ANNUAL REPORT 2025 BVSC
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GENERAL INTRODUCTION

Message from the Chairman of the Board of Directors

With a solid governance foundation, a clear governance structure, a strong emphasis on standards, transparency in information disclosure, and accountability, and with continuous efforts to improve in line with regional and international best practices, during the 2021–2025 period, the Company was consistently voted among the Top 10 Best Annual Reports – Mid-cap Group (2021, 2024) & the Top 10 Best Corporate Governance Companies.
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Mission – Vision – Core Values

Bao Viet Securities Joint Stock Company (“BVSC”) was established in 1999 with the involvement of Vietnam Insurance Corporation (now Bao Viet Holdings) under the management of the Ministry of Finance. BVSC inherited Vietnam’s top insurance corporation’s brand reputation and financial power.

BVSC is one of the most prestigious securities companies in Vietnam, providing financial and investment services to all institutional and individual clients and reputable domestic and foreign investment banks and funds.

  • Commercial name:
    Bao Viet Securities Joint Stock Company.
  • Business license:
    No 01/GPHDKD issued by the State Securities Commission on November 26, 1999.
  • Charter capital:
    VND 722,339,370,000.
  • Shareholders’ equity as at December 31, 2025:
    VND 2,656,788,591,891.
  • Address:
    Bao Viet Tower, 08 Le Thai To, Hoan Kiem Ward, Ha Noi.
  • Telephone:
    (84-24) 3.928.8080.
  • Fax:
    (84-24) 3.928.9888.
  • Website:
    www.bvsc.com.vn
  • Stock ticker:
    BVS, listed on Hanoi Stock Exchange (“HNX”).

MISSION

Delivering “Solid Trust” to Investors and Businesses through ““Enduring Commitment”.

VISION

To maintain our position as a leading securities firm, providing diverse digital-first services to deliver excellence for our customers and maximize satisfaction for our shareholders.

CORE VALUES

  • Prestige is the Company’s most important asset.
  • Professional ethics is the most valuable quality for company staff.
  • A risk management process is followed to limit risk exposure.

Milestones

2024
2023
2022
2021
2019
2017
2016
2015
2011
2010
2009
2008
2006
2000
1999
  • Relocated the Head Office from the 4th and 7th floors of Unit A to Unit B of Bao Viet Tower, No. 08 Le Thai To Street, Hoan Kiem Dist., Ha Noi.
  • Relocated 174 Le Hong Phong Transaction Office to Building 24A, Phan Dang Luu Street, Ward 6, Binh Thanh Dist., HCMC, and renamed to Phan Dang Luu Transaction Office.
  • Relocated Lang Ha Transaction Office to the 10th Floor, Sky City Building 88 Lang Ha, Dong Da Dist., Ha Noi, and renamed to Thanh Cong Transaction Office.
  • Relocated Cao Thang Transaction Office to 81 Cao Thang, District 3, HCMC.
  • Relocated the Head Office from the 2nd and 3rd floors, building No.72 Tran Hung Dao, Tran Hung Dao ward, Hoan Kiem Dist. to No. 8 Le Thai To, Hang Trong ward, Hoan Kiem Dist., Ha Noi.
  • Relocated Kim Ma Transaction Office to Hapulico Center Building, No.1 Nguyen Huy Tuong St., Thanh Xuan Dist., Ha Noi, and renamed it to Thanh Xuan Transaction Office.
  • Relocated Head Office from No. 8 Le Thai To St., Hoan Kiem Dist. to the building at 72 Tran Hung Dao St., Hoan Kiem Dist., Ha Noi.
  • Established 174 Le Hong Phong Transaction Office under the HCMC Branch.
  • Relocated the Transaction Office 146 Nguyen Van Cu to 90 Cao Thang and renamed it as Cao Thang Transaction Office, under the HCMC Branch.
  • Opened Lang Ha Transaction Office at 14 Lang Ha St., Ba Dinh Dist., Ha Noi.
  • Opened 233 Dong Khoi Transaction Office at 233 Dong Khoi, Dist. 1, HCMC.
  • Relocated My Dinh Transaction Office to No. 519 Kim Ma, Ba Dinh Dist., Ha Noi, and renamed it to Kim Ma Transaction Office.
  • Opened My Dinh Transaction Office at No.8 Nguyen Co Thach St., Tu Liem, Ha Noi.
  • Changed the Company’s logo and brand recognition.
  • Relocated Ho Chi Minh Branch office to No.233 Dong Khoi St., Dist. 1, HCMC.
  • Opened a Transaction Office at 11 Nguyen Cong Tru, Dist. 1, Ho Chi Minh City.
  • Increased charter capital from VND 450 billion to VND 722.3 billion.
  • Opened a Transaction Office at 146 Nguyen Van Cu, Dist. 5, HCMC.
  • Increased charter capital from VND 150 billion to VND 450 billion.
  • Set up new Head Office and Transaction Floor at No.8 Le Thai To St., Hoan Kiem Dist., Ha Noi.
  • Opened a Transaction Office No.1 at 94 Ba Trieu St., Hoan Kiem Dist., Ha Noi.
  • Increased charter capital from VND 49.45 billion to VND 150 billion.
  • BVSC’s stock (Ticker: BVS) was officially listed on Ha Noi Securities Trading Center, currently known as Ha Noi Stock Exchange.
  • Established a Branch and opened a Transaction Office in Ho Chi Minh City.
  • BVSC was established in 1999 with the involvement of Vietnam Insurance Corporation (now Bao Viet Holdings) as a founding shareholder under the management of the Ministry of Finance.

