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CÔNG TY CỐ PHẦN

Digitally signed by CÔNG TY CỐ PHẦN CHƯNG KHOẠN AN

BINH

DN: S-VN, S-HÀ NỘI, L-Quân Đông Đa, CN-CÔNG TY CỐ

PHẦN CHƯNG KHOẠN AN BÌNH

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Date: 2025.04.11 13:48:09+07:00

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CÔNG TY CỔ PHẦN CHƯNG KHOÁN AN BÌNH

AN BÌNH SECURITIES JOINT STOCK COMPANY



ANNUAL REPORT 2024

TABLE OF CONTENTS

PART 1. GENERAL INFORMATION

Company Information Vision – Mission – Core Values Company History Business Scope & Territory Governance Model & Organizational Structure Development Orientation Overview of Vietnam’s Economy and Stock Market in 2024 PART 2. OPERATIONAL PERFORMANCE IN THE YEAR 17 Business Performance Organizational Structure and Human Resources Financial Situation Shareholder Structure and Capital Changes Environmental and Social Impact Report PART 3. MANAGEMENT BOARD'S ASSESSMENT REPORT 23 Evaluation of Business Performance Financial Situation Improvements in Organizational Structure, Policies, and Management Future Development Plans PART 4. BOARD OF DIRECTORS' EVALUATION 26 Evaluation of the Company's Activities Evaluation of the Executive Board's Performance Strategic Directions of the Board PART 5. CORPORATE GOVERNANCE 28 Board of Directors Supervisory Board Transactions, Remunerations, and Benefits of BOD and Supervisory Board PART 6. FINANCIAL STATEMENTS 32

GENERAL INFORMATION

1. Company Information

Company Name

License Number

Member Code

Charter Capital

Address

An Binh Securities Joint Stock Company 16/UBCK-GPHDKD issued on 29/09/2006 018

1.011.500.000.000 VND

16th Floor, Geleximco Building, 36 Hoang Cau, Dong Da, Hanoi

024 3562 4626

024 3562 4628

www.abs.vn

2. Vision – Mission – Core Values

Vision

Prosperous finance – Peaceful life

Mission

Accompanying customers on their

Core Values

investment journey for the future

  • Sharing & Connection
  • Ownership Spirit
  • Customer-Centricity
  • Innovation
  • Exceptional Individuals

3. Company History

TimeEvent
2006Founded with charter capital of VND 50 billion. Head office address: 101 Lang Ha, Dong Da District, Hanoi City. of Ho Chi Minh Stock Exchange (HOSE) and Hanoi Stock Exchange (HNX).
2007Increased charter capital to VND 330 billion. Hai Phong Branch at 07 Tran Hung Dao Street, Hong Bang District, Hai Phong City.
2008Increased charter capital for the 2nd time to VND 397 billion. 10 Securities Companies with the largest operating capital. Ho Chi Minh Branch at 118 Nguyen Cu Trinh Street, Nguyen Cu Trinh Ward, District 1, Ho Chi Minh City.
2009Established Vung Tau Branch at 21 Le Loi Street, Ward 4, Vung Tau City, Ba Ria - Vung Tau Province. Thai Binh Branch at 399 Le Quy Don Street, Le Hong Phong Ward, Thai Binh City. Cup for Integration and Development Enterprise in 2009.
2011Relocated Hai Phong Branch to 09 Tran Hung Dao Street, Hoang Van Thu Ward, Hong Bang District, Hai Phong City.


2013Established Hue Branch at 41-43 Ben Nghe Street, Phu Hoi Ward, Hue City.

Listed among the top 10 securities companies with the largest market share on HSX and HNX.

Awarded Top 50 Famous Brands in Vietnam by the National Office of Intellectual Property of Vietnam.
2014Relocated Da Nang Branch to 17 Dang Tu Kinh Street, Hai Chau District, Da Nang City. Cultural Entrepreneur – Strong and Sustainable Development Enterprise 2014.
2018Relocated Head Office to Geleximco Building, 36 Hoang Cau Street, O Cho Dua Ward, Dong Da District, Hanoi City.
2019Relocated Da Nang Branch to Floor 08, Building No. 255 Le Duan Street, Tan Chinh Ward, Thanh Khe District, Da Nang City. Relocated Vung Tau Branch to Floor 1, No. 370 Le Hong Phong Street, Ward 3, Vung Tau City, Ba Ria - Vung Tau Province.
2020Business results reached 183% compared to the plan.

Total assets: VND 860 billion. Ranked among the Top securities companies with the largest government bond brokerage market share in Q1/2020.

Top 50 Strong Asean Brands in 2020.
2021Increased charter capital to over VND 1,000 billion.

Ranked 6th in the Top 10 bond advisory units in the first 9 months of 2021. Top 10 Leading Strong Brands in Vietnam in 2021.

Top 50 Famous Brands in Vietnam in 2021.
2022Changed the ABS brand identity at the Head Office and all branches.
2023Established Hanoi Branch at 101 Lang Ha Street, Lang Ha Ward, Dong Da District, Hanoi City. Award: Best Stock Trading App ABS Invest - Vietnam 2023.
2024Award: Best Securities House for Research in Vietnam 2024. Award: Best New Stock Trading App 2024.

4. Business Scope and Operating Regions

a. Business Scope:

The Company has been licensed and fully performs the business services for a securities company, including the following services:

• Securities brokerage

• Proprietary trading of securities

• Securities custody

• Securities underwriting

• Securities investment consulting

• Corporate finance consulting

b. Operating Regions:


No.BUSINESS LOCATIONADDRESSTELEPHONE
1Head Office Trading Floor36 Hoang Cau Street, O Cho Dua Ward, Dong Da District, Hanoi City024 3562 4626
2Ha Noi Branch101 Lang Ha Street, Lang Ha Ward, Dong Da District, Hanoi City024 3562 4861
3Bac Ninh Branch10 Nguyen Dang Dao Street, Tien An Ward, Bac Ninh City0222 389 3088
4Thai Binh Branch399 Le Quy Don Street, Thai Binh City0227 625 5556
5Hai Phong BranchP131 - 1st Floor, Thanh Dat 1 Building - 3 Le Thanh Tong Street, Ngo Quyen, Hai Phong City0225 356 9191
6Da Nang Branch8th Floor, Building No. 255 Le Duan Street, Tan Chinh Ward, Thanh Khe District, Da Nang City0236 365 3992
7Ho Chi Minh Branch2nd Floor, Room 201, SMART VIEW Building No. 161A-163-165 Tran Hung Dao Street, Co Giang Ward, District 1, Ho Chi Minh City028 3838 9655
8Vung Tau Branch1st Floor, 370 Le Hong Phong Street, Ward 3, Vung Tau City, Ba Ria - Vung Tau Province0254 354 3166
9Hue Branch1st Floor, 62 Nguyen Tri Phuong Street, Hue City0234 3831 133



6. Development Orientation

• Putting customers first is the guiding principle and is specifically implemented in all of ABS's activities to ensure that services and products best meet customer experience.

  • Upgrade technology to enhance performance, stability, security, and the ability to meet expanding growth
  • Improve data management and exploitation capabilities, and gradually apply artificial intelligence technology to understand customers, support customers, enhance customer experience, and optimize internal resources.
  • Build a culture of innovation and a talent-attracting environment so that ABS has the best resources for rapid and sustainable development.

7. Overview of Vietnam's Economy and Stock Market in 2024

a. Global Economy

  • The global economy in 2024 has been negatively affected by prolonged geopolitical conflicts in Ukraine, the Middle East, etc.; political instability in several major economies, and severe disasters and natural calamities due to increased climate change. This has pushed the prices of precious metals to record highs.
  • The trend of fragmentation in the global market and technology is increasingly apparent, reflected in the expansion of the BRICS bloc and sanctions by the US and Europe on Chinese technology sectors, weakening international cooperation as well as the efficiency of the global supply chain.
  • Global manufacturing activity, although recovering, remains weak. The manufacturing PMI in some major economies such as the US, Europe, and China is still below the threshold of 50, indicating continued contraction in production over the months. The Organisation for Economic Co-operation and Development (OECD) forecasts global growth this year to reach a rate of 3.1%, slightly lower than last year.

Economic Growth Forecast for Major Economies and the Global Economy (%)



Nguồn: Worldbank, số liệu của ASEAN do ADB ước tính, ABS Research

The growth outlook for 2024 is quite uneven across regions and economies. In 2024, the US continues to promote investment programs in infrastructure, especially in technology, renewable energy, and digital infrastructure. The world's largest economy

continues to show strong resilience, better than expected, with improved household income and consumption.

  • Europe has not escaped difficulties, with political instability, high energy prices, slow investment, and weak demand in key foreign markets. Added to this are the negative impacts from the Russia-Ukraine war and the increasing wave of migrants from unstable areas of Ukraine and the Middle East.
  • China continues to shift from an export and investment-driven growth model to a growth model based on domestic consumption and innovation; implementing measures to support the declining real estate market as well as through a fiscal package of USD 1,400 billion to restructure local government debt, which is at a risky level.

Global PMI Index



Nguồn: IHS Markit, ABS Research

Central banks around the world reduce interest rates as inflation gradually decreases

  • With high operating interest rates, a more positive supply of goods compared to the post-pandemic period, and lower energy prices, many countries are succeeding in their efforts to curb inflation. In many countries, inflation continues to approach the target. Inflation in the US fell to 2.7% at the end of 2024 and is expected to fall to the target level of 2% in 2025. Inflation in the EU also reached the ECB's target (2%) in September and October 2024.

From mid-year, a series of major central banks around the world, such as the Bank of Canada and the European Central Bank (ECB), began to lower interest rates to reduce pressure on the economy. Following this, the US Federal Reserve (Fed) cut interest rates three times in 2024, bringing interest rates down to 4.25% - 4.5%.

• Faced with the trend of monetary policy easing in countries around the world, China has changed its monetary policy from "prudent" to "moderately" easing in the context of the risk of deflation still present and sluggish economic growth.

Global Inflation Forecast (2023 – 2025) (%)



Nguồn IMF. ABS Research

CPI and PMI of the United States



Nguồn: Investing. ABS Research

CPI and PMI of the UK and the EU



Nguồn: Investing.ABS Research

b. Vietnam's Economy

In 2024, the Government actively implemented many solutions to support the economy. Specifically:

  • Flexible monetary policy management: The State Bank of Vietnam (NHNN) proactively adjusted credit growth targets for credit institutions (TCTD) twice on August 28 and November 28 to promptly meet capital needs for the economy and support production and business. The NHNN also flexibly managed the exchange rate, synchronously coordinating monetary policy tools to limit exchange rate pressure; and announced a plan to sell foreign currency to credit institutions to readily support market liquidity during periods of high pressure. In addition, the NHNN directed the vigorous implementation of credit programs and policies under the direction of the Government, such as the program to support customers affected by Typhoon Yagi, and credit packages for the agriculture, forestry, and fishery sectors.
  • Promoting fiscal policy: Accelerating the disbursement of public investment packages worth 680 trillion VND, extending/exempting/reducing taxes.

Legal regulations: Supporting the stock market, corporate bond market, and supporting businesses.

Foreign policy: Upgrading the comprehensive partnership with the UAE, the comprehensive strategic partnership with France, and the strategic partnership with Brazil.

  • Results: Many organizations forecast that Vietnam's GDP will achieve the GDP growth target of 6.5 - 7.0% set by the National Assembly and be among the highest growing economies in the region and the world. This is a very positive figure in the context of many uncertainties in the global economy.

The State Bank maintains the discount and refinancing rates unchanged in 2024



LÊL ĐỒNG ĐỒNG NỘNG ĐỒNG ĐỒNG (D) ĐỒNG ĐỒNG ĐỒNG ĐỒNG (Doanh số giao dịch qua đếm) (D) ĐỒ


Vietnam's economy continuously maintained strong growth through the quarters (Q1: +5.87%; Q2: +6.93%; Q3: +7.4%). Overall, in the first 9 months of 2024, GDP increased by 6.82% compared to the same period last year. In which:

  • The industry and construction sector, production of many key industries increased sharply compared to the same period last year and the strongest among the sectors. Which, the manufacturing industry increased by 9.76%; the construction industry increased by 7.48%; electricity, gas, hot water, steam and air conditioning production and distribution increased by 11.11%. In contrast, the mining industry decreased by 7.01%.
  • The service sector continued to maintain growth momentum thanks to wholesale and retail increasing by 7.56% compared to the same period last year, transportation and warehousing increasing by 11.03%; finance - banking - insurance, accommodation and food services increased by 6.47%; professional, scientific and technological activities increased by 6.08%.

The northern agricultural sector was heavily affected by storm No. 3 in September 2024, so growth tended to slow down compared to the same period in previous years, increasing by 3.20%, only higher than the growth rate of the same period in 2020 due to the impact of COVID. In the southern provinces, production still developed stably, and some key areas of livestock and aquaculture increased steadily, contributing to reducing damage to agricultural production. Agricultural production in Vietnam is gradually shifting from small-scale to industrialized and modernized, focusing on quality, sustainability and meeting international requirements.

Regarding the economic structure in the first 9 months of 2024, the agriculture, forestry and fishery sector accounted for 11.64%; the industry and construction sector accounted for 37.10%; the service sector accounted for 42.80%; and product taxes less product subsidies accounted for 8.46%.



CPI and PMI of the UK an Proportion of Economic Sectors in GDP for the First 9M/2024



Vietnam's GDP Growth Rate (% YoY)



Nguồn: GSO, ABS Research

Overall, in the first 11 months of 2024, the CPI increased by 3.69% compared to the previous year. If there are no surprises, the CPI will certainly reach the target of <4.5% set by the National Assembly.

  • The average CPI for 11 months of 2024 increased compared to the same period last year due to the increase in prices of food and food services due to the increase in domestic rice prices in line with export rice prices, natural disasters and storms, and increased consumer demand during holidays and Tet, along with increased pork prices; increased housing, electricity, water, fuel and construction material prices; in the 2024 school year, some localities increased tuition fees according to the Resolution of the Provincial People's Council; and the price of medical services was adjusted according to Circular No. 22/2023/TT-BYT of the Ministry of Health and health insurance increased according to the base salary.
  • Conversely, the price index of the post and telecommunications group decreased by 1.06% compared to the same period last year, due to the decrease in prices of smart phones.
  • Core inflation increased by 2.7%, lower than the overall average CPI increase (up 3.6%), mainly because the prices of food, fresh food, energy, medical services and education are also factors that strongly increase CPI and are excluded from the core inflation calculation.

