Dear Shareholders, Customers, and Partners of RongViet,
The year 2024 was marked by significant challenges but also showcased the resilient recovery of the global economy. Global GDP growth was estimated at 3.2%, a slight decline from 2023, amid the U.S. Federal Reserve (FED) maintaining high interest rates to curb inflation, geopolitical instability in Europe (Russia-Ukraine conflict) and the Middle East (Israel-Iran tensions) disrupting supply chains and pushing energy prices higher. The U.S. recorded GDP growth of approximately 2.8%, driven by strong domestic consumption, while the EU saw a mere 0.6% increase due to prolonged inflation. China’s GDP grew by 4.8%, below expectations, impacted by a weakening real estate sector and stagnating exports. These fluctuations exerted pressure on global capital flows, significantly affecting emerging markets like Vietnam.
In this context, Vietnam’s economy demonstrated remarkable resilience, achieving a GDP growth rate of 7.09% in 2024, being among the few countries with high growth in the region and globally. The primary drivers were exports, which rose 14.3% to USD 405.5 billion, and industrial production, which increased by 8.4%, with an average Purchasing Managers' Index (PMI) of 51.1—a positive level. Private consumption and investment recovered slowly, with retail sales of goods and services up 9.0% and private investment rising 7.5% compared to that of 2023.
Monetary policy was a highlight of the year, as the State Bank of Vietnam adeptly managed exchange rate pressures (the VND depreciated by 4.8% against the USD, within the allowable range) through issuing treasury bills and selling USD. Foreign Direct Investment (FDI) disbursement in 2024 reached USD 25.35 billion, up 9.4% from the previous year, marking the highest disbursement level to date. Inflation was kept under control at 3.63%, providing strong support for economic growth. Credit growth reached 15%, with non-performing loans managed stably thanks to the extension of Circular 02 on debt restructuring until the end of 2024 and improved repayment capacity.
However, fiscal policy faced challenges, with public investment disbursement by the end of 2024 was only 72.9% of the plan, particularly due to delays in key transportation projects. The year 2024 also marked a significant transition in key personnel and a record legislative output, with 31 laws passed by the National Assembly (including the Electricity Law, Land Law, Securities Law, and Public Investment Law), addressing major economic bottlenecks and laying the groundwork for the future.
Alongside with amendments to the Securities Law, in 2024, the Government worked to resolve critical bottlenecks, bringing Vietnam’s stock market closer to its target of being upgraded with regulations such as requiring information disclosure in English and allowing foreign institutional investors to place stock purchase orders without needing 100% upfront funding (Non-Prefunding). Impressive GDP growth and strong profit recovery among listed companies were positive factors supporting the market. However, the VN-Index only surged in Q1 2024 (+13.6%). The following three quarters saw the market fluctuate amid mixed macroeconomic news, repeatedly failing to break the psychological 1,300-point barrier. By year-end, the VN-Index closed at 1,266.78 points, up 12.1% from the start of the year (1,129.93 points).
Average market liquidity in 2024 reached VND 21 trillion per session, a 19% increase from 2023. However, liquidity dropped sharply in the second half of the year, particularly in Q4 2024, when it fell to VND 16.7 trillion per session, below the 2023 average. This was partly due to record net selling by foreign investors, totaling USD 3.7 billion for the year 2024.
Total market capitalization by the end of 2024 reached VND 7.1 trillion (equivalent to USD 295 billion), or 62.0% of GDP. The number of securities accounts increased by over 2 million during the year, five times higher than the same period in 2023, bringing the total to 9.3 million accounts.
With the guiding principle of “RELEASING INNER STRENGTHS – ACHIEVING HIGHER STAND”, RongViet effectively harnessed its inherent strengths and seized market opportunities to achieve its business goals and deliver impressive results, marking 18 years of steady growth.
In 2024, RongViet’s consolidated revenue reached VND 1,041.4 billion, exceeding the plan by 105.9% and growing 25.3% compared to 2023. Total expenses were recorded at VND 685.7 billion, equivalent to 110.1% of the annual plan and up 64.0% from the previous year, partly due to the absence of significant provision reversals for investment portfolios as seen in 2023. Consequently, consolidated profit after tax reached VND 291.2 billion, fulfilling 101.1% of the target set by the General Meeting of Shareholders, though down 11.8% from 2023’s performance.
