Tan Viet Securities plans for losses.

TVSI stated that its goal for 2023 is to focus on resolving bond-related issues and strive to break even.

The 2023 business plan was mentioned by the Board of Directors of Tan Viet Securities Company (TVSI) in the presentation to shareholders at the upcoming annual meeting.

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. "The Board of Directors acknowledges the difficulties in the stock market and has set cautious business targets for 2023," the report to shareholders stated. Accordingly, TVSI's focus this year 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 the 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.

In addition to impacting business operations, TVSI also stated that the company was unable to find an auditor for its financial statements and financial safety ratio report as of December 31, 2022.

After the fiscal year ended, TVSI contacted VACO Auditing Company, but the latter subsequently sent a request to terminate the audit contract.

"TVSI sent letters of invitation and contacted all auditing firms on the approved list to audit the two aforementioned reports, but these firms either did not respond or did not agree to provide auditing services to TVSI," the report sent to shareholders stated.

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. In early June, TVSI finally found an auditing firm, UHY Consulting and Auditing Company Limited.

Tan Viet Securities is a leading securities company in terms of bond trading volume in the market. According to its latest financial report published at the end of October 2022, the company itself traded bonds worth nearly VND 179,000 billion, while investors traded over VND 181,000 billion in the first nine months of the year. The company's total assets at that time were VND 9,640 billion.

Following the initiation of a criminal case by the Investigation Police Department of the Ministry of Public Security regarding fraud and misappropriation of assets at An Dong Investment Group and related organizations, Tan Viet Securities has stopped accepting corporate bond transfers and has held numerous meetings with bondholders to provide specific information on the payment plan.

Acting as the registration and custody agent, payment agent, and representative of the bondholders, the company then asserted that it had worked with the issuers and devised a plan to ensure the payment of interest and principal to investors before or on the maturity date of the bond issue.

Minh Son

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