Vietnam's Inflation and CPI Growth Rate (2021 – First 11 Months of 2024)



CPI and Core Inflation (2016 – First 11 Months of 2024)



Exchange rates rise and gold prices fluctuate unpredictably

As of December 20, the DXY index rose sharply to 108.54, up 5.4% from the beginning of the year and the highest level in 2 years. Along with the upward trend of the DXY, the exchange rate increased sharply to 25,540 VND/USD (VCB selling rate on December 20, 2024), up 4.2% YTD. The reasons for the strong exchange rate are (i) the strong increase in the DXY index (ii) the strong increase in foreign currency demand of enterprises due to the import of raw materials for the year-end production season (iii) the State Treasury buying a large amount of USD to pay foreign debt.

  • The State Bank of Vietnam (NHNN) mainly intervened through 2 tools: issuing treasury bills and selling foreign currency. Currently, the USD/VND reference exchange rate at the State Bank of Vietnam's transaction office for buying and selling on December 20 is 23,400 - 25,450 VND/USD.

The selling exchange rate repeatedly hit the ceiling in 2024



Nguồn: FiinPro. ABS Research

  • In 2024, domestic gold prices have fluctuated strongly. At some points, the selling price of SJC gold surged above 90 million VND/tael due to geopolitical tensions and the prospect of major central banks such as the ECB and FED cutting interest rates. In the last days of 2024, gold prices tend to cool down along with the trend of world gold prices amid signals from the Fed of being more cautious in cutting interest rates.



• Faced with the situation that domestic gold prices are significantly different from world gold prices, the NHNN has taken specific measures to stabilize gold prices. In April and May, the NHNN organized 9 auctions with a total winning bid volume of 48,500 taels, but the difference between SJC gold prices and world prices was still high. After that, the NHNN switched to selling gold bars to 4 state-owned banks until the end of October 29. The intervention has been somewhat effective when the gold price difference is only about 3-5 million VND/tael compared to previous times when it was up to 18 million VND/tael.

Slow deposit growth

Average 6 month and 12 month deposit interest rates of state-owned banks



  • In September 2024, total deposits of residents and economic organizations reached more than 14 million billion VND, up 4.9% YoY, much lower than credit growth. This is contrary to the situation in 2023, when commercial banks were favorable in

mobilizing deposits in the context of record low deposit interest rates. By the end of 2024, deposit interest rates tend to increase slightly after bottoming out in Q2/2024 but are still much lower than the COVID period.

  • Slow deposit growth is due to several reasons:

Low deposit interest rates while other asset markets increase in price, so money is withdrawn from banks to invest in gold, real estate and investment channels with higher returns. In particular, the cryptocurrency market is bustling again, with Vietnam ranking second in the world in the rate of cryptocurrency ownership (according to statistics from the cryptocurrency payment gateway Triple-A announced in May 2024).

  • The economy is recovering but still faces many difficulties, causing people to reduce savings.

Monthly Deposit Growth (%YTD)



Nguồn: NHNN.ABS Research



Nguồn: NHNN, FiinPro, ABS Research

c. Vietnam's Stock Market

  • The VN-Index started 2024 with a fairly positive upward trend, supported by expectations of a recovery in the Vietnamese economy and supporting policies from the Government. Macroeconomic indicators such as GDP growth, industrial production, consumption and exports showed positive signs, creating momentum for the stock market.

However, the FED's maintenance of a high interest rate policy, combined with global geopolitical fluctuations, has created great pressure on the domestic stock market. The DXY index climbed to 105, while the US government bond yield reached 4.4%, causing capital to withdraw from emerging markets, including Vietnam. This also put pressure on the VND, forcing the State Bank to implement monetary tightening measures. As a result, the VN-Index experienced a strong correction, bringing the index back to near the starting point of the year.

  • In 2024, the VN-Index made a total of 4 attempts to "conquer" the 1300-point mark but all failed, followed by strong corrections. Although the FED cut interest rates by 50 basis points on September 18, concerns about the global economy, inflation and the political situation made investors cautious. In particular, foreign capital continuously net sold, causing domestic and international cash flows to disagree, hindering the sustainable recovery of the VN-Index. At the end of the trading session on December 31, the VN-Index closed at 1,266.78 points, up +13.06% compared to the beginning of the year.
  • With the prospect of a strong breakthrough in the economy in 2025 entering a new era, global interest rates on a downward trend and VND interest rates still maintained at a low level, recovery of import and export, inflation and exchange rates within the government's control, strong disbursement of public investment, Vietnam continues to be an attractive investment destination for FDI flows, improved credit growth, many institutional reforms are implemented... ABS forecasts the VN-Index in 2025 to surpass the peak of 2024 and aim for the target of 1345 - 1358 and 1370 -1397 points in the main scenario. Valuation is raised thanks to the improvement of both business results and market cash flow, on the basis of interest rates being maintained at a low level and the return of foreign capital.

OPERATIONAL PERFORMANCE

1. Business Performance

NoIndicatorActualPlanActual% Actual vs Plan 2024% Actual vs Plan 2023 vs 2024
202320242024
1Vn-Index1,129.931,266.7812.11%
2Operating Revenue304,912,639,828311,757,364,861381,726,836,45322.44%25.19%
3Operating Expenses130,578,661,039103,128,035,506165,871,299,24860.84%27.03%
4Administrative Expenses80,218,786,12283,629,329,35581,981,295,927-1.97%2.20%
5Profit Before Tax93,964,712,743125,000,000,000131,724,854,3375.38%40.19%
6Profit After Corporate Income Tax73,854,160,969100,000,000,000103,203,054,2353.20%39.74%

2024 was a challenging year for the Vietnamese stock market, with the VN-Index increasing by 12.11%. The overall decline in the market significantly impacted the company's business performance.

The company's total revenue reached VND 381.7 billion, a 25.19% increase from 2023, mainly driven by lending, brokerage, and underwriting activities.

Operating costs decreased by 27.03% year-over-year. Administrative expenses increased slightly by 2.20% YoY and were 1.97% lower than planned. Overall, pre-tax profit reached VND 131.7 billion, up 40.19% YoY and 5.38% higher than the target.

2. Human Resources

a. Executive Management Team


NoFull NamePositionDate of BirthID NumberIssue DateIssued By
1Nham Ha HaiGeneral Director19/12/197701707700013925/09/2023Police Department for Administrative Management
2Dang Hai ChungDeputy General Director11/10/198000108001841004/11/2020Police Department for Administrative Management
3Le Thi Thu HienChief Accountant16/01/198303418300134116/05/2023Police Department for Administrative Management

None of the executive members hold voting shares in the company.

b. Changes in Executive Management:

Full Name/Initial PositionFull Name/Position Changed During the PeriodChange DateEnd DateFull Name/Final PositionChange DateReason for Change
Mr. Nham Ha Hai/General DirectorMr. Nham Ha Hai/General Director
Mr. Dang Hai Chung/Deputy General DirectorMr. Dang Hai Chung/Deputy General Director
Ms. Le Thi Thu Hien/Chief AccountantMs. Le Thi Thu Hien/Chief Accountant

c. Employee Welfare Policies

The average number of employees in 2024 was 142, nearly unchanged from the end of 2023. The company continued prioritizing reward, welfare, and corporate culture policies to foster a friendly work environment and recognize staff contributions, specifically:

  • The company has adjusted salaries, appointed, or promoted 31 employees with strong performance and the capacity to take on higher positions. Many employees and business units (DVKD) that achieved or exceeded business targets were recognized monthly and quarterly.
  • The company maintains a voluntary health insurance package for all employees (covering 100% of costs), providing support for employees in inpatient and outpatient treatment, as well as other health risks, in addition to the annual health check-up program for employees at reputable facilities.
  • The payment of benefits along with engagement activities on special occasions throughout the year such as the Gregorian New Year, Lunar New Year, International Women's Day, ABS Kids Day, Mid-Autumn Festival, International Men's Day, etc., has been fully implemented, attracting widespread participation and achieving a high level of satisfaction from all employees.
  • "Purple Shirt Day" has also been launched and maintained every Wednesday since April 2024.
  • The team building activity in Cua Hoi in August 2024 with lively and enthusiastic performances at the Gala night, the "Breakthrough Run" in the early morning, and the trip to visit Uncle Ho's hometown in Lang Sen was also successfully organized for all company employees.

Especially, on the occasion of the company's founding anniversary, the company organized a series of meaningful activities with widespread impact:

  • Contributed to a charity fund and went to Lao Cai to support people affected by Typhoon Yagi on September 16, 2024.
  • The writing contest "ABS in my heart" received many poems, stories, essays, and even songs from employees with genuine, deep, and touching emotions about camaraderie.

passion for work, pride in the company, and memorable moments in the journey of overcoming challenges and developing together.

  • The "ABS runs together" race, although only held for 1 month with 66 participants, achieved a distance of 17,277 km through 1,620 hours of participation by individuals and/or teams in walking/running/cycling. Participating members all tried to push their limits and maintain their training even after the end of the race, as they clearly saw the positive impact of physical activity on their health and spirit.
  1. Investment status, project implementation

• Major investments: None

  • Subsidiaries, affiliates: None

4. Financial Performance

a. Financial Performance


Indicator20242023% Change
Total Assets3,390,042,913,2472,298,732,134,27447.47%
Net Revenue381,726,836,453304,912,639,82825.19%
Operating Profit133,874,241,27894,115,192,66742.25%
Other Profit(2,149,386,941)(150,479,924)1328.35%
Profit Before Tax131,724,854,33793,964,712,74340.19%
Net Profit103,203,054,23573,854,160,96939.74%

b. Key Financial Ratios


Ratio Description20232024Note
1, Liquidity Ratios
Current Ratio
- Current Assets / Current Liab2.271.30
Quick Ratio
- CA - InventoryCurrent Liab 2.271.30
2, Capital Structure Ratios
Debt / Total Assets41.83%57.65%
Debt / Equity71.91%136.10%
3, Operational Efficiency Ratios


Net Revenue / Total Assets13.26%11.26%
4, Profitability Ratios
Net Profit / Net Revenue24.22%27.04%
Net Profit / Equity5.52%7.19%
Net Profit / Total Assets3.21%3.04%
Operating Profit / Net Revenue30.87%35.07%

5. Shareholding Structure & Capital Changes

a. Shares:

• Total number of shares: 101.150.000 shares

• Type of shares: All are Common shares

• Number of freely transferable shares: 22,567,324 shares

  • Number of shares restricted from transfer according to the law and at the request of the owners: 78,582,676 shares

b. Shareholder structure:

Total number of shareholders: 1477 shareholders, of which:

  • Major shareholders (owning 5% or more) are 04 shareholders, and minor shareholders (owning less than 5%) are 1473 shareholders, specifically as follows:



NoFull name/Business name for organizationsRegistered address/Head office addressOwnership ratio of sharesCapital contribution (VND)
1Geleximco Group - JSCNo. 36 Hoang Cau, Dong Da District, Hanoi.45,85%463.795.170.000
2Vu Duc Chinh25/61 Thai Thinh, Thinh Quang Ward, Dong Da District, Hanoi10,73%108.550.710.000
3Vu Thi Minh TrangNo. 25, Alley 61 Thai Thinh, Thinh Quang Ward, Dong Da District, Hanoi7,45%75.388.500.000
4Nguyen Van AnhNo. 187 Dai La, Hai Ba Trung District, Hanoi6,69%67.649.180.000
5Other shareholders29,27%296.116.440.000
Total100%1.011.500.000.000
  • Organizational shareholders: 05 shareholders; Individual shareholders: 1472 shareholders, specifically as follows:


NoFull name/Business name for organizationsID card No./Business registration certificate No., date of issue, place of issueRegistered address/Head office addressOwner ship ratio of sharesCapital contribution (VND)
1Geleximco Group - JSCBusiness Registration No. 0100514947 issued by Hanoi DPI on 13/04/2007, 16th amendment on 15/06/201736 Hoang Cau, Dong Da Dist., Hanoi45,85%463.795.170.000
2TBIC Joint Stock CompanyBusiness Registration No. 2300740922 issued by Hanoi DPI on 18/06/2012, amendment on 12/06/2020No. 25, Alley 61 Thai Thinh, Thinh Quang Ward, Dong Da District, Hanoi4,29%43.382.380.000
3Long Binh An Forestry Trading Service Investment JSCBusiness Code 5000294366 issued by Tuyen Quang DPI on 23/06/2008; latest change on 30/06/2022An Hoa Village, Vinh Loi Commune, Son Duong District, Tuyen Quang Province0,33%3.300.000.000
4DKL Capital Investment Consulting JSC6th Floor, ICON4 Building, 243A De La Thanh, Lang Thuong Ward, Dong Da District, Hanoi0.02%160.000.000
5FOCULUS OYC/O Salonen Hameenapajantie 22 B00850 Helsinki Finland1,38%14.000.000.000
6Other individual shareholders48,13%486.862.450.000
Total100%1.011.500.000.000

• Domestic shareholders: 1473 shareholders owning 98.61% of charter capital, foreign shareholders: 4 shareholders

  • State shareholders: 0 shareholders, other shareholders: 1473 shareholders owning 100% of charter capital.
  • Maximum foreign ownership ratio: 100% (Based on Official Letter No. 1544/UBCK-QLKD of the State Securities Commission of Vietnam dated March 28, 2022).

c. Changes in owners' investment capital

NoContentCharter capital (VND)Offering targetIssuing unit
1License No. 16/UBCK-GPHDKD dated 29/09/2006 of the SSC on the Establishment of An Binh Securities JSC50.000.000.000Company EstablishmentSSC and Hanoi DPI
2License No. 266/UBCK-GP dated 18/04/2007 of the SSC on charter capital change330.000.000.000SSC
3License No. 178/UBCK-GP dated 10/12/2008 of the SSC on charter capital change397.000.000.000SSC
4License No. 79/GPDC - UBCK dated 16/09/2021 of the SSC on charter capital change1.000.439.880.000Existing shareholders and dividend paymentSSC
5License No. 69/GPDC - UBCK dated 04/08/2022 of the SSC on charter capital change1.011.500.000.000EmployeesSSC

d. Treasury stock transactions: None

6. Company's environmental and social reports

a. Joining hands to protect the environment

In 2024, ABS continued to launch and implement environmental protection programs such as hướng ứng Giờ Trái Đất (responding to Earth Hour); World Water Day; the program to save electricity and limit energy use; participate in environmental sanitation at some public places... These programs were supported and appreciated by all employees of the company, helping to raise awareness about environmental protection, and inspiring love for nature. As a business operating in the field of investment - finance - securities, ABS's direct impacts on the environment during operation are insignificant. However, environmental protection goals are always integrated into all internal activities of the Company.

Not only limited to internal company activities, ABS also actively participates in sustainable finance activities. We prioritize supporting investment projects with environmental factors, encouraging customers and partners towards green financial solutions. This is one of the important steps to help the company accompany the market in the transition to a sustainable economy.

b. Participating in the SSC - Run "Towards the Future"

On the 18-year journey of formation and development, ABS not only focused on business operations to maintain corporate growth, but also paid special attention to sustainable development with a series of activities and practical projects to raise awareness and responsibility towards the community, environment and society.