In terms of scale, RongViet’s total assets by the end of 2024 rose 20.3% from the beginning of the year to VND 6,395 billion, and equity increased by 16.1% to VND 2,808 billion, setting new records in the company’s 18-year history. Financial ratios remained safe and significantly above regulatory requirements. Specifically, as of December 31, 2024, the financial safety ratio stood at 517% (2.9 times the required 180%), the debt-to-equity ratio was 1.28 times (versus a maximum of 5 times), and the margin lending-to-equity ratio was 0.92 times (versus a maximum of 2 times). In 2024, RongViet also received its first credit rating from the international agency Moody’s, achieving a rating on par with the securities industry average, with a “Stable” outlook.
The company’s ROEa and ROAa ratios were 11.14% and 4.97%, respectively, with an EPS of VND 1,192 per share, placing RongViet among the top-performing securities firms. This enhanced its reputation, position, and market capitalization in Vietnam’s financial market. In 2024, RongViet successfully increased its charter capital from VND 2,100 billion to VND 2,430 billion and issued four batches of private corporate bonds, raising over VND 3,089 billion. The VDS stock price also saw impressive growth, boosting RongViet’s market capitalization to VND 5,079 billion, a 41.4% increase from the start of the year.
Beyond impressive business results, in 2024, RongViet continued to strengthen its foundation by improving support systems for business, operations, control, and risk management, closely integrated with a comprehensive digital transformation process. The company also promoted the leveraging of internal strengths through digital platforms for products and services, enhanced staff training, and focused on customer development and the holistic growth of business activities.
Notably, RongViet completed and launched key digital transformation projects, including the Electronic Contract and Digital Signature project (eContract & eSign), the Investment Banking Platform project (Platform IB), the Automated Margin Processing System for the listed market, and Phase 1 of the Open-End Fund Trading System. Additionally, RongViet continuously improved and upgraded existing platforms such as hiDragon, smartDragon, eduDragon, the comprehensive BI management reporting system, and the HRM system, adding new features. The relocation of the Data Center, combined with the implementation of the Information Security Monitoring Service (SOC) project, marked a significant step in building and reinforcing a secure, stable IT infrastructure, ensuring flexibility for future expansion.
RongViet’s efforts in 2024 were recognized through numerous prestigious domestic and international awards, including: Top 10 Best Annual Reports (Financial Sector) for two consecutive years (2023–2024), Top 10 Best Corporate Governance Enterprises (Mid-Cap Group) in 2024, the first securities company to win Best Place to Work in Asia for three consecutive years, the Outstanding Innovative Investment Analysis Platform in Vietnam 2024 by Global Banking & Finance Review, six consecutive years as an Outstanding M&A Consultant at the Vietnam M&A Forum, and various awards at the 2024 Vietnam Wealth Advisor Summit (VWAS). These accolades affirm RongViet’s growing stature and reputation in the market.
In 2024, RongViet officially issued and implemented a sustainable development strategy based on ESG (Environmental, Social, Governance) criteria, with a vision toward 2030. A number of meaningful activities were carried out to contribute to the sustainable development of the community, society, and future generations, including the annual “RongViet - For a Green Vietnam” tree-planting program, the RongViet Invest Season 2: A stock knowledge and investment competition, financial literacy workshops for children titled “Money Doesn’t Grow on Trees,” and the give away of 52 “RongViet - Enable Dreams” scholarships. Additionally, RongViet maintained its traditional large-scale charity programs, such as “Sharing Love” and “Going to school together – Enabling Dreams,” reaching various provinces and cities over the past 14 years.
Overall, RongViet had a relatively successful 2024, closely adhering to its initial guiding principles. From achieving business targets and upgrading its financial-investment ecosystem to enhancing customer experiences and optimizing operations, RongViet overcame market challenges, released its internal strengths, and enhanced its position. These achievements provide a solid foundation for the company to pursue sustainable development and build a prosperous future in the next phase.
