s economy. Although the economy of the USA showed impressive recovery with the GDP growth of 2.5%, the EU went through a tough year with the GDP growth was only at 0.5%. China, the leading economy in Asia, achieved the growth plan of 5.2% GDP growth, but the pace has slowed down and the country itself has been facing more challenges.  

Giving the fact that the world economy was still difficult, the Vietnam economy was also affected when export value dropped significantly in the first half of the year, but it remained persistent and made a positive recovery by the second half of 2023. The monetary policy was a key point of the Vietnam economy when the State Bank of Vietnam (SBV) actively practiced a flexible monetary policy, reducing the interest rate 04 consecutive times from March 2023 to June 2023. This helped keep the deposit and lending rates at a reasonable level, combined with utilizing tools on the open market to stabilize the exchange rate, and allowed corporates to restructure and maintain their loans. The Ministry of Finance (MoF) allowed financial institutions to extend and restructures bond debts to help corporates overcome the difficult time. Moreover, the Government also launched a number of measures to assist and facilitate economic growth such as speeding up public investments, offering good credit packages, reducing the value added tax (VAT) for some sector from 10% to 8%...As a result, the macroeconomic environment was kept stable, the inflation was under control, and the GPD an CPI growth rate was 5.05% and 3.25% year-on-year (YoY), respectively. Trade surplus reached a record of USD 28 billion. The total FDI registered value in Vietnam reached USD 36.6 billion, increased by 32.1% YoY, and the FDI disbursement value reached USD 23.18 billion, up by 3.5% YoY. 

Thanks to the fact that the Vietnam economy managed to withstand against all the odds and made a recovery, the Vietnam stock market also had a relatively positive year. By the end of 2023, the VN-Index closed at 1,129.93 points, increased by 12.2% YoY. It is safe to say that the Vietnam stock market has gone through the worst time and has started a recovery cycle. Nevertheless, due to the net-sell pressure from foreign investors as well as the cautiousness of local investors, the market liquidity in 2023 continued to decline with the average trading value of VND 17,700 billion, down by 12.5% compared to that of 2022. 

In the situation where the stock market has been having ups and downs, with the direction of “Adapting to the new age - Advancing with solid pace” that has been identified at the beginning of the year, in combination with solid solutions and plans as well as a good preparation and the flexibility to capture opportunities on the market, Rong Viet recorded a positive business result, marking a great comeback after a tough year of 2022. In 2023, the consolidated revenue of Rong Viet reached VND 831.1 billion (93.4% of the year plan), down by 3.5% YoY. The total expenses recorded at VND 418 billion (67.5% of the year plan), down by 58.8% YoY, a large portion of it was thanks to the reversal of provision of the investment portfolio. As a result, the profit after tax of the Company reached VND 330.2 billion, up by 52.4% of the plan approved by the Shareholder General, which is a significant recovery compared to that of 2022.  

In terms of business scale, the Total Asset and Shareholder’s Equity of the Company, as of December 31st, 2024, were VND 5,318 billion and 2,418 billion, increased by 25.0% and 16.1% YTD respectively, being the record of the Company. The financial ratios were maintained at a safe and stable level, among which the Debt / Equity ratio was 1.2 times, and the Financial Safety Ratio was 430.3%, much higher than the required level of 180%. 

The ROEa and ROAa of the Company reached 14.67% and 6.90%, respectively. The EPS was VND 1,573 per share, making the Company one of the most profitable securities companies in the business. As a result, the ticker VDS of the Company was among the 10 stocks that gained the most on the HSX in 2023.  

Thanks to the determination and persistence of pursuing the direction that has been set, the year 2023 was considered a successful year for the Company in terms of building a strong foundation for the complete transformation strategy for the period from 2021 to 2025. In fact, RongViet has completed and implemented a number of important Digital Transformation projects such as: Data Warehouse, Human Resource Management (HRM), Business Intelligence (BI), or Customer Relationship Management (CRM)… with the aim of achieving a breakthrough in the way of managing the Company, operating the business based on data-driven mechanisms. 

In addition, in 2023 the Company continued to improve and introduced new products & services in order to satisfy customers’ investing needs as well as to increase customer experience such as the trading platform iDragon Pro, the information portal eduDragon, the investment digital database smartDragon, or the virtual assistant hiDragon on Instagram. Furthermore, RongViet was among a few companies that could manage to have 04 corporate bonds issuances. This helped diversify investment channels for customers given the fact that the interest rate has dropped significantly as well as confirmed the creditability of the Company, gaining trust from both local and international investors. 