And to further promote positive values, towards a green lifestyle, a sustainable future, ABS members participated in the "SSC Run - Towards the Future" organized by the Youth Union of the State Securities Commission at Ecopark.

The run not only aims to improve health for individuals, but also through this run, each kilometer run contributes 10,000 VND to goals towards the environment, society and charitable work.

c. Minimize construction materials

The materials used in the operation and service provision of ABS are mainly printing paper, printing ink and office supplies. In 2024, ABS accelerated the digitization of operating transactions, significantly reducing the amount of documents to be printed, thereby reducing printing ink costs as well as the amount of paper released into the environment. In addition, the Company also applies a number of measures to save materials such as setting limits on printing paper and office supplies used; reusing single-sided printing paper. Controlling energy consumption, Electricity and gasoline are the two main types of energy consumed in ABS's business operations. Electricity is used to maintain the lighting system, air conditioning system and working computer system. The Company's gasoline consumption mainly comes from cars transporting employees on business trips in provinces and cities across the country, concentrated in major cities such as Hanoi and Ho Chi Minh City.

MANAGEMENT BOARD'S ASSESSMENT REPORT

Business Performance Evaluation

  • Market share grew from 0.43% in 2023 to 0.49% in 2024. Gross fee revenue reached VND 78.163 billion, a 30.4% increase from 2023, achieving 74.8% of the target. Net fee revenue was VND 32.4 billion, and outstanding margin loans reached VND 1,012 billion.
  • In 2024, funding activities focused on expanding credit lines to meet increased margin and advance trading demand, growing scale of money market operations, and exploiting interest rate differentials among banks and between tenors, as well as intraday/T+ brokerage deals.
  • The digital strategy continued in 2024 as ABS prioritized the development of the ABS Invest platform on both web and mobile versions. By year-end, both platforms were near completion, with plans to retire the old ABS Mobile app in February 2025 and the legacy iTrade web platform in the first half of 2025. Tech upgrades also included improved system data backup to prevent cyberattacks, implementation of user access tracking (in response to VNDirect's breach), and stress testing in preparation for the KRX system upgrade.
  • The Data and Risk Management division developed new quantitative models and completed a data cleansing process to begin generating multidimensional customer reports in 2025. The data team also began researching AI applications using machine learning technologies.
  • Toward the end of 2024, ABS launched a customer insight initiative by training core members of each division in segmentation and persona-based methodologies, preparing for a company-wide rollout in 2025 to gather more ideas, create tailored solutions, and redesign the customer iournev to improve service and product offerings.
  • Brand marketing efforts continued, highlighting products, platforms, promotions, and publishing regular macroeconomic and market reports, which were cited in the media. In 2024, ABS received two prestigious awards: "Best Research House in Vietnam" (Euromoney) and "Best New Trading App" (International Finance).

ABS reviewed and adjusted income and insurance contributions for selected employees, mainly brokers, to retain key staff and ensure fairness. Internal engagement and facility upgrades were also prioritized to boost organizational cohesion amid a competitive talent market.

Periodic compliance exams were conducted to reinforce awareness and policy adherence. Internal control activities remained ongoing and closely coordinated, with reports submitted to the Supervisory Board.

2. Financial Situation

Financial IndicatorAs of 31/12/2024As of 31/12/2023
Total Current Assets / Total Current Liabilities (times)1.302.27
Cash & Short-term Investments / Total Assets (times)0.950.82
Liabilities / Total Assets (%)57.65%41.83%
Liabilities / Owner's Equity (%)136.10%71.91%
Net Profit / Operating Revenue (ROS %)27.04%24.22%
Net Profit / Total Assets (ROA %)3.04%3.21%
Net Profit / Owner's Equity (ROE %)7.19%5.52%

As of the end of 2024, the company's total assets and owner's equity were VND 3,390.1 billion and VND 1,435.8 billion, respectively. Total liabilities reached VND 1,954.2 billion. The liability-to-asset and liability-to-equity ratios were 57.65% and 136.10%, respectively. Business efficiency also improved with ROS at 27.04% (up from 24.22%) and ROE at 7.19% (up from 5.52%).

3. Organizational, Policy, and Management Improvements

The company leadership implemented various policies and programs to enhance business performance and operational efficiency:

  • Regular review and improvement of broker commission policies to expand market share and boost revenue.
  • Continued testing of the Business Center model and new business units to identify and support capable sales teams.
  • Organization of compliance reviews and exams to educate employees on internal policies and minimize operational risks.
  • Personal performance evaluations to enhance professionalism and support HR decisions on rewards, training, and development.

4. Future Development Plans

a. Strengths and Opportunities

As of 31/12/2024, ABS had multiple trading locations including head office brokerage rooms and branches in Hanoi, Ho Chi Minh City, Hai Phong, Da Nang, Vung Tau, Thai Binh, Bac Ninh, and Hue.

ABS is a well-established and reputable brokerage with strong performance in core brokerage and advisory services.

  • A stable client base with over 50,000 accounts across 8 provinces/cities generates consistent fee and interest income.
  • Staff and payroll are well-maintained. Total staff stood at 142 at year-end, a mid-range figure among the top 30 securities firms.
  • A refreshed management approach and product/service enhancements have improved brand recognition, tech infrastructure, consulting quality, and customer service—laying a foundation for stronger client relationships and business growth.

b. Weaknesses and Challenges

  • The brokerage industry is fiercely competitive, with an increasing number of firms and capital scale growing rapidly. ABS, with its relatively small capital base, faces disadvantages in brand presence and in meeting large clients' lending needs.
  • Recently, many large firms have implemented zero-fee policies to gain market share, sacrificing commission income to focus on loan interest. This trend negatively impacts smaller firms like ABS, which must lower fees to retain clients but lack sufficient capital to offset losses through margin lending.

c. Environmental and Social Responsibility Assessment

Operating in the financial sector, ABS's services do not directly impact the environment. Nevertheless, the company has taken steps to minimize indirect effects by raising employee awareness about saving electricity, water, and office supplies.

No employees faced disciplinary action or filed complaints in 2024. Though departments were reorganized in Q4, clear communication ensured that these changes did not adversely affect employees. The restructuring aimed to enhance productivity through optimal team collaboration. Total headcount remained relatively stable compared to year-end 2023.

e. Community Responsibility Assessment

ABS fully complies with 100% of all government regulations concerning corporate responsibility to the local community.

BOARD OF DIRECTORS' EVALUATION

1. Evaluation of Company Activities

In 2024, the Board of Directors (BOD), based on the comprehensive application of corporate governance standards and public company governance practices, oversaw the following:

  • Implemented resolutions from the General Meeting of Shareholders (GMS) and the BOD, ensuring compliance with legal requirements and alignment with strategic direction;
  • Fully and promptly disclosed information through the company website and regulatory portals, ensuring transparency and regulatory compliance;
  • Regularly reviewed and updated internal regulations, processes, and procedures to ensure consistent, professional, and legally compliant operations;
  • Promoted human resources development, improved organizational structure, and upgraded employee welfare policies in compliance with labor laws;
  • Researched and implemented green financial services and sustainable development initiatives aligned with government policies.

In addition to corporate governance, the BOD, Supervisory Board, and Executive Board coordinated effectively in directing business plans, resolving internal limitations, stabilizing finances, managing risk, and ensuring legal compliance in financial safety and exposure limits.

2. Evaluation of the Executive Board's Activities

2024 was a volatile year for Vietnam’s stock market. At the start of the year, the market surged on 2023’s recovery momentum. Led by the banking sector, the VN-Index broke through 1,130 and neared 1,300 points. However, despite sectoral support, the market lacked the consensus needed to surpass 1,300. At year-end, the VN-Index rose 12% to 1,266.78, while the HNX-Index fell 1.6% (to 227.43) and the UPCoM-Index increased 9% (to 95.06). The total market capitalization reached approximately VND 7 quadrillion.

Considering ABS's strengths, weaknesses, opportunities, and risk tolerance, the BOD directed the Executive Board to pursue the following performance results:

• Revenue: VND 381.7 billion

• Operating Costs: VND 165.9 billion

Administrative Costs: VND 82 billion

Pre-tax Profit: VND 131.7 billion (105.38% of the VND 125 billion plan).

The Board of Directors has carried out its supervisory role over the activities of the CEO/Executive Board through participation in regular and extraordinary meetings, and through the supervision of the Executive Board's operations via documents, submissions, and reports from the Executive Board and functional departments. Based on the direction and supervision

of the Board of Directors and the actual results of business operations, the Board of Directors assesses the performance of the Executive Board in 2024 as follows:

  • Under the leadership and management of the CEO, the Executive Board has demonstrated dynamism, creativity, a willingness to take on challenges, professionalism, and a high sense of responsibility in their work; directing and managing the Company's activities in accordance with the functions and duties stipulated in the Company's Charter and as authorized/delegated by the Board of Directors from time to time; guiding the Company to comply with legal regulations, building a culture of compliance within the Company;
  • The CEO has been proactive and active in proposing business plans and solutions to improve business efficiency; seriously and diligently implementing the policies and directives of the Board of Directors effectively;
  • The Executive Board has been proactive in recruiting, attracting, and developing a high-quality workforce, improving human resource quality, aligning with and meeting the Company's business needs, streamlining the organizational structure, optimizing resources, and enhancing the quality of life for employees by proposing, developing, and improving compensation policies;
  • Ensuring safety in the use of capital, with no instances of bad debt occurring;
  • Risk management has continued to be a focus and has been implemented effectively, ensuring compliance with current regulations on financial safety, contributing to ensuring the Company's business operations are stable and secure;

3. Orientation Plans of the Board of Directors

Based on forecasts of the stock market in 2024 and the actual situation of ABS, the Board of Directors has determined that the general business direction of ABS in 2025 will focus on several specific solutions and activities, including:

  • Implementing customer analysis and understanding activities; Focusing on developing features on the trading platform to attract new customers and utility features to help customers manage investment activities better; Promoting the review of internal regulations and processes to improve service quality, enhance customer experience; applying technology to increase productivity, operational efficiency, and customer care;
  • Flexibly adjusting fee policies and lending interest rates to compete, but selectively by target group to minimize impact;
  • Continuing to promote currency trading activities to profit from interest rate differentials based on managing maturity gaps and forecasting interest rate trends at each point in time throughout the year;

Pursuing a public offering of bonds to meet capital needs;

  • Focusing on improving the capacity of the information technology system in terms of meeting development needs, addressing security vulnerabilities and the risk of attacks; Continuing to develop risk management activities;
  • Developing policies to attract and retain talent, train and develop human resources, and improve the performance management framework for employees in line with the Company's overall goals.

Based on the market situation and the Company's actual circumstances, the Board of Directors submits the following key indicators to the General Meeting of Shareholders:


IndicatorActual 2024(Billion VND)Actual 2025(Billion VND)Comparison of vs. Plan
Revenue381,700,000,000509,000,000,00075%
Operating Costs165,900,000,000228,500,000,00072.6%
Administrative Costs82,000,000,00080,500,000,000101.8%
Pre-tax Profit131,700,000,000200,000,000,00065.9%

CORPORATE GOVERNANCE

1. Board of Directors

a. Members and Structure of the Board of Directors


NoBoard of Directors StructurePositions Held in Other CompaniesShareholding Ratio
1Chairperson:. Vu Thi HuongBoard Member, Geleximco Group JSC Member, Geleximco No. 1 JSC in charge of governance, An Binh Commercial BankNone
2Member:. Tran Kim KhanhHead of Finance Department - Geleximco Group JSCNone
3Member:. Le Viet HaBoard Member & CEO, An Binh Securities Investment Fund Management JSC Member, CMC University Member, CMC Technology Group JSC0,03%
4Member:. Nguyen Thi NgaDeputy Head of Finance Department - Geleximco Group JSC0,003%
5Member:. Khuong Duc TiepDeputy CEO, An Binh Commercial BankNone

b. Subcommittees of the Board of Directors


No.Board of Directors SubcommitteeMember
1Internal AuditNguyen Thuy Linh

c. Activities of the Board of Directors

In 2024, the Board of Directors held 15 meetings to direct the CEO on issues related to business operations, to guide ABS's business activities in accordance with the set goals and plans, and to comply with the provisions of law and the Company's Charter.

In addition to directing and supervising the Executive Board in all aspects of business operations, the Board of Directors has endeavored to improve corporate governance indicators, in line with best practices in effective governance and legal regulations:

The Board of Directors ensures a sufficient number of Board of Directors meetings for issues requiring Board of Directors approval, organizes timely meetings to ensure business plans are implemented smoothly, and ensures the number of members participating in meetings and the form of meetings meet legal and effectiveness requirements.

  • The Board of Directors approves Resolutions in line with the Company's business strategy at each stage, based on proposals from management levels, ensuring benefits for customers, shareholders, partners, and employees;
  • The Board of Directors supervises the implementation of resolutions of the General Meeting of Shareholders and the Board of Directors, evaluates the effectiveness of the implementation of the Company's Resolutions at each specific stage; regularly reviews and requests reviews of the Company's policies and regulations and makes timely adjustments to suit the actual situation;

d. Activities of Subcommittees of the Board of Directors:

The Internal Audit Department, under the Board of Directors, in coordination with the Supervisory Board, regularly coordinates with the Executive Board to regularly monitor the Company's operations and the implementation of the 2023 business plan approved by the General Meeting of Shareholders in a comprehensive and effective manner.

e. List of Board of Directors Members with Corporate Governance Training Certificates:

In 2024, ABS organized internal training activities on professional skills, including content related to corporate governance (e.g., risk management, information disclosure, etc.) for Executive Board members, management-level staff, and professional employees.

