Vincom to narrow down securities business

29 Oct
VNREVincom Joint Stock Company has announced to move the headquarters of its securities arm in Hanoi to HCMC so as to focus resources on its core real estate business operations.

Vincom Securities Co., a Hanoi Stock Exchange member that has total chartered capital of VND300 billion and manages over 18,000 trading accounts, will open its HCMC headquarters in the next two weeks.

In a statement on the forthcoming closing of the Vincom Securities head office, parent firm Vincom does not mention the exact location but on its website, it says the 25-storey Vincom Financial Tower on HCMC’s Nguyen Cong Tru Street already lined with stock brokerages and banks will become a leading stock trading floor in Vietnam.

The tower, just a walking distance from the Hochiminh Stock Exchange, nears completion.

Le Khac Hiep, chairman of Vincom, said in the statement that the company had long considered scaling down its financial investment operations given the market reality.

“One thing that led us to make the decision fast is the ineffective and inefficient performance of our securities firm. It has already failed to meet its yearly targets,” Hiep said and added Vincom intended to sell its entire stake in the securities company in the future. Vincom now owns 75% of the stock brokerage.

Hiep said the transfer of the stake in Vincom Securities would be done step by step to avoid causing any inconvenience for customers. Details about the stake transfer will be announced after December 10 when the company turns three and its founders have the right to sell their stakes, says the statement.

Customers of Vincom Securities will have three options. First, they can stay but must trade shares at the company’s HCMC premises or on the Internet; second, they can choose to close their accounts at the company; third, they can move their accounts to VPBank with all customers’ rights guaranteed.

Reported by Thu Thuy/ The Saigon Times Daily

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