Business Operations

Securities Brokerage

Being the first securities company established in the Vietnamese stock market, with more than 26 years of development, BVSC remained one of the leading firms in Vietnam’s stock market. BVSC presently has nearly 92 thousand trading accounts.

Institutional Brokerage

For years, BVSC has built a solid relationship with local and global professional financial institutions. With the “client-centric” spirit in its development strategy, BVSC has been continuously investing in and focusing on improving its information technology system, human resources, and research & development to elevate quality service and diversify products to build a complete product ecosystem on a digital platform to meet all investment demands of institutional partners.

In addition, BVSC focuses on supporting customers to better access the Vietnamese Stock Market through short video series, regular online presentations and meetings to update the latest information and share in-depth knowledge, as well as organizing many site visits to help investors better understand the Vietnamese market and seek out more potential investment opportunities.

Custody Services

BVSC provides securities custody services for customers, including securities depositing, exercising rights, securities transfer and pledging, gifting and inheritance of securities, odd-lot trading, acting as a depository agent, and the settlement and transfer of securities. Securities custody services provided by BVSC are executed in a prompt, convenient, and prudent manner, in compliance with the regulations of the State Securities Commission (“SSC”) and the Vietnam Securities Depository (“VSD”).

Proprietary Trading

BVSC invests its own money to generate profits while strictly following the principles of avoiding conflicts with clients’ interests.

Corporate Finance Advisory and Investment Banking Services

As a professional advisory organization, BVSC provides services to clients, including Equity Capital Market, Debt Capital Market, Restructuring, Mergers & Acquisitions (“M&A”), and other corporate finance advisory services (Advisory on Public Offering and Listing, Equitization and State Divestment, etc.).

BVSC’s Investment Banking activities, with a diverse system of products and services, always provide customers with the best financial solutions. With the motto “Quality – Progress – Efficiency” and the goal of “Maximizing customers’ interests,” BVSC’s experts always strive to fully meet the specific requirements of each customer segment.

Research and Investment Advisory

With a team of highly qualified, experienced, and sharp analysis experts who regularly stay abreast of market developments, BVSC’s Research and Investment Advisory activities over the past years have been highly appreciated not only for the diversity of their products but also for the quality that effectively meets the needs of investors. This is demonstrated by the high level of accuracy, objectivity, and timeliness.

BVSC provides a diverse and comprehensive suite of analytical products, ranging from macro analysis, market commentaries, and bond reports to investment strategy reports, as well as industry and business analysis. BVSC’s portfolio-based investment advisory reports are always well-received and highly appreciated by investors for their quality.

Network

Currently, BVSC has a network of 1 branch and 08 transaction offices in the two main cities of Vietnam, Ha Noi and Ho Chi Minh City. BVSC always provides the best services to its clients through a team of competent and experienced stock market experts.

BVSC’s network is as follows:
HEADQUARTERS

Address: Bao Viet Building, No.8 Le Thai To, Hoan Kiem Ward, Ha Noi.