  1. Supervisory Board and Internal Audit

a. Members and Structure of the Supervisory Board


NoSupervisory Board MemberShareholding Ratio
1Ms. Chu Thi Huong - HeadNone
2Ms. Pham Thi Bich Ngoc - MemberNone
3Ms. Vu Ngoc Anh - MemberNone

b. Activities of the Supervisory Board

  • The Supervisory Board has supervised the Board of Directors and the CEO in the implementation of ABS's business orientations and objectives for 2024 approved by the General Meeting of Shareholders, and has monitored compliance with legal regulations, regulations of state management agencies, and the Company's Charter.
  • In coordination with the activities of internal audit and internal control, the Supervisory Board has made recommendations to the Board of Directors and the CEO on measures to strengthen operational control, minimize risks, and ensure that the Company operates in compliance with legal regulations, the Company's Charter, and internal regulations, to ensure the Company's stable operation and the achievement of set targets.
  • The Supervisory Board is also provided with information and documents on the Company's management, administration, and business operations to facilitate the Supervisory Board's control and internal audit.
  1. Transactions, Remuneration, and Benefits of the Board of Directors and the Supervisory Board

a) Salaries, Bonuses, Transactions, Remuneration, and Benefits

Salaries and Remuneration of the Board of Directors


ContentPosition20242023
Board of Directors4,786,779,3413,120,000,000
Vu Thi HuongChairman of BOD2,353,019,4391,300,000,000
Tran Kim KhanhBOD Member755,862,697455,000,000
Nguyen Thi NgaBOD Member567,823,511455,000,000
Le Viet HaBOD Member555,036,847455,000,000
Khuong Duc TiepBOD Member555,036,847455,000,000

Salaries and Remuneration of the Supervisory Board


ContentPosition20242023
Supervisory Board1,036,757,330825,000,000
Chu Thi HuongHead490,574,102390,000,000
Nguyen Thi DuuMember72,727,273240,000,000
Pham Thi Bich NgocMember246,576,462195,000,000
Vu Ngoc AnhMember226,879,493

Salaries and Remuneration of the Executive Board


ContentPosition20242023
Executive Board1,016,192,000663,000,000
Nham Ha HaiCEO534,200,000299,000,000
Dang Hai ChungDeputy CEO312,792,000234,000,000
Le Thi Thu HienChief Accountant169,200,000130,000,000

b) Insider Share Transactions: In 2024, the company did not have any share transactions with insiders.

c) Contracts or Transactions with Insiders: In 2024, the Company had some transactions with insiders/related parties of company insiders in the implementation of business plans, serving the Company's regular business activities:

• Cooperation with An Binh Securities Investment Fund Management JSC (ABF);

Borrowing from An Binh Commercial Joint Stock Bank (ABB);

• Office rental agreement with Geleximco Group - Joint Stock Company.

d) Evaluation of the Implementation of Corporate Governance Regulations.

In general, the corporate governance regulations comply with legal regulations, and there has been a trend of striving to adhere to the best practices encouraged in corporate governance, in line with the Company's general direction and development strategy.

The minimum standards of corporate governance are all emphasized, adhered to, and implemented seriously. In addition, the Company has proactively studied international corporate governance standards to make governance increasingly professional, ensuring the best interests of shareholders and investors.

The Company has focused on transparentizing circulars and proactively connecting with customers/investors. To ensure information transparency, the Company has developed a comprehensive information disclosure process, in accordance with legal regulations and the Company's actual operations, based on providing timely information to investors. The ABS website and information systems are also monitored and developed regularly, ensuring smooth communication, meeting customer needs, and helping investors easily access information and keep abreast of the Company's activities at each stage.

The Annual General Meeting of Shareholders complies with legal regulations on sending meeting invitations, providing meeting documents, voting on meeting content, and approving meeting minutes and resolutions... In addition, the Company has participated in conferences and seminars on guidelines for organizing innovative and creative Annual General Meetings of Shareholders, striving to organize Annual General Meetings of Shareholders in a comprehensive, accurate, and professional manner, ensuring the rights of shareholders.

In the future, the Company will continue to study corporate governance standards following progressive and modern trends, study the "ASEAN Corporate Governance Scorecard," and the document "Corporate Governance Principles: OECD Principles of Corporate Governance" issued by the SSC and the International Finance Corporation (IFC), ensuring increasingly transparent and effective governance, towards the common development of the stock market and the Vietnamese business environment.

An Binh Securities Joint Stock Company Chief Executive Officer



Nhâm Hà Hải

AN BINH SECURITIES JOINT STOCK COMPANY AUDITED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024

TABLE OF CONTENTS

CONTENTS PAGES STATEMENT OF BOARD OF MANAGEMENT 2-3 INDEPENDENT AUDITORS' REPORT 4-5 BALANCE SHEET 6-9 INCOME STATEMENT 10-11 CASH FLOWS STATEMENT 12-14 STATEMENT OF CHANGES IN EQUITY 15-16 NOTES TO THE FINANCIAL STATEMENTS 17-57

STATEMENT OF BOARD OF MANAGEMENT

The Board of Management of An Binh Securities Joint Stock Company (hereinafter referred to as the "Company") presented this report together with the Company's audited financial statements for the financial year ended 31 December 2024.

BOARD OF DIRECTOR, BOARD OF MANAGEMENT AND BOARD OF SUPERVISORS

The members of the Board of Director, Board of Management and Board of Supervisors of the Company who held office during the year ended 31 December 2024 and to the date of this report are as follows:

Board of Director

Ms. Vu Thi Huong Chairwoman

Ms. Tran Kim Khanh Member

Ms. Nguyen Thi Nga Member

Mr. Le Viet Ha Member

Mr. Khuong Duc Tiep Member

Board of Management

Mr. Nham Ha Hai Chief Executive Officer Reappointed on 18 January 2025

Mr. Dang Hai Chung Deputy Chief Executive Officer

Mrs. Le Thi Thu Hien Chief Accountant

Board of Supervisors

Mrs. Chu Thi Huong Head of Supervisory

Mrs. Vu Ngoc Anh Member Appointed on 19 April 2024

Mrs. Nguyen Thi Duu Member Resigned on 19 April 2024

Mrs. Pham Thi Bich Ngoc Member

The legal representative of the Company for the year 2024 and up to the date of this report is Mr. Nham Ha Hai - Chief Executive Officer.

AUDITORS

The accompanying financial statements for the financial year ended 31 December 2024 have been audited by UHY Auditing and Consulting Company Limited.

BOARD OF MANAGEMENT' RESPONSIBILITY

The Board of Management of the Company is responsible for preparing the financial statements for the fiscal year ended as at 31 December 2024 which give a true and fair view of the balance sheet and its income statement, cash flows and changes in equity of the Company for the year. In preparing these financial statements, the Board of Management is required to:

  • Select suitable accounting policies and then apply them consistently;
  • Make judgments and estimates that are reasonable and prudent;

State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the Financial Statement;

STATEMENT OF BOARD OF MANAGEMENT (CONT'D)

BOARD OF MANAGEMENT' RESPONSIBILITY (CONT'D)

Prepare the Financial Statements on going concern basis unless it is inappropriate to presume that the Company will continue in business; and

  • Design and implement an effective internal control system to limit the risk of material misstatement due to fraud or error in preparing and presenting the financial statements.

The Board of Management confirms that the Company has complied with the above requirements in preparing the financial statements.

The Board of Management is responsible for ensuring that proper accounting records are kept, which disclose, with reasonable accuracy at any time, the financial position of the Company and ensure that the financial statements comply with Vietnamese Accounting Standards, Vietnamese Enterprise Accounting Regime, accounting guidance for securities companies and related legal regulations on preparation and presentation of the financial statements. The Board of Management is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Board of Management of the Company confirms that the financial statements give a true and fair view on the balance sheet of the Company as at 31 December 2024, income statement, cash flows statement and statement of changes in equity for the financial year ended 31 December 2024 in accordance with Vietnamese Accounting Standards, Vietnamese Enterprise Accounting Regime, accounting guidance for securities companies and related legal regulations on preparation and presentation of the financial statements.

OTHER COMMITMENTS

The Board of Management confirms that the Company complies with Decree No. 155/2020/NDCP of the Government dated 31 December 2020, providing detailed regulations on the implementation of certain provisions of the Securities Law, and the Company has not violated any disclosure obligations as stipulated in Circular No. 96/2020/TT-BTC dated 16 November 2020, issued by the Ministry of Finance, guiding information disclosure in the securities market. On behalf of the Board of Management,




Nham Ha Hai

Chief Executive Officer

Hanoi, 27 March 2025

No. 389/2025/UHY-BCKT

uhy.vn

INDEPENDENT AUDITORS' REPORT

To: Shareholders, Board of Director and Board of Management An Binh Securities Joint Stock Company

We have audited the financial statements of An Binh Securities Joint Stock Company (hereinafter referred to as the "Company") prepared on 27 March 2025, as set out on pages 06 to 57 attached, including: Balance sheet as at 31 December 2024, Income statement, Cash flows statement and Statement of changes in equity for the year then ended and Notes to the Financial Statements.

Responsibilities of the Board of Management

The Board of Management of the Company is responsible for the preparation and presentation of Financial Statements that give a true and fair view in accordance with Vietnamese Accounting Standards, the Vietnamese Enterprise Accounting Regime, accounting guidance applicable to securities companies and the statutory requirements relevant to the preparation and presentation of Financial Statements and for such internal control as the Board of Management determines necessary to enable the preparation and presentation of Financial Statements that are free from material misstatements, whether due to fraud or error and that the Financial Statements are approved by the Company's Board of Director.

Responsibilities of the Auditors

Our responsibility is to express an opinion on these financial statements based on our Audit. We conducted our audit in accordance with Vietnamese Standards on Auditing. These Standards require that we comply with standards and ethical requirements, plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers the Company's internal control relevant to the true and fair preparation and presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

INDEPENDENT AUDITORS' REPORT (CONT'D)

Auditor's Opinion

In our opinion, the accompanying financial statements give a true and fair view, in all material respects, of the balance sheet of An Binh Securities Joint Stock Company as at 31 December 2024, as well as its income statement, cash flows statement and statement of changes in equity for the year then ended in accordance with Vietnamese Accounting Standards, Vietnamese Enterprise Accounting Regime, accounting guidance for securities companies and legal regulations related to the preparation and presentation of the financial statements.



Le Quang Nghia

Deputy General Director

Auditor's Practicing Certificate

No.3660-2021-112-1



Nguyen Thi Thuy Trang

Auditor

Auditor's Practicing Certificate

No.4710-2023-112-1

For and on behalf of

UHY AUDITING AND CONSULTING COMPANY LIMITED

Hanoi, 27 March 2025

BALANCE SHEET As at 31 December 2024


ASSETSCodeNote31/12/202401/01/2024
VNDVND
CURRENT ASSETS1002,544,709,772,6772,152,652,361,833
FINANCIAL ASSETS1102,535,474,017,7492,144,594,179,840
Cash and cash equivalents1116104,236,513,302288,020,444,274
Cash111.1104,236,513,302288,020,444,274
Financial assets at fair value through profit or loss (FVTPL)1127(a)1,201,282,674,854340,471,024,743
Held-to-maturity (HTM) investments1137(d)150,425,523,576521,084,787,507
Loans1147(c)1,065,893,244,020727,397,182,812
Provision for impairment of financial assets and mortgage assets1168(19,023,599,821)(18,551,069,421)
Receivables1179(a)29,944,782,27316,499,857,953
Receivables and accrued dividends, interest on financial assets117.229,944,782,27316,499,857,953
Dividends and interest receivables117.316,710,469,2668,720,027,927
Accruals for undue dividend and interest117.413,234,313,0077,779,830,026
Advances to suppliers11810124,246,706250,470,970,041
Receivables from brokerage services provided1199(b)5,846,349,70719,649,408,273
Other receivables1229(c)3,247,133,3523,069,423,878
Provision for impairment of receivables12911(6,502,850,220)(3,517,850,220)
OTHER CURRENT ASSETS1309,235,754,9288,058,181,993
Advances1312,620,000,000-
Office supplies, tools and materials13232,087,70033,940,000
Short-term prepaid expenses133123,297,191,9644,677,766,729
Tax and other receivables from the state budget13619,549,26419,549,264
Other current assets137133,266,926,0003,326,926,000
NON-CURRENT ASSETS200845,333,140,570146,079,772,441
Long-term financial assets210737,621,757,36546,169,859,629
Long-term investments212737,621,757,36546,169,859,629
Held-to-maturity (HTM) investments212.17(b)694,538,544,365-
Other long-term investments212.41443,083,213,00046,169,859,629
Fixed assets22076,160,382,46478,897,654,612
Tangibles fixed assets221156,211,360,5228,738,584,506
- Cost22224,348,490,64124,166,406,691
- Accumulated amortisation223a(18,137,130,119)(15,427,822,185)
Intangible fixed assets2271669,949,021,94270,159,070,106
- Cost228105,307,528,045103,179,624,245
- Accumulated amortisation229a(35,358,506,103)(33,020,554,139)
Other long-term assets25031,551,000,74121,012,258,200
Long-term deposits, collaterals and pledges2511710,480,253,2001,012,258,200
Deferred tax asset2531,070,747,541-
Payment to the Settlement Support Fund2541820,000,000,00020,000,000,000
TOTAL ASSETS2703,390,042,913,2472,298,732,134,274

BALANCE SHEET (CONT'D) As at 31 December 2024


RESOURCESCodeNote31/12/202401/01/2024
VNDVND
LIABILITIES3001,954,212,130,333961,540,675,747
Current liabilities3101,954,212,130,333947,886,682,039
Short-term borrowings and financial leases31119(a)1,893,725,960,117921,060,402,528
Short-term borrowings3121,893,725,960,117921,060,402,528
Payables for securities trading activities318201,972,190,9514,296,844,961
Short-term trade payables320211,207,092,7661,340,205,072
Short-term advances from customers32122347,769,388170,329,461
Tax payables and statutory obligation3222331,556,503,5037,402,163,726
Payables to employees3233,412,549,8023,430,693,568
Employee benefits324176,600,800177,961,000
Short-term accrued expenses3252415,301,527,8255,390,479,973
Short-term unearned revenue32756,944,454336,144,516
Short-term deposits received32825117,000,00090,000,000
Other short-term payables329261,240,337,960570,887,686
Bonus and welfare fund3315,097,652,7673,620,569,548
Non-current liabilities340-13,653,993,708
Long-term financial asset leases and loans34119(b)-13,480,000,000
Deferred income tax payables356-173,993,708
OWNERS' EQUITY4001,435,830,782,9141,337,191,458,527
Capital4101,435,830,782,9141,337,191,458,527
Share capital411271,011,500,000,0001,011,500,000,000
Capital contribution411.127.21,011,500,000,0001,011,500,000,000
Ordinary shares with voting rights411.1a1,011,500,000,0001,011,500,000,000
Differences from revaluation of assets41210,677,529,99813,764,176,627
Charter capital supplementary reserve41413,199,809,00913,199,809,009
Financial and operational risk reserve fund41513,199,809,00913,199,809,009
Undistributed profit41727.3387,253,634,898285,527,663,882
Realized earnings417.127.4391,536,625,062284,831,689,048
Unrealized earnings417.2(4,282,990,164)695,974,834
TOTAL LIABILITIES AND OWNERS' EQUITY4403,390,042,913,2472,298,732,134,274