The relentless efforts of RongViet has been recognized by clients, partners, the administration, and financial institutions through a various prizes locally and oversea such as: Top 10 companies with the best Annual Report in 2023 – the Financial Sector, Best Place To Work For in Asia for 02 consecutive years, Best Trading Platform in Vietnam in 2023, or Outstanding M&A Advisor from 2009 – 2023… 

With the community and the society, the year 2023 was the one the Company recorded a number of meaningful social activities. One of the spotlights was the RongViet Invest Competition, creating a dynamic and practical environment for students from universities across the country to participate in the stock market. Another pride of the company was the series of charity activities called “Sharing Love” and “Going to school together – Enabling Dreams” that have been maintained over the past 12 years, aiming to provide supports for unfortunate students and their families.  

The year 2023 was considered a successful year for the Company, achieving many milestones in terms of profitability, building foundations, diversifying products & services that improved the experience of clients. This was the base for the Company to pursuit its development strategy for 2021 – 2030, establishing a strong foundation for the sustainable development of the Company in the future.  

Ladies and Gentlemen, 

In 2024, although the macro of Vietnam and around the world continue to face more difficulties, the Vietnam economy is expected to enter a recovery phase with the GDP growth of 6.5% thanks to the main drives such as: stronger export thanks to the recovery of the World needs, FDI continues to inflow to Vietnam, strong fiscal policies through public investment, domestic consumption will improve, monetary policies continues to loosen with the credit growth of 15% and low interest rates with stable inflation… 

With the expectation that the Vietnam economy will recover, the interest rate will be relatively low and stable, alternative investment channels are less attractive along with the launch of the KRX system in 2024 and the aim to upgrade the market in 2025, the Vietnam stock market has many opportunities to grow in a long term. However, there are still potential risks due to limitations and issues of the Vietnam economy as well as the unpredictable World economy. 

As for RongViet, the year 2024 is the year of the Dragon, the year RongViet celebrates its 18th birthday. With the solid foundation that has been built over the past 17 years, with the positive outlook of the stock market, the management of RongViet set the direction for 2024 as “Releasing Inner Strengths - Achieving Higher Stand” with the aim to maximize the intrinsic strength of the Company to capture the opportunity from the growth of the stock market, bringing RongViet to a new development phase with larger scale and higher position, upgrading the Company on the market, and moving toward sustainable development. 

In 2024, RongViet will focus on improving its financial capacity, raising the capital for operations, building a strong base for developing and managing client accounts, increasing assets under management, improving market share and revenue, as well as searching for and diversifying investment opportunities to improve the business effectiveness while maintaining a good risk management system, and strengthening activities of branches across the country in order to maximize the benefits of the network on various economic zones.  

The Company will continue to improve the supporting system for business and operation, continuously evaluate and develop more products & services on the digital platform. On the other hand, RongViet will continue to increase human resources, strengthen communications, and advertise products & services to achieve the target of  “improving customer’s experience and customer’s investment effectiveness”. The company will also focus on risk management to make sure the Company operates in a stable, safe, effective, and in compliance with the Laws. 

RongViet will continue to expand all digital transformation projects that have ben built, develop new projects and other related features regarding the digital transformation strategy for the period from 2021 – 2025. In addition, the Company will also build a structure for the sustainable development of the Company with specific targets and approaches.  

The Company has a strong belief that with the foundation that has been built over the past 17 years, the Company will be able to overcome all challenges, capture the opportunities to grow and become stronger in 2024 and many years to come, aiming to bring RongViet become one of the leading effective and sophisticated financial institutions in Vietnam by the year 2030. It is deeply understood that the development of the Company is directly related to creating the best values for clients, shareholders, employees as well as the economy and the stock market in Vietnam. The Company always wants to share its achievements with society and the community, heading toward sustainable development and a prosperous future. 

On behalf of the Management and employees of RongViet Securities, I would like to express my gratitude toward Shareholders, Clients, Partners, and the Administration who have always had faith and support for the development of the company over the past 17 years. We always treasure your kindness, and we always try our best for the next chapter, maximizing all resources based on the well-established foundation in order to improve the standing of RongViet on the Vietnam stock market, aiming toward sustainable development. To do so, we hope to receive more trust and support from all of you. 

We wish you health, success, prosperity, and happiness. 

Best regards,  

Chairman 

Nguyen Mien Tuan