Hotline: (84-24) 3.928.8080

Fax: (84-24) 3.928.9888

HO CHI MINH CITY BRANCH

Address: 8th Floor, Bao Viet Building, No. 233 Dong Khoi, Sai Gon Ward, HCMC.

Hotline: (84-28) 3.914.6888

Fax: (84-28) 3.914.7999

Company’s hotline: 19001018

Email: info@bvsc.com.vn

Website: www.bvsc.com.vn

HEADQUARTERS TRANSACTION OFFICE

Address: 1st floor, Bao Viet Building, 08 Le Thai To, Hoan Kiem Ward, Ha Noi.

TRANSACTION OFFICE NO. 1

Address: 94 Ba Trieu St., Hai Ba Trung Ward, Ha Noi.

THANH XUAN TRANSACTION OFFICE

Address: 10th floor, Center Building – No. 1 Nguyen Huy Tuong (85 Vu Trong Phung), Thanh Xuan Ward, Ha Noi.

THANH CONG TRANSACTION OFFICE

Address: 10th floor, ROX Tower, 88 Lang Ha, Lang Ward, Ha Noi.

11 NGUYEN CONG TRU TRANSACTION OFFICE

Address: 11 Nguyen Cong Tru, Saigon Ward, HCMC.

CAO THANG TRANSACTION OFFICE

Address: 81 Cao Thang, Ban Co Ward, HCMC.

233 DONG KHOI TRANSACTION OFFICE

Address: G Floor, Bao Viet Building, 233 Dong Khoi, Saigon Ward, HCMC.

PHAN DANG LUU TRANSACTION OFFICE

Address: G Floor, Building No. 24A, Phan Dang Luu, Gia Dinh Ward, HCMC.

Awards

Since its establishment in 1999, BVSC has continuously received awards and votes from large and reputable domestic and foreign organizations in all fields of operation. In this report, we would like to summarize the outstanding achievements of recent years:

Prime Minister

  • Government’s Emulation Flag 2019.

Ministry of Finance

  • Certificate – Achievement in Building and Developing the Vietnam Stock Market in 2009 – 2014.
  • Certificate of Merit – Achievement in Building and Developing the Vietnam Securities Trading Association in 2015 – 2018.
  • Emulation flag rewarded outstanding achievements in the emulation movement of the Financial Sector in 2017.
  • Excellent Labor Collective Title 2016 – 2017 – 2021 – 2022.
  • Certificate of Merit from the Ministry of Finance for the period 2022 – 2024.

State Securities Commission of Vietnam

  • Certificate of Merit for Excellent Achievement in the Operation of the Secondary Bond Market in 2012.
  • Certificate of merit for achievements in building and developing Vietnam Association of Securities Business and the stock market in 2018 – 2020.

Viet Nam Exchange (VNX)

  • Top 10 trading members by share and fund certificate brokerage market share in 2022, voted by VNX at the 2023 Member Conference.

Hanoi Stock Exchange (HNX)

  • Typical Member for eight consecutive years, 2013 – 2020..
  • Top 30 Transparent Listed Companies for four consecutive years, 2013 – 2016.
  • Honored as one of the top 10 contributors to the 20 – year development of the Hanoi Stock Exchange (HNX).
  • Top 10 Listed Companies with Best Corporate Governance in 2023 – 2024 and 2024 – 2025.

Ho Chi Minh Stock Exchange (HOSE)

  • Top 5 – Bond Brokerage Houses in 2015.
  • Top 10 – Shares and Fund Certificates Brokerage Houses in 2016.
  • b Công ty Chứng khoán Thành viên Tiêu biểu Giai đoạn 2018 – 2019.
  • Typical Member Securities Company, Period 2018 – 2019.

Vietnam Securities Depository

  • Top 10 in Securities Transaction Payment in 2017.
  • Typical Member in Basic Securities Transaction Settlement Activities for 3 Consecutive Years, 2018 – 2020.
  • Typical Member in Basic Securities Transaction Settlement Activities, Year 2024.

Vietnam Records Books

  • The First Securities Company in Vietnam.

Vietnam Young Entrepreneur Association Central Committee

  • Top 200 Vietnam Gold Star 2015.
  • Top 100 Vietnam Gold Star 2018.