OFF-BALANCE SHEET ITEMS As at 31 December 2024


ITEMSCodeNote31/12/2024 VND01/01/2024 VND
ASSETS OF THE COMPANY AND ASSETS MANAGED UNDER AGREEMENTS
Outstanding shares (number of shares)00627.7101,150,000101,150,000
Financial assets listed for trading at00828695,615,000,000112,658,280,000
Vietnam Securities Depository ("VSD") of the Company (VND)
Financial assets which undeposited at Vietnam Securities Depository of the Company (VND)01229132,417,970,000487,914,800,000
Financial assets entitling the rights of the securities company (VND)013301,600,000-
ASSETS AND PAYABLES UNDER AGREEMENT WITH INVESTORS
Financial assets listed/registered for trading at Vietnam Securities Depository of investors (VND)0213119,305,700,900,0008,678,926,950,000
Unrestricted financial assets021.114,402,301,940,0007,530,088,890,000
Restricted financial assets021.21,363,330,680,000543,055,010,000
Mortgaged financial assets021.33,492,642,080,000528,742,080,000
Blocked financial assets021.42,291,960,0001,658,460,000
Financial assets awaiting for settlement on behalf of investors021.545,134,240,00075,382,510,000
Non-traded financial assets deposited at Vietnam Securities Depository of investors0223282,572,360,00023,246,800,000
Unrestricted and non-traded financial assets deposited at VSD022.119,073,910,00022,955,400,000
Restricted and non-traded financial assets deposited at VSD022.263,498,450,000291,400,000

OFF-BALANCE SHEET ITEMS (CONT'D) As at 31 December 2024


ITEMSCodeNote31/12/202401/01/2024
VNDVND
Investors' deposits02633234,765,718,130405,530,103,251
Investors' deposits for securities trading activities managed by the Company027234,759,051,980405,376,534,601
Deposits of securities issuers0306,666,150153,568,650
Payables to investors - investors' deposits for securities trading activities managed by the Company03134234,759,051,980405,376,534,601
Payables to domestic investors - investors' deposits for securities trading activities managed by the Company031.1233,671,113,396404,325,522,426
Payables to foreign investors - investors' deposits for securities trading activities managed by the Company031.21,087,938,5841,051,012,175
Dividends, bond principal and interest payables035356,666,150153,568,650



Tran Thi Thu Phuong

Preparer



Le Thi Thu Hien

Chief Accountant



Nham Ha Hai

Chief Executive Officer

Hanoi, 27 March 2025

AN BINH SECURITIES JOINT STOCK COMPANY 16th Floor, Geleximco Building, No. 36 Hoang Cau Street, O Cho Dua Ward, Dong Da District, Hanoi City


INCOME STATEMENT Year 2024


ItemsCodeNoteYear 2024 VNDYear 2023 VND
OPERATING REVENUE
Gain from financial assets at fair value through profit or loss (FVTPL)0137105,079,956,293106,887,971,758
Profit from selling FVPTL01.137(a)68,378,053,86852,411,289,070
Increase due to revaluation of financial assets at FVTPL01.237(b)5,599,310,7548,305,631,078
Dividend, profit from financial assets at FVTPL01.337(c)31,102,591,67146,171,051,610
Gain from held-to-maturity (HIM) investments0237(c)55,420,056,15738,030,637,096
Gain from loans and receivables0337(c)122,248,696,45974,231,049,471
Revenue from brokerage services0681,835,430,58863,225,769,549
Revenue from underwriting and issuance agent services079,614,210,9305,234,316,457
Revenue from securities custodian services094,581,462,2484,543,828,385
Revenue from financial advisory services10231,818,182150,000,000
Revenue from other operating activities1137(d)444,346,074479,479,997
Total operating revenue20379,455,976,931292,783,052,713
OPERATING EXPENSES
Loss of financial assets at FVTPL213732,727,109,81928,436,392,587
Loss from selling FVTPL21.137(a)20,904,092,81821,640,242,217
Decrease due to revaluation of financial assets at FVTPL21.237(b)11,823,017,0016,795,350,027
Transaction costs of acquisition of financial assets at FVTPL21.3-800,343
Loss from held-to-maturity (HIM) investments22284,272,3012,504,491,704
Provision for financial assets, doubtful debts and financial assets impairment and borrowing costs for lending242,580,110,2412,837,333,397
Expenses for proprietary trading activities2610,066,738,612496,918,827
Expenses for brokerage services2746,538,790,67931,535,238,432
Expenses for underwriting and issuance agency services2813,471,542,3899,164,465,249
Expenses for securities custodian services302,562,020,2142,546,511,941
Other operating expenses3238917,551,673615,699,339
Total operating expenses40109,148,135,92878,137,051,476

FINANCIAL STATEMENTS For the year ended 31 December 2024 Form No. B02a-CTCK

INCOME STATEMENT (CONT'D) Year 2024


ItemsCodeNoteYear 2024 VNDYear 2023 VND
FINANCE INCOME
Interest income and dividends from demand deposits422,270,859,5222,178,081,281
Other investment incomes44-9,951,505,834
Total finance incomes502,270,859,52212,129,587,115
FINANCE EXPENSES
Borrowing costs5256,723,163,32052,441,609,563
Total finance expenses6056,723,163,32052,441,609,563
GENERAL AND ADMINISTRATIVE EXPENSES623981,981,295,92780,218,786,122
OPERATING PROFIT70133,874,241,27894,115,192,667
OTHER INCOME AND EXPENSES
Other income719,092,08789,266,620
Other expenses722,158,479,028239,746,544
Total other operating profit80(2,149,386,941)(150,479,924)
PROFIT BEFORE TAX90131,724,854,33793,964,712,743
Realized earnings91137,948,560,58492,454,431,692
Unrealized earnings92(6,223,706,247)1,510,281,051
CORPORATE INCOME TAX (CIT) EXPENSES10028,521,800,10220,110,551,774
Current CIT expenses100.14029,766,541,35119,808,495,564
Deferred CIT expenses100.2(1,244,741,249)302,056,210
PROFIT AFTER TAX200103,203,054,23573,854,160,969
Profit/(loss) from revaluation of AFS financial assets30110,677,529,99813,764,176,627
Total comprehensive income40010,677,529,99813,764,176,627
Basic earning per share (VND/share)501411,020714



Tran Thi Thu Phuong

Preparer




Le Thi Thu Hien

Chief Accountant

Nham Ha Hai

Chief Executive Officer

Hanoi, 27 March 2025


CASH FLOWS STATEMENT (Applying indirect method) Year 2024


ITEMSCodeNotesYear 2024 VNDYear 2023 VND
1. Cash flows from operating activities
1. Profit before corporate income tax0101131,724,854,33793,964,712,743
2. Adjustments for02(5,947,356,707)(14,510,002,482)
- Depreciation and amortization035,192,445,9485,011,551,236
- Provisions043,457,530,400472,530,400
- Interest expenses0656,755,743,16154,806,412,560
- Gain from investment activities07(57,414,152,468)(58,300,638,725)
- Accrued interest income08(13,938,923,748)(8,720,027,927)
- Other adjustments09-(7,779,830,026)
3. Increase in non-monetary expenses1011,823,017,0019,299,841,731
- Loss from revaluation of financial assets at FVTPL1111,823,017,0016,795,350,027
- Loss from devaluation of Held-to-maturity investments12-2,504,491,704
4. Decrease in non-monetary income18(5,599,310,754)(8,305,631,078)
- Gain from revaluation of financial assets at FVTPL19(5,599,310,754)(8,305,631,078)
5. Profit from operating activities before changes on working capital30(1,330,463,943,407)(286,741,342,743)
- Increase (decrease) in financial assets at FVTPL31(867,035,356,358)805,686,645,396
- Increase (decrease) in HTM investments32(323,879,280,434)(523,213,699,476)
- Increase (decrease) in loans33(338,496,061,208)(347,356,466,063)
- Increase (decrease) in receivables and accrual dividends, profit from financial assets36209,727,12712,335,728,201
- Increase (decrease) in receivables from services provided by the Company3713,803,058,56614,615,683,037
- Increase (decrease) in other39250,169,013,861(145,221,176,507)
- Increase (decrease) in other assets40(2,558,147,700)1,659,223,112
- Increase (decrease) in payable expenses (excluding interest expenses)415,348,199,932576,971,837
- Increase (decrease) in prepaid421,380,574,765379,556,726
- Corporate income tax paid43(9,742,379,004)(18,203,446,706)
- Interest expenses paid44(52,192,895,241)(56,175,528,816)
- Increase (decrease) in trade payables45(383,112,306)(1,370,395,025)
- Increase (decrease) in welfare benefits46(1,360,200)(85,938,300)

STATEMENT OF CASH FLOWS (CONT'D) (Applying indirect method) Year 2024


ITEMSCodeNotesYear 2024Year 2023
VNDVND
- Increase (decrease) in tax and statutory obligations (other payables to the State budget)474,130,177,430(494,073,863)
- Increase (decrease) in payables to employees48(18,143,766)339,134,490
- Increase (decrease) in other payables50(1,756,963,871)(30,213,560,786)
- Other income for operating activities5127,000,000-
- Other payments for operating activities52(9,467,995,000)
Net cash flows from operating activities60(1,198,462,739,530)(206,292,421,829)
II. Cash flows from investing activities
1. - Payment for acquisitions, construction of fixed assets, investment properties and other non-61(2,205,173,800)(1,705,245,850)
2. - Proceeds from the disposal, sale of fixed assets, investment properties, and other assets627,509,090-
5. - Dividends and interest from long-term investments received6557,690,915,67951,106,007,708
Net cash flow from investing activities7055,493,250,96949,400,761,858
III. Cash flow from financing activities
3. - Loan principal7327,285,983,042,26813,303,964,643,382
3.2 Other borrowings73.227,285,983,042,26813,303,964,643,382
4. - Repayment of borrowings74(26,326,797,484,679)(13,034,019,240,854)
4.3 Other repayment of borrowings74.3(26,326,797,484,679)(13,034,019,240,854)
Net cash flow from financing activities80959,185,557,589269,945,402,528
IV. Net increase/decrease in cash during the year90(183,783,930,972)113,053,742,557
V. Cash and cash equivalents at the beginning of the year1016288,020,444,274174,966,701,717
- Cash101.1288,020,444,274174,966,701,717
VI. Cash and cash equivalents at the end of the year1036104,236,513,302288,020,444,274
- Cash103.1104,236,513,302288,020,444,274

CASH FLOWS FROM SECURITIES BROKERAGE, TRUST ACTIVITIES OF CUSTOMERS


ITEMSCodeNotesYear 2024 VNDYear 2023 VND
1. Cash flows from brokerage and entrusted activities of customers
1. Cash receipts from disposal of brokerage securities of customers0124,201,815,508,64722,473,388,002,645
2. Cash payments for acquisition of brokerage securities of customers02(28,298,598,282,554)(21,520,333,730,809)
7. Cash receipts for settlement of securities transactions of customers0724,330,541,908,3546,139,821,999,659
8. Cash payments for securities transactions of customers08(20,400,987,425,544)(7,004,162,283,226)
11. Cash payments for custodian fees of customers11(3,389,191,524)(3,002,847,239)
14. Cash receipt from securities issuers141,168,676,219,971461,638,214,815
15. Cash payment to securities issuers15(1,168,823,122,471)(461,491,312,315)
Net increase/decrease in cash during the period20(170,764,385,121)85,858,043,530
II. Cash and cash equivalents of customers at the beginning of the year30405,530,103,251319,672,059,721
Cash at banks at the beginning of the year31405,530,103,251319,672,059,721
- Investors' deposits managed by the Company for securities trading activities32405,376,534,601319,665,393,571
- Deposits of securities issuers35153,568,6506,666,150
III. Cash and cash equivalents of the customers at the end of the year40234,765,718,130405,530,103,251
Cash at banks at the end of the year41234,765,718,130405,530,103,251
- Investors' deposits managed by the Company for securities trading activities42234,759,051,980405,376,534,601
- Deposits of securities issuers456,666,150153,568,650



Tran Thi Thu Phuong

Preparer



Le Thi Thu Hien

Chief Accountant



Nham Ha Hai

Chief Executive Officer

Hanoi, 27 March 2025

FINANCIAL STATEMENTS For the year ended 31 December 2024 Form No. B04a - CTCK

AN BINH SECURITIES JOINT STOCK COMPANY 16th Floor, Geleximco Building, No. 36 Hoang Cau Street, O Cho Dua Ward, Dong Da District, Hanoi City


STATEMENT OF CHANGES IN OWNERS' EQUITY


ITEMSOpening balanceIncrease/(Decrease)Ending balance
At 01/01/2023At 01/01/2024Year 2023Year 2024At 31/12/2023At 31/12/2024
IncreaseDecreaseIncreaseDecrease
VNDVNDVNDVNDVNDVNDVNDVND
I. Changes in Owners' equity contributed
1. Share capital1,011,500,000,0001,011,500,000,000----1,011,500,000,0001,011,500,000,000
- Ordinary share with voting rights1,011,500,000,0001,011,500,000,000----1,011,500,000,0001,011,500,000,000
2. Charter capital supplementary reserve fund13,199,809,00913,199,809,009----13,199,809,00913,199,809,009
3. Operational risk and financial reserve fund13,199,809,00913,199,809,009----13,199,809,00913,199,809,009
4. Difference from revaluation of financial assets at fair value11,214,059,65713,764,176,6272,550,116,970-3,877,489,171(6,964,135,800)13,764,176,62710,677,529,998
5. Undistributed profit213,354,557,309285,527,663,88273,854,160,969(1,681,054,396)118,710,662,747(16,984,691,731)285,527,663,882387,253,634,898
- Realized earnings213,866,807,316284,831,689,04872,645,936,128(1,681,054,396)108,182,019,233(1,477,083,219)284,831,689,048391,536,625,062
- Unrealized earnings(512,250,007)695,974,8341,208,224,841-10,528,643,514(15,507,608,512)695,974,834(4,282,990,164)
Total1,262,468,234,9841,337,191,458,52776,404,277,939(1,681,054,396)122,588,151,918(23,948,827,531)1,337,191,458,5271,435,830,782,914

AN BINH SECURITIES JOINT STOCK COMPANY

16th Floor, Geleximco Building, No. 36 Hoang Cau Street, O Cho Dua Ward, Dong Da District, Hanoi City

STATEMENT OF CHANGES IN OWNERS' EQUITY (CONT'D)


Opening balanceIncrease/(Decrease)Ending balance
At 01/01/2023At 01/01/2024Year 2023Year 2024At 31/12/2023At 31/12/2024
IncreaseDecreaseIncreaseDecrease
VNDVNDVNDVNDVNDVNDVNDVND

Tran Thi Thu Phuong

Preparer



II. Other comprehensive income

  1. Gain/ (loss) from revaluation of AFS financial assets

Total

FINANCIAL STATEMENTS For the year ended 31 December 2024 Form No. B04a - CTCK



1. CHARACTERISTIS OF BUSINESS OPERATIONS

1.1. OWNERSHIP STRUCTURE

An Binh Securities Joint Stock Company was established under the Business Registration Certificate of a Joint Stock Company No. 0103013960 issued by the Department of Planning and Investment of Hanoi City, initially granted on 26 September 2004, and operates under Securities Trading License No. 16/UBCK-GPHDKD issued by the State Securities Commission on 29 September 2006 and subsequent amended licenses including: Amended License No. 178/UBCK-GP on 10 December 2008, Amended License No. 365/UBCK-GP on 2 November 2010, Amended License No. 19/GPDC-UBCK on 26 February 2018, Amended License No. 79/GPDC-UBCK on 16 September 2021, Amended License No. 21/GPDC-UBCK on 18 February 2022, Amended License No. 69/GPDC-UBCK on 4 August 2022.