Ladies and Gentlemen,
Entering 2025, amid a highly complex global landscape surrounding President Trump’s second term, Vietnam’s economy is expected to achieve higher growth as the Government designates this as a year of acceleration and breakthrough to meet the highest targets of the five-year (2021–2025) socio-economic development plan. GDP is projected to grow above 8%, setting the stage for a period of rapid growth aligned with the goal of double-digit GDP growth in the “Era of Vietnam’s Rise.”
This backdrop presents numerous opportunities for Vietnam’s stock market, with money supply expected to surge as credit growth is forecast at around 16% and public investment disbursement accelerates. Listed companies’ profits are also projected to grow strongly, bolstered by the potential market upgrade (expected in September 2025) and the official launch of the KRX system. However, the market will face risks from Trump administration policies, exchange rate pressures leading to continued foreign net selling, and rising inflation and interest rate risks.
For RongViet, building on 18 years of solid internal strength and the bright prospects of Vietnam’s economy and stock market in this new era, the Board of Directors has set a guiding theme for 2025: “SOLID FOUNDATION - PROSPEROUS FUTURE”, reflecting the company’s confidence, resilience, and strong ambition to rise.
At 19 years old in 2025, RongViet officially enters a phase of greater maturity. This is not only a milestone marking the completion of the 2021–2025 journey of building foundations and consolidating internal strength but also the starting point of a new development phase with breakthroughs in efficiency, scale, and stature. Thus, the leadership expects all RongViet members to unite and work together to solidify the company’s foundation, harness internal strengths, and fuel ambition to seize business opportunities, overcome challenges, and achieve outstanding results, fully meeting 2025 goals and paving the way for a bright, sustainable future.
In 2025, RongViet will focus on reinforcing a strong financial foundation by seeking suitable partners, expanding capital mobilization, and diversifying loan sources, laying the groundwork for a new phase of larger-scale, higher-growth, more efficient, and sustainable development. The company will also enhance workforce quality, improve talent attraction and retention policies, and build a professional, creative, and disciplined corporate culture. Simultaneously, RongViet will accelerate technology adoption and digital transformation in management and business operations to optimize performance and competitiveness.
Adhering to the philosophy of “Putting Customers First” with a core goal of “Enhancing Customer Experience and Investment Efficiency,” RongViet will continue investing in research, development, and refinement of a diverse, feature-rich digital financial-investment ecosystem in 2025. This includes personal financial management plans, financial and investment products, and technology solutions to support investment activities. Leveraging strengths in capital mobilization, brokerage, lending, investment, investment banking, and asset management, RongViet aims to boost business efficiency and shareholder value while proactively adapting to industry changes to improve customer policies and service quality.
RongViet is committed to building a reputable, transparent brand with social responsibility, strengthening internal controls, risk management, and legal compliance to ensure sustainable growth. The company will expand strategic partnerships domestically and internationally to enhance competitiveness and market share. With this comprehensive strategy, RongViet aims for a solid, effective 2025, further solidifying its position in Vietnam’s financial market.
In this new era—the Era of Vietnam’s Rise—the Vietnamese economy is in a phase of robust development, with policies promoting international financial centers opening up bright opportunities and prospects for the stock market. We firmly believe that, with over 18 years of solid foundations, RongViet will confidently overcome challenges, effectively seize business opportunities, and grow stronger and more efficiently in 2025 and beyond, striving toward the vision of becoming one of Vietnam’s leading, modern, and effective financial institutions by 2030.
We deeply recognize that RongViet’s development goals are inseparable from delivering the best value to Customers, Partners, Shareholders, Employees, and contributing positively to the growth of Vietnam’s economy and financial market. We aim to share our development achievements with the community and society, pursuing sustainable growth and building a prosperous, happy future.
On behalf of the Board of Directors and all RongViet members, I sincerely thank our Shareholders, Customers, Partners, and Regulatory Authorities for their unwavering trust, companionship, and support throughout our 18-year journey of steady growth. We deeply appreciate this invaluable support and pledge to continue striving, maximizing resources, enhancing operational efficiency, elevating RongViet’s position in Vietnam’s financial market, and pursuing sustainable development goals. The road ahead holds both opportunities and challenges, and we hope to continue receiving your trust, companionship, and support to create lasting value together.
Wishing you all good health, success, prosperity, and happiness.
Best regards,
Chairman
Nguyen Mien Tuan