Vietnam Listed Company Awards

  • Top 10 Best Annual Reports in Five Years: 2017 – 2021 – Mid-cap group.
  • Top 10 Best Annual Reports of 2024 – Financial Sector.
  • Top 10 Best Corporate Governance Companies – Mid-Cap Group.

Sustainable Enterprises Award

  • Top 100 Sustainable Enterprises in eight years: 2018 – 2025.

Vietnam Best Places to Work Vote conducted by Anphabe in collaboration with VCCI

  • Top 50 Vietnamese Organizations with Attractive Employer Brand in five consecutive years, 2018 – 2022.
  • Top 100 Vietnam Best Places to Work 2021 – 2025.
  • Top 1 in Financial Services 2023.

Vietnam Strong Brand Award

  • Top 100 Vietnam Strong Brand Award 2021.

Enterprise of Choice 2025 – Mid-Sized Enterprise Category

  • Top 2 in Banking – Financial Services – Securities Sector.
  • Top 7 Enterprises for Sustainable Development.
  • Top 8 Most Favorite Enterprises.

Vietnam Wealth Advisors Summit

  • Brokerage Award.
  • Digitalization of the Year.

Annual M&A Forum

  • The Best Securities Company – categories equitization / divestment / M&A advisory for 8 consecutive years 2013 – 2020.
  • Typical Securities Company in M&A Advisory of the Decade 2009 – 2018.
  • The Best M&A Advisory Firm 2009 – 2023.
  • The Best M&A Advisory Firm 2023 – 2024.

Vietnam Institute of Directors (VIOD)

  • Top 50 Pioneer Enterprises Committed to Corporate Governance Excellence in Vietnam – VNCG50.

Vietnam Association of Securities Business (VASB)

  • Top 7 Pioneering Enterprises Implementing ESG Practices.
  • ESG certification under the Synesgy rating system.

Global Banking and Finance Review (UK)

  • Best Brokerage House Vietnam for 03 consecutive years, 2015 – 2017.
  • Best Advisory House Vietnam 2016 – 2017.
  • Best Brokerage House – Digital Transformation Vietnam 2021.
  • Best Digital Transformation Platform Vietnam 2022.
  • The Next 100 Global Awards 2022 & 2023 – Trading Platform.
  • Most Innovative Stock Trading Application – Vietnam 2024.
  • 25 years of Excellence Brokerage Vietnam 2024.

International Finance Magazine (UK)

  • Best Securities Advisory Firm Vietnam 2018 – 2019.
  • Best Brokerage House Vietnam 2018.

KEY PERFORMANCE INDICATORS (KPIs)

Unit: VND billion

Indicator 2021 2022 2023 2024 2025
I – KPIs
Total revenue 1,147.11 921.54 935.48 992.77 1,104.65
Gain from financial investment 255.98 163.21 219.83 247.49 278.56
Interest income from loans and receivables
(including interest on margin loans & advances)
361.77 325.81 330.27 410.73 433.05
Revenue from securities brokerage activities 467.67 320.15 307.77 318.59 374.33
Revenue from advisory and underwriting, securities issuance agency, auction entrustment 41.02 32.45 2.21 3.47 4.64
Revenue from securities custody services 9.23 9.50 7.20 6.86 8.32
Financial income and other income 11.44 70.41 68.22 5.62 5.75
Operating profit 351.59 179.25 238.08 241.04 265.78
Other profit (0.56) 1.75 (0.19) (0.12) (0.72)
Profit before tax 351.03 181.00 237.90 240.93 265.06
Profit after tax 282.94 146.89 197.86 199.95 224.52
Realized profit after tax 232.20 213.69 159.78 206.42 204.41
Total assets 5,719.30 3,857.65 6,016.42 5,628.66 7,033.00
Owner’equity 2,144.45 2,180.94 2,316.92 2,475.37 2,656.79
II - SPECIFIC KPIs

Capital adequacy ratio

489% 654% 445% 678% 576%

Total assets:
Total liabilities ratio

1.60 2.30 1.63 1.79 1.61

Current ratio:
Current assets/Current liabilities

1.60 2.20 1.55 1.63 1.50

Quick ratio (Cash and cash equivalents + Short-term investments)/Current liabilities

1.54 2.11 1.53 1.94 1.94

Earnings per share (VND)

3,042 2,782 2,080 2,688 2,661
Total revenue

(VND billion)

Operating profit

(VND billion)

Total assets

(VND billion)