The company's head office is located on 16th Floor, Geleximco building, No.36 Hoang Can Street, O Cho Dua Ward, Dong Da District, Hanoi City.

The Company's registered charter capital is 1,011,500,000,000 VND, as at 31 December 2024, the charter capital was 1,011,500,000,000 VND, equivalent to 101,150,000 shares, each priced at 10,000 VND.

The branches of the Company are as follows:

  • The Company's branch in Ho Chi Minh City;

The Company's branch in Hue City;

  • The Company's branch in Hai Phong City;
  • The Company's branch in Da Nang City;
  • The Company's branch in Thai Binh City;
  • The Company's branch in Bac Ninh City;
  • The Company's branch in Vung Tau City;

The representative office in Son La City;

  • The Company's branch in Hanoi City

1.2. BUSINESS ACTIVITIES

The business activities of the company includes

  • Securities brokerage;
  • Proprietary trading of securities;
  • Securities investment advisory;
  • Securities custody;

Securities underwriting

2. FISCAL YEAR, ACCOUNTING CURRENCY

2.1 FISCAL YEAR

The Company's fiscal year begins on 1 January and ends on 31 December. This financial statements is prepared for the financial year ended 31 December 2024.

2.2 ACCOUNTING CURRENCY

The accounting currency used for reporting is Vietnamese Dong "VND".

3. ACCOUNTING STANDARDS AND POLICIES APPLIED

3.1 ACCOUNTING STANDARDS APPLIED

The accompanying financial statements are presented in Vietnamese Doug (VND), in accordance with Vietnamese Accounting Standards, the Accounting System for Securities Companies in Vietnam, and the regulations on accounting practices applicable to securities companies issued by the Ministry of Finance under Circular No. 210/2014/TT-BTC dated 30 December 2014 ("Circular 210") providing guidance on accounting for securities companies, and Circular No. 334/2016/TT-BTC dated 27 December 2016 ("Circular 334") amending, supplementing, and replacing Appendices 02 and 04 of Circular 210. These Circulars set forth the regulations regarding accounting vouchers, the chart of accounts, and the methods for preparing and presenting financial statements of securities companies.

3.2 STATEMENT OF COMPLIANCE WITH ACCOUNTING STANDARDS AND ACCOUNTING REGIME

The accounting for the securities company is conducted in accordance with Vietnamese Accounting Standards, the Accounting System for Securities Companies in Vietnam, and the regulations and accounting guidelines for securities companies issued under Circular No. 210/2014/TT-BTC dated 30 December 2014, and Circular No. 334/2016/TT-BTC, which amends, supplements, and replaces Appendices 02 and 04 of Circular No. 210/2014/TT-BTC issued by the Ministry of Finance, providing guidance on accounting practices for securities companies, as well as Vietnamese Accounting Standards and other relevant legal provisions. The financial statements have been prepared and presented fairly and reasonably, reflecting the Company's Financial Position, Performance, Shareholders' equity, and Cash Flows.

The selection of data and information to be disclosed in the notes to the financial statements is made based on the materiality principle as prescribed in Vietnamese Accounting Standard No. 21 "Presentation of Financial Statements".

3.3 ACCOUNTING METHOD APPLIED

The Company applies computerized accounting methods.

4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

4.1 RECOGNITION OF CASH AND CASH EQUIVALENTS

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand, cash at banks and short-term, highly liquid investments with an original maturity of three (03) months or less that are readily convertible into known amounts of cash and that are subject to an insignificant risk of change in value.

Investors' deposits for Securities Trading

Investors' deposits for securities trading reflect the entrusted deposits of securities investors at designated banks for the purpose of executing securities transactions. These funds are currently presented as off-balance sheet items.

Securities settlement clearing deposit

Securities settlement clearing deposits reflect the margin deposits for carrying out order cancellation and matching transactions at the Stock Exchange Center and the Securities Depository Center.

4.1 RECOGNITION OF CASH AND CASH EQUIVALENTS (CONT'D)

Payment for settlement assistance fund

This is the amount the Company pays to the Securities Depository Center, with an initial fixed contribution of 120 million VND and an annual contribution determined as 0.01% of the value of listed securities brokerage transactions and registered transactions at the Stock Exchange Centers, which are settled through the depository members from the previous year, but not exceeding 2.5 billion VND per year.

4.2 RECOGNITION OF FINANCIAL ASSETS AND FINANCE LIABILITIES

a. Initial recognition

Finance assets

The company's financial assets include cash and cash equivalents, financial assets at fair value through profit or loss (FVTPL), held-to-maturity (HTM) investments, loans and receivables, available-for-sale (AFS) financial assets, and accounts receivable.

At initial recognition, financial assets are measured at purchase cost/issue cost plus any directly attributable transaction costs, except for financial assets at fair value through profit or loss (FVTPL), which are measured at purchase cost/issue cost only.

Finance liabilities

The company's financial liabilities include loans, accounts payable to suppliers and other payables, and accrued expenses. At initial recognition, financial liabilities are measured at issue cost plus any directly attributable transaction costs related to the issuance of the financial liability.

b. Classification principles

Financial assets at fair value through profit or loss (FVTPL)

Financial assets at FVTPL are financial assets that meet one of the following conditions:

(i) Financial assets classified as held for trading. Financial assets are classified as held-for-trading if:

Acquisition or incurred principally for the purpose of selling or repurchasing in the near term;

There is evidence of a recent pattern of short-term profit-taking; or

They are derivatives (except for a derivative that is a financial guarantee contract or a designated and effective hedging instrument).

(ii) At initial recognition, identified financial assets will be fairly presented if classified into FVTPL for one of the following reason:

The classification of financial assets FVTPL eliminates or significantly reduces the inconsistency in recognition of financial assets on different bases.

4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D)

4.2 RECOGNITION OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES (CONT'D)

Finance assets that are part of a group of finance assets managed and whose management results are evaluated on a value basis, consistent with the Company's risk management policy or investment strategy.

For financial assets recognized at fair value through profit or loss (FVTPL) included in the financial assets portfolio of the securities company purchased: The basis for recognizing the increase/decrease in the quantity and value of FVTPL securities purchased in the financial assets portfolio of the securities company is calculated on the T+0 date.

At the end of the accounting period, the value of financial assets recognized at fair value through profit or loss (FVTPL) in the financial assets portfolio of the securities company must be reassessed based on market value or fair value (in cases where market value is unavailable).

For listed/registered FVTPL financial assets, the market value is determined based on the closing price on the most recent trading day before the end of the financial reporting period.

For unlisted/unregistered FVTPL financial assets on the stock market, where the Company cannot obtain market prices, the Company is recognizing the value of these assets at their historical cost.

The cost of financial assets recognized at fair value through profit or loss is determined using the weighted average method.

The purchase costs of FVTPL financial assets are recognized as transaction costs for purchasing financial assets in the Income Statement immediately upon incurrence.

Held-to-maturities financial assets (HTM)

HTM financial assets are non-derivative financial assets with fixed or determinable payments and fixed maturities that the Company intends and is able to hold to maturity, except:

Financial assets that, at the time of initial recognition, were classified as measured at fair value through profit or loss (FVTPL);

Financial assets classified as available-for-sale:

• Financial assets that meet the definition of lending and receivables.

HTM financial assets are initially recognized at cost and continue to be recognized after initial recognition at cost, less any allowance for impairment of HTM financial assets.

Lending

Loans are non-derivative financial assets with fixed or determinable payments that are not listed on the stock market, except:

  • Assets that the Company intends to sell immediately or in the near future, which are classified as held-for-trading assets, and those that, at the time of initial recognition, are classified by the Company as measured at fair value through profit or loss (FVTPL);

4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D)

4.2 RECOGNITION OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES (CONT'D)

  • Assets that the Company classified as available-for-sale at the time of initial recognition; or
  • Assets where the holder is unable to recover a substantial portion of the initial investment value, not due to a decline in credit quality, and classified as available-for-sale.

Loans include margin trading contracts and advance payment contracts for the sale of securities. Loans are initially recognized at cost and continue to be recognized after initial recognition at cost, less any allowance for loan impairment.

Available for sale financial assets (AFS): are non-derivative financial assets identified as available-for-sale or not classified as:

  • Loans and receivables:
  • Held-to-maturity investments (HTM):
  • Fair value through profit or loss investments (FVTPL)

Financial assets invested by the Company without defined short-term investment objectives, and without determinations for long-term objectives either. Hence, these financial assets are categorized as restricted within the Company's operations.

Provision for impairment of financial assets and collateralized assets

At the end of the accounting period, the Company must assess the provision for impairment of financial assets and collateralized assets related to loans of the securities company in accordance with securities laws.

When there is any objective evidence indicating the impairment of held-to-maturity investments or available-for-sale financial assets, the Company must determine the value of any impairment loss of these financial assets and recognize the provision for impairment of financial assets.

The provision for impairment of collateralized assets is determined as the difference between the net value of the asset calculated at market or fair value and the loan value calculated at market or fair value according to the agreement or commitment in the collateralized loan contract recognized in the accounting books at the time of provision.

Receivables and Provision for Impairment of Receivables

All receivables and accrued dividends, and interest from financial assets within the Company's financial asset portfolio that arise during the year are monitored under the line item 'receivables and accrued dividends and interest from financial assets' in the statement of financial position.

Receivables are recognized at the carrying amount of customer receivables and other receivables, along with the provision for impairment of receivables.

4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D)

4.2 RECOGNITION OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES (CONT'D)

Fair value through profit or loss financial liabilities: A financial liability that meets one of the following conditions:

The financial liability is classified by the Board of Management as held-for-trading:

At the time of initial recognition, the Company designates the financial liability as measured at fair value through profit or loss.

Financial liabilities measured at amortized cost: Financial liabilities not classified as financial liabilities measured at fair value through profit or loss.

c. Principles for Revaluation of Financial Assets

The revaluation of FVTPL and AFS financial assets at market or fair value is conducted according to value determination methods in compliance with legal regulations. In the absence of market prices as of the most recent trading date, the Company uses fair value to revalue financial assets. Fair value is determined based on the principles, methods, or theoretical asset pricing models specified in the Company's Charter or Valuation Handbook or after written approval by the Board of Directors.

Fair value/market value of financial assets is determined as follows:

The market value of securities listed on the Hanoi Stock Exchange and the Ho Chi Minh City Stock Exchange is the closing price on the most recent trading day up to the revaluation date.

For securities of companies not listed on the stock exchange but registered for trading on the market of unlisted public companies (UPCoM), the market value is determined as the average reference price over the 30 most recent consecutive trading days before the revaluation date as announced by the Stock Exchange.

For listed securities that have been delisted, suspended, or halted from trading since the sixth trading day onward, the actual price of the securities is the book value at the date of the most recent statement of financial position.

For unlisted and non-registered securities on the market of unlisted public companies (UPCoM), the basis for revaluation is the price collected from reference sources deemed by the Board of Directors to reflect the market price of these securities.

Securities without reference prices from the above sources will be assessed for potential and degree of price reduction based on the financial condition and book value of the issuing entity as of 31 December 2024.

Increases or decreases due to revaluation of FVTPL are recognized according to the non-offsetting principle and are presented in the Statement of Profit or Loss under two items: "Losses on financial assets measured at fair value through profit or loss (FVTPL)" - Detail "Decreases due to revaluation of financial assets measured at fair value through profit or loss (if revaluation decreases)" and "Gains from financial assets measured at fair value through profit or loss (FVTPL)" - Detail "Increases due to revaluation of financial assets measured at fair value through profit or loss" (if revaluation increases).

4. SUMMARY OF SIGNIGICANT ACCOUNTING POLICIES (CONT'D)

4.2 RECOGNITION OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES (CONT'D)

Increases or decreases due to revaluation of AFS are recognized according to the non-offsetting principle and recorded directly into equity in the statement of financial position under the item "revaluation surplus of financial assets at fair value".

Held-to-maturity financial assets are assessed for impairment at the reporting date. Provisions are made for these investments when there is objective evidence indicating that the investment cannot be recovered or is not certain to be recovered due to one or more loss events negatively impacting expected future cash flows. Objective evidence of impairment can include the market value/fair value (if any) of the impaired debt, significant financial difficulty of the debtor or group of debtors, default or delinquency in interest or principal payments, likelihood of bankruptcy or financial restructuring of the debtor, and observable data indicating a measurable decrease in expected future cash flows, such as changes in repayment terms or financial conditions associated with default risk. When impairment evidence is present, the provision balance is determined based on the difference between the carrying value and fair value at the revaluation date. Increases or decreases in the provision balance are recorded in the statement of profit or loss under the item "provision expense for financial assets, handling losses on doubtful receivables, impairment losses on financial assets, and borrowing costs for loans".

Loans are assessed for impairment at the reporting date. Provisions for loans are made based on estimated losses, calculated as the difference between the market value of the securities used as collateral for the loan and the loan balance. Increases or decreases in the provision balance are recorded in the Statement of Profit or Loss under the item "Provision Expense for Financial Assets, Handling Losses on Doubtful Receivables, Impairment Losses on Financial Assets, and Borrowing Costs for Loans".

4.3 SHORT-TERM, LONG-TERM MARGIN AND COLLATERAL DEPOSITS

Short-term, long-term margin and collateral deposits represent the funds received by the Company as margin or collateral deposits in its operations with counterparties, in compliance with applicable laws and regulations. These margin and collateral funds are not considered the Company's assets, and the Company is required to manage them separately from its own cash assets.

4.4 SHORT-TERM AND LONG-TERM RECEIVABLES

Receivables from the sale of financial assets: Reflects the total receivable value when selling financial assets within the Company's financial asset portfolio (not through Stock Exchanges), including the maturity value of financial assets or liquidation of these financial assets.

Receivables and accrued dividends, interest from financial assets: reflects the total receivables and accrued dividends, interest from financial assets within the company's financial asset portfolio.

