Tan Viet Securities' buying activities have been suspended.

TVSI has had its securities purchasing activities on HoSE, HNX, and UPCoM suspended due to the company being placed under special control.

This decision was recently issued by the Vietnam Stock Exchange. The reason is that Tan Viet Securities (TVSI) has been placed under special supervision by the State Securities Commission. The suspension will be in effect from June 27th until Tan Viet Securities is removed from this special supervision status.

Previously, due to the inability to audit the financial safety ratio report, the Securities Commission placed TVSI under special control from May 18th to September 17th.

TVSI stated that it contacted VACO Auditing Company after the end of the 2022 fiscal year, but the company subsequently requested the termination of the audit contract. The company sent offer letters and contacted all audit firms on its approved list, but none responded or agreed to provide services. It wasn't until early June that TVSI found an audit firm, UHY Consulting and Auditing Company Limited.

This year, TVSI aims for revenue of just under 200 billion VND, a 92% decrease compared to the previous year. The company anticipates a net loss after tax of approximately 570 million VND. TVSI's focus in 2023 will be on resolving issues related to bonds, while simultaneously maintaining its basic brokerage operations.

Tan Viet Securities is one of the bond issuance advisors for An Dong Investment Group – a company linked to Ms. Truong My Lan.

Last year, TVSI failed to meet its business plan, with net profit reaching only nearly 70% of its target. The Board of Directors assessed 2022 as a turbulent year with many negative fluctuations, including events that severely impacted the company's business operations.

From October 2022, TVSI focused on crisis management and restructuring its business units by closing and merging branches. The company's business activities fluctuated, with brokerage, underwriting, and custody operations decreasing by more than 40%, 73%, and 8% respectively compared to the previous year.

Minh Son

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