Receivables from services provided by the company: Reflects the Company's receivables with the Stock Exchange, the Vietnam Securities Depository (VSD), investors who are the Company's clients, the issuing organization or the securities underwriting organization, and receivables from securities trading operations.

4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D)

4.4 SHORT-TERM AND LONG-TERM RECEIVABLES (CONT'D)

Provision for Impairment of Receivables: Provisions are made for receivables past their payment due dates as recorded in economic contracts, debt agreements, contractual commitments, or debts not yet due but difficult to recover. Provisions for overdue receivables are based on the original debt repayment terms in the sales contracts, without considering any extensions between parties. Provisions are also made for receivables not yet due but where the debtor is bankrupt, in dissolution procedures, missing, absconded, prosecuted, detained, tried by legal authorities, or deceased.

The provision level for doubtful debts is determined according to Circular No. 48/2019/TT-BTC issued by the Ministry of Finance on 08 August 2019, and Circular No. 24/2022/TT-BTC issued by the Ministry of Finance on 07 April 2022, amending and supplementing certain provisions of Circular 48/2019/TT-BTC as follows:


verdue PeriodProvision Rate
- From over 06 months to under 01 year30%
- From 01 year to under 02 years50%
- From 02 years to under 03 years70%
- From 03 years and above100%

4.5 FIXED ASSETS

Tangible fixed assets and intangible fixed assets are initially recognized at cost. During use, tangible fixed assets and intangible fixed assets are recorded at historical cost, accumulated depreciation, and residual value.

Depreciation of fixed assets is calculated using the straight-line method with the estimated useful lives as follows:


Type of Fixed AssetDepreciation (years)
- Buildings, structures05 - 50
- Machinery, equipment03 - 08
- Transportation means10
- Office equipment04 - 06
- Trading software, patents03 - 08
- Intangible fixed assets, such as land use rights without a defined term, are depreciated by the Company.

4.6 PREPAID EXPENSES

Incurred expenses related to the business performance of multiple accounting periods are recorded as prepaid expenses to be gradually allocated to business performance over subsequent accounting periods.

The calculation and allocation of long-term prepaid expenses to business operating expenses for each accounting period are based on the nature and extent of each type of expense to choose an appropriate allocation method and criterion. Prepaid expenses are gradually allocated to business expenses using the straight-line method.

4. SUMMARY OF SIGNIGICANT ACCOUNTING POLICIES (CONT'D)

4.7 SHORT-TERM AND LONG-TERM PAYABLES

Liabilities are monitored according to the payment term, payee, foreign currency type, and other factors as per the Company's management needs.

Loans: Reflects the issuance and repayment of bonds; reflects temporary loans and the repayment status of the Company's loans with banks, the Vietnam Securities Depository (VSD), the Settlement Support Fund, or other lenders as per the lending regulations applicable to securities companies.

Payables from securities trading operations: Reflects the payment of business operation fees, securities services to the Stock Exchange, the Vietnam Securities Depository (VSD), and the Company's securities issuing agents.

Payables to securities issuing organizations: Reflects the receipt and payment of payables to securities issuing organizations for the sale of underwritten securities by the Company as the main or sub-underwriter, including cases where the securities underwriting company sells securities through agents.

4.8 BORROWING EXPENSES

Borrowing costs are recognized as operating expenses when incurred, except for borrowing costs directly attributable to the investment, construction, or production of qualifying assets that are capitalized to the cost of those assets in accordance with Vietnamese Accounting Standard No. 16 "Borrowing Costs." Additionally, for loans specifically taken for the construction of fixed assets and investment properties, interest is capitalized even if the construction period is less than 12 months.

4.9 ACCRUED EXPENSES

Accrued expenses for goods and services received from suppliers or provided to customers during the reporting year but not yet paid, as well as other payables such as accrued leave salaries and interest expenses, are recognized as business expenses for the reporting period.

The recognition of accrued expenses as business operating expenses within the year is carried out based on the matching principle of revenue and expenses incurred during the year. Accrued expenses are reconciled with the actual expenses incurred. The difference between the accrued amount and the actual expense is reversed.

4.10 OWNERS' EQUITY

Owners' equity is recognized based on the actual contributed capital of the owners.

Share premium reflects the difference between the par value, direct costs related to the issuance of shares, and the issue price of shares (including the reissuance of treasury shares) and may be a positive premium (if the issue price is higher than the par value and direct costs related to the issuance of shares) or a negative premium (if the issue price is lower than the par value and direct costs related to the issuance of shares).

4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D)

4.10 OWNERS' EQUITY (CONT'D)

Undistributed profits of the Company include realized and unrealized profits. The cumulative realized undistributed profits of the Company as of the end of the previous year is the basis for profit distribution to the owners. Unrealized profits as of the end of the previous year is not the basis for profit distribution to the owners.

Realized profits are the difference between total revenue and income with total expenses in the Company's Statement of Profit or Loss for the year. The profit available for distribution to the owners must be reduced by the cumulative realized losses from the beginning of the period and the cumulative unrealized losses up to the time of profit distribution to the owners. The profit distribution of the Company to the owners must ensure clarity, transparency, and compliance with the regulations of corporate law, securities law, and other applicable laws related to securities companies, the Company's charter, and General Meeting resolutions. Realized profits are distributed to contributing members or shareholders after deducting tax liabilities based on the income earned.

4.11 REVENUE. INCOME

Revenue from securities brokerage operations:

Represents the securities transaction fees earned by the Company from securities brokerage activities for investors, recognized when brokerage services are completed.

Gains from financial assets at fair value through profit or loss:

Gains from financial assets at FVTPL include the difference between selling price and cost of sold FVTPL financial assets; income from dividends, distributed profits from shares, bond interest, and interest on fixed deposits within the FVTPL financial asset portfolio; and increases due to revaluation of FVTPL financial assets.

Gains from held-to-maturity investments (HTM):

Interest income from the HTM financial asset portfolio received by the Company (bond interest, interest on term deposits).

Gains from loans and receivables:

Interest income from loans made in accordance with legal regulations.

Gains from available-for-sale financial assets (AFS):

Interest income from the AFS financial asset portfolio received by the Company (dividend interest, bond interest, monetary instruments).

Revenue from financial advisory services:

Represents revenue generated from providing financial advisory services to clients in accordance with legal regulations. Revenue from financial advisory activities is recognized in the statement of profit or loss upon completion of services and client acceptance of payment.

4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D)

4.12 REVENUE, INCOME (CONT'D)

Revenue from securities custody operations:

Represents revenue from securities custody services for investors recorded in the statement of profit or loss as custody fees collected from investors with securities deposited for custody, determined at the end of each month, and fees for managing shareholder registers.

4.13 OPERATING AND ADMINISTRATIVE EXPENSES

Expenses are recognized when there is a possibility of reducing economic benefits at the time of incurrence or can be clearly identified as incurred, regardless of whether they have been paid.

4.14 FINANCE INCOME AND FINANCE EXPENSES

Finance income includes:

Interest from long-term investments estimated and recognized as receivable from investee companies.

Bank deposit interest is recognized based on periodic bank statements, and loan interest is recognized on a time and actual interest rate basis for each period.

Finance expenses include:

Financial expenses recognized in the statement of profit or loss are the total financial expenses incurred during the period, not offset by financial income, including interest expenses, exchange rate differences...

4.15 TAXES

a) Deferred income tax assets and deferred income tax liabilities

Deferred income tax assets are determined based on the total deductible temporary differences and the value of tax loss carryforwards and unused tax incentives. Deferred income tax liabilities are determined based on taxable temporary differences.

Deferred income tax assets and deferred income tax liabilities are determined according to the current corporate income tax rate (or the expected future tax rate if the reversal of deferred income tax assets or deferred income tax liabilities falls within the period when the new tax rate is effective), based on the tax rates and tax laws effective at the end of the financial year.

Deferred income tax assets and deferred income tax liabilities are offset when preparing the statement of financial position.

b) Current corporate income tax expense and deferred corporate income tax expense

Current corporate income tax expense is determined based on taxable income for the year and the current corporate income tax rate for the financial year.

4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D)

4.15 TAXES (CONT'D)

Deferred corporate income tax expense is determined based on deductible temporary differences, taxable temporary differences, and the corporate income tax rate.

No offsetting of current corporate income tax expense with deferred corporate income tax expense.

c) Current corporate income tax rate

The Company is currently applying a corporate income tax rate of 20% for the year ended 31 December 2024 (the corporate income tax rate for 2023 was 20%).

4.16 BASIC EARNING PER SHARES

Basic earnings per share are calculated by dividing the profit or loss after tax attributable to common shareholders (after adjustment for the appropriation to the Reward, Welfare, and Management Reward Fund) by the weighted average number of common shares outstanding during the year.

Parties are considered related if one party has the ability to control or exert significant influence over the other party in making financial and operational policy decisions. Related parties include:

  • Enterprises directly or indirectly through one or more intermediaries having control over the Company or under the Company's control, or jointly controlled with the Company, including parent companies, subsidiaries, and associates;
  • Individuals directly or indirectly holding voting power in the Company and having significant influence over the Company, key management personnel of the Company, and their close family members;
  • Enterprises in which the aforementioned individuals directly or indirectly hold a significant portion of voting power or exert significant influence over the enterprise.

In assessing each related party relationship for the purpose of preparing and presenting financial statements, the Company considers the substance of the relationship rather than its legal form. Accordingly, all transactions and balances with related parties are represented in the explanatory notes below.

4.18 SEGMENT INFORMATION

A segment is a distinguishable component of the Company that is engaged in providing related products or services (business segment) or providing products or services in a specific economic environment (geographical segment). Each segment is subject to different risks and derives benefits distinct from other segments.

Segment information is prepared and presented in accordance with the accounting policies applied for preparing and presenting the Company's financial statements to help financial statement users understand and evaluate the Company's overall performance

5. VALUE AND VOLUME OF TRADING DURING THE YEAR

Volume of trading during the yearValue of trading during the year
VND
The Company150,534,79024,233,270,085,748
- Shares76,3282,162,664,500
- Bonds150,358,26223,127,354,681,439
- Other securities100,2001,103,752,739,809
Investors2,449,957,37456,315,105,975,691
- Shares2,394,775,32950,961,179,377,590
- Bonds50,462,1655,259,504,113,911
- Other securities4,719,88094,422,484,190
Total2,600,492,16480,548,376,061,439

6. CASH AND CASH EQUIVALENTS

31/12/202401/01/2024
VNDVND
Cash in bank104,236,513,302288,020,444,274
Total104,236,513,302288,020,444,274

7. FINANCIAL ASSETS

a) Financial assets at fair value through profit or loss (FVTPL)


31/12/202401/01/2024
CostFair valueCostFair value
VNDVNDVNDVND
- Listed shares22,076,112,63916,776,712,00221,116,414,91915,994,114,552
- Unlisted shares47,061,278,76547,059,221,56447,068,944,71647,061,780,163
- Listed bonds--5,551,460,7665,213,165,028
- Unlisted bonds2,057,678,6002,056,536,392125,864,235,800132,201,965,000
- Term Deposits1,031,845,041,0961,031,845,041,096140,000,000,000140,000,000,000
- Fund Certificates1,011,137,659960,000,000--
- Certificate of Deposit102,585,163,800102,585,163,800--
Total1,206,636,412,5591,201,282,674,854339,601,056,201340,471,024,743

7. FINANCIAL ASSETS (CONT'D)

b) Held-to-maturity investments (HTM)

31/12/202401/01/2024
Cost VNDFair value VNDCost VNDFair value VND
Short-term150,425,523,576150,425,523,576521,084,787,507521,084,787,507
- An Binh Commercial425,523,576425,523,576394,734,301394,734,301
Joint Stock Bank Deposits
- Vietnam-Russia Joint Venture Bank Deposits--100,000,000,000100,000,000,000
- Modern bank of Vietnam Limited Deposits (1)100,000,000,000100,000,000,00050,000,000,00050,000,000,000
- Vietnam Joint Stock Commercial Bank for Industry and Trade Deposits (2)50,000,000,00050,000,000,00040,000,000,00040,000,000,000
- Glexhomes Joint Stock Company Bonds--20,000,000,00020,000,000,000
- Van Huong Investment and Tourism Joint Stock Company Bonds--310,690,053,206310,690,053,206
Long-term694,538,544,365694,538,544,365--
- Van Huong Investment and Tourism Joint Stock Company Bonds (3)565,973,344,365565,973,344,365--
- Vietnam Investment and Development Joint Stock Commercial Bank Bonds (4)50,000,000,00050,000,000,000--
- Vingroup Group - Joint Stock Company Bonds (5)28,565,200,00028,565,200,000--
- Vietnam Joint Stock Commercial Bank for Industry and Trade Bonds (6)50,000,000,00050,000,000,000--
Total844,964,067,941844,964,067,941521,084,787,507521,084,787,507

The information on the investments is as follows:

(1) Deposits at Modern bank of Vietnam Limited, with a total amount of VND 100,000,000,000, a term of 1 year.

(2) Deposit at VietinBank - Vietnam Joint Stock Commercial Bank for Industry and Trade, with a total amount of VND 50,000,000,000, a term of 1 year.

The interest rates on the above-mentioned bank deposits range from 5% per annum to 5.7% per annum

7. FINANCIAL ASSETS (CONT'D)

b) Held-to-maturity investments (HTM) (cont'd)

(3) The company holds 2,427 bonds DRGCH2427002, 2,890 bonds DRGCH2427003, and 300 bonds DRGCH2427004 issued by Van Hương Investment and Tourism Joint Stock Company:

The DRGCH2427002 bonds issued by Van Huong Investment and Tourism Joint Stock Company on 28/08/2024, maturing on 28/08/2027 (a 3-year term), with an interest rate of 10% per annum for the period from 28/08/2024 to 31/12/2024;

The DRGCH2427003 bonds issued by Van Huong Investment and Tourism Joint Stock Company on 21/10/2024, maturing on 21/10/2027 (a 3-year term), with an interest rate of 10% per annum for the period from 21/10/2024 to 31/12/2024;

The DRGCH2427004 bonds issued by Van Huong Investment and Tourism Joint Stock Company on 27/11/2024, maturing on 27/11/2027 (a 3-year term), with an interest rate of 10% per annum for the period from 27/11/2024 to 31/12/2024.

(4) The company holds 50 bonds BIDLH2431001 issued by Vietnam Joint Stock Commercial Bank for Investment and Development. These are non-convertible bonds, without warrants, and unsecured. The term is 7 years, starting from 10/05/2024, with the interest rate calculated as the reference interest rate plus a margin of 1.1% per annum.

(5) The company holds 285,652 bonds VICH2325005 issued by Vingroup Group - Joint Stock Company. These are non-convertible bonds, without warrants, and unsecured. The term is 24 months starting from 13/03/2024, with an interest rate of 14.5% for the first two periods, and thereafter calculated as the reference interest rate plus 4% per annum.

(6) The company holds 500 bonds CTGL2331012 issued by VietinBank - Vietnam Joint Stock Commercial Bank for Industry and Trade. These are non-convertible bonds, without warrants, and unsecured. The term is 8 years, starting from 29/12/2023, with the interest rate calculated as the reference interest rate plus 1.2% per annum.

c) Lending

31/12/202401/01/2024
VNDVND
Receivables from margin activities1,008,034,982,313652,677,910,069
Advances to investors57,858,261,70774,719,272,743
Total1,065,893,244,020727,397,182,812

() For detailed supplementary information, refer to Note 36 of the financial statements.

AN BINH SECURITIES JOINT STOCK COMPANY 16th Floor, Gelexinco Building, No. 36 Hoang Cau Street, O Cho Dua Ward, Dong Da District, Hanoi City


FINANCIAL STATEMENTS For the year ended 31 December 2024 Form No. B09a-CTCK

NOTE TO THE FINANCIAL STATEMENTS (CONT'D)

(These notes are an integral part of and should be read in conjunction with the financial statements)

FINANCIAL ASSETS (CONT'D)

Purchase priceFair valueRevaluation increaseRevaluation decreaseRevaluation value
31/12/202401/01/202431/12/202401/01/202431/12/202401/01/202431/12/202401/01/202431/12/202401/01/2024
VNDVNDVNDVNDVNDVNDVNDVNDVNDVND
FVTPL
Listed Shares22,076,112,63921,116,414,91916,776,712,00215,994,114,55259,969,0007,223,458(5,359,369,637)(5,129,523,825)16,776,712,00215,994,114,552
- SIN21,100,892,63921,100,892,63715,744,108,00215,975,639,000--(5,356,784,637)(5,125,253,637)15,744,108,00215,975,639,000
- Others975,220,00015,522,2821,032,604,00018,475,55259,969,0007,223,458(2,585,000)(4,270,188)1,032,604,00018,475,552
Unlisted Shares47,061,278,76547,068,944,71647,059,221,56447,061,780,163-797,419(2,057,201)(7,961,972)47,059,221,56447,061,780,163
- An Hon Paper JSC41,842,300,00041,842,300,00041,842,300,00041,842,300,000----41,842,300,00041,842,300,000
- Exam Land Corporation3,230,000,0003,230,000,0003,230,000,0003,230,000,000----3,230,000,0003,230,000,000
- Vietnam Public Joint Stock957,605,000957,605,000957,605,000957,605,000----957,605,000957,605,000
Commercial Bank
- Others1,031,373,7651,039,039,7161,029,316,5641,031,875,163-797,419(2,057,201)(7,961,972)1,029,316,5641,031,875,163
Listed Bonds-5,551,460,766-5,213,165,028---(338,295,738)-5,213,165,028
- Glohestones JSC Bonds-5,551,460,766-5,213,165,028---(338,295,738)-5,213,165,028
Unlisted Bonds2,057,678,600125,864,235,8002,056,536,392132,201,965,0001,336,0126,337,729,200(2,478,220)-2,056,536,392132,201,965,000
- Van Hoong Investment and Tourism JSC Bonds2,057,678,600125,864,235,8002,056,536,392132,201,965,0001,336,0126,337,729,200(2,478,220)-2,056,536,392132,201,965,000
Term Deposits1,031,845,041,096140,000,000,0001,031,845,041,096140,000,000,000----1,031,845,041,096140,000,000,000
- Modern bank of Vietnam Limited - Trung Yen Branch-50,000,000,000-50,000,000,000-----50,000,000,000
- Vietnam-Russia Joint Venture Bank140,000,000,00040,000,000,000140,000,000,00040,000,000,000----140,000,000,00040,000,000,000
- Vietnam John Stock Commercial Bank for Industry and Trade100,000,000,000-100,000,000,000-----100,000,000,000-
- Vietnam Joint Stock Commercial Bank for Investment and Development350,000,000,000-350,000,000,000-----350,000,000,000-


Purchase priceFair valueRevaluation increaseRevaluation decreaseRevaluation value
31/12/202401/01/202431/12/202401/01/202431/12/202401/01/202431/12/202401/01/202431/12/202401/01/2024
- Tian Pihong Commercial Joint Stock Bank50,000,000,000VNDVNDVNDVNDVNDVNDVNDVNDVND
- Vietnam Prosperity Joint Stock Commercial Bank (VDBank) - Head Office326,845,041,096-326,845,041,096-----326,845,041,096-
- Vietnam Export-Import Commercial Joint Stock Bank (Exinbank) - Hanoi Branch65,000,000,00050,000,000,00065,000,000,00050,000,000,000----65,000,000,00050,000,000,000
Certificate of deposit102,585,163,800-102,585,163,800-----102,585,163,800-
- Southeast Asia Commercial Joint Stock Bank (SeiBank)102,585,163,800-102,585,163,800-----102,585,163,800-
Fund certificate1,011,137,659-960,000,000---(51,137,659)-960,000,000-
- An Binh Fund Management Joint Stock Company1,011,137,659-960,000,000---(51,137,659)-960,000,000-
Total1,206,636,412,559339,601,056,2011,201,282,674,854340,471,024,74361,305,0126,345,750,077(5,415,042,717)(5,475,781,535)1,201,282,674,854340,471,024,743
Detailed Information about Bonds
IssuerBond CodeQuantityPar ValueTermBond TypeInterest Rate
Unlisted Bonds
- Van Huong Investment and Tourism Joint StockDRGCH212600118,970100,00060 months from 29/09/2021Non-convertible, non-warranted bond secured by assets9% per year for the first interest period, adjustable
- Van Huong Investment and Tourism Joint Stock CompanyVANHUONG.BOND.2019.02.071100,000,0007 years from 30/06/2020Non-convertible, non-warranted bond secured by assetswith a margin for subsequent 10% per year for the first interest period, adjustable
- Van Huong Investment and Tourism Joint Stock Companywith a margin for subsequent
  1. PROVISION FOR IMPAIRMENT OF FINANCIAL ASSETS AND MORTGAGE ASSETS


31/12/202401/01/2024
VNDVND
Provision for impairment of loans(19,023,599,821)(18,551,069,421)
Total(19,023,599,821)(18,551,069,421)
9. SHORT-TERM RECEIVABLES
31/12/202401/01/2024
VNDVND
a) Receivables and accruals from dividend and interest income from financial investments29,944,782,27316,499,857,953
b) Receivables from services provided by the Company5,846,349,70719,649,408,273
- Receivables from securities brokerage activities1,390,322,6671,390,282,667
- Receivables from securities underwriting activities1,735,005,32615,600,152,000
- Receivables from securities custody activities2,549,070,5142,490,131,388
- Receivables from financial consulting activities52,500,00052,500,000
- Receivables from other services119,451,200116,342,218
c) Other receivables3,247,133,3523,069,423,878
- Other receivables3,247,133,3523,069,423,878
Total39,038,265,33239,218,690,104
10. SHORT-TERM ADVANCES TO SUPPLIERS
31/12/202401/01/2024
VNDVND
- DTND Technology Financial Software Solutions-250,000,000
Co., Ltd.
- Individual Customer Receiving Bond Deposit-250,189,710,041
- Other Short-term Advances to Suppliers124,246,70631,260,000
Total124,246,706250,470,970,041

FINANCIAL STATEMENTS For the year ended 31 December 2024 Form No. B09a-CTCK

AN BINH SECURITIES JOINT STOCK COMPANY 16th Floor, Geleximco Building, No. 36 Hoang Cau Street, O Cho Dua Ward, Dong Da District, Hanoi City


NOTE TO THE FINANCIAL STATEMENTS (CONT'D)

(These notes are an integral part of and should be read in conjunction with the financial statements)

Year2024


Doubtful receivables01/01/2024Provision made during the yearReversal of provision during the year31/12/2024Previous year
VNDVNDVNDVNDVNDVND
Provision for doubtful receivables7,967,850,220(3,517,850,220)(2,985,000,000)-(6,502,850,220)(3,517,850,220)
- Mrs. Nguyen Hoal Anh1,390,282,667(1,390,282,667)--(1,390,282,667)(1,390,282,667)
- Mrs. Mai My Trang1,186,912,000(1,186,912,000)--(1,186,912,000)(1,186,912,000)
- Soleil Investment and Hotel Services Joint Stock Company2,500,000,000-(1,750,000,000)-(1,750,000,000)-
- Sunshine Cab Joint Stock Company1,350,000,000-(855,000,000)-(855,000,000)-
- Sunshine Housing Joint Stock Company600,000,000-(380,000,000)(380,000,000)-
- Others940,655,553(940,655,553)--(940,655,553)(940,655,553)
Total7,967,850,220(3,517,850,220)(2,985,000,000)-(6,502,850,220)(3,517,850,220)

12. SHORT-TERM PREPAID EXPENSES

31/12/202401/01/2024
- Prepaid Expenses for Office and Warehouse Rentals1,097,004,0001,107,431,220
- Expenses for tools and equipment awaiting allocation233,471,711929,030,796
- Prepaid expenses for office interior construction358,782,8681,413,790,591
- Prepaid expenses for transmission lines, telephone charges, etc.213,822,0581,071,497,580
- Software Maintenance Expenses300,354,164-
- Software Purchase Expenses577,231,671-
- Other Short-term Prepaid Expenses516,525,492156,016,542
Total3,297,191,9644,677,766,729
13. OTHER SHORT-TERM ASSETS
31/12/202401/01/2024
- Other receivables from customers766,926,000826,926,000
- Other receivables2,500,000,0002,500,000,000
Others3,266,926,0003,326,926,000

14. LONG-TERM INVESTMENTS

31/12/202401/01/2024
Cost VNDFair value VNDCost VNDFair value VND
Other long-term investment32,405,683,00243,083,213,00032,405,683,00246,169,859,629
Listed shares of An Binh Commercial Joint Stock Bank (1)32,405,683,00243,083,213,00032,405,683,00246,169,859,629
Total32,405,683,00243,083,213,00032,405,683,00246,169,859,629

The investment information is as follows:

(1) As of 31/12/2024, the Company holds 5,901,810 shares of An Binh Commercial Joint Stock Bank, with a nominal value of VND 10,000 per share. The beginning and ending period differences arising from the revaluation of this AFS (Available-for-Sale) investment at market value are recognized under the item "Revaluation Difference of Assets at Fair Value."

AN BINH SECURITIES JOINT STOCK COMPANY 16th Floor, Geleximco Building, No. 36 Hoang Cau Street, O Cho Dua Ward, Dong Da District, Hanoi City


NOTE TO THE FINANCIAL STATEMENTS (CONT'D)

(These notes are an integral part of and should be read in conjunction with the financial statements)

15. TANGIBLE FIXED ASSETS

FINANCIAL STATEMENTS For the year ended 31 December 2024 Form No. B09a-CTCK


Buildings, Structures VNDMachinery, Equipment VNDTransportation, Transmission VNDManagement tools and Equipment VNDTotal VND
220,000,00121,495,937,6902,413,680,00036,789,00024,166,406,691
-327,270,000--327,270,000
-(145,186,050)--(145,186,050)
220,000,00121,678,021,6402,413,680,00036,789,00024,348,490,641
(220,000,001)(13,874,582,795)(1,318,677,067)(14,562,322)(15,427,822,185)
-(2,603,928,728)(241,368,000)(9,197,256)(2,854,493,984)
-145,186,050--145,186,050
(220,000,001)(16,333,325,473)(1,560,045,067)(23,759,578)(18,137,130,119)
-7,621,354,8951,095,002,93322,226,6788,738,584,506
-5,344,696,167853,634,93313,029,4226,211,360,522

As of 31/12/2024, the fully depreciated tangible fixed assets still in use have a carrying amount of VND 9,797,213,311.

16. INTANGIBLE FIXED ASSETS

Land Use RightsTransaction and Accounting SoftwareTotal
VNDVNDVND
COST
01/01/202461,500,000,00041,679,624,245103,179,624,245
Purchase during the year-2,127,903,8002,127,903,800
31/12/202461,500,000,00043,807,528,045105,307,528,045
ACCUMULATED AMORTIZATION
01/01/2024-(33,020,554,139)(33,020,554,139)
Depreciation for the year-(2,337,951,964)(2,337,951,964)
31/12/2024-(35,358,506,103)(35,358,506,103)
NET BOOK VALUE
01/01/202461,500,000,0008,659,070,10670,159,070,106
31/12/202461,500,000,0008,449,021,94269,949,021,942

As of 31/12/2024, the fully amortized Intangible fixed assets still in use have a carrying amount of VND 25,536,960,832.

17. PLEDGES, MORTGAGES, DEPOSITS

31/12/202401/01/2024
VNDVND
Long-term10,480,253,2001,012,258,200
- Office Rental Deposit10,417,100,000973,105,000
- Others63,153,20039,153,200
Total10,480,253,2001,012,258,200

18. PAYMENTS TO THE SETTLEMENT ASSISTANCE FUND

31/12/202401/01/2024
- Initial payment120,000,000120,000,000
- Addition11,783,064,34211,783,064,342
- Accrued interest8,096,935,6588,096,935,658
Total20,000,000,00020,000,000,000

19. LOANS

01/01/2024Borrowings During the YearRepayment during the year31/12/2024
VNDVNDVNDVND
a) Short-term loans921,060,402,52827,282,483,042,26826,309,817,484,6791,893,725,960,117
Bank loans (1)719,400,000,0005,852,400,000,0004,832,800,000,0001,739,000,000,000
Personal loans (2)201,660,402,52821,430,083,042,26821,477,017,484,679154,725,960,117
b) Long-term loans13,480,000,0003,500,000,00016,980,000,000-
Meta Property13,480,000,0003,500,000,00016,980,000,000-
Management
Company Limited
Total934,540,402,52827,285,983,042,26826,326,797,484,6791,893,725,960,117

Supplementary information on bank loans:

(1) The bank loans carry interest rates ranging from 3.4% to 7.5% and are secured by bonds owned by the Company or term deposit contracts, or in some cases, unsecured.

(2) Loans from other parties represent the amounts agreed upon by customers to lend to the Company, with the interest rate based on the Company's rates announced periodically, which serve as the basis for paying interest to the customers.

20. PAYABLES FOR SECURITIES TRADING ACTIVITIES

31/12/202401/01/2024
VNDVND
Payables for additional issued shares685,288,0002,566,288,000
Commission Payable to Collaborators1,103,724,6411,551,918,651
Others183,178,310178,638,310
Total1,972,190,9514,296,844,961

21. SHORT-TERM PAYABLES TO SUPPLIERS

31/12/202401/01/2024
VNDVND
Mr. Nguyen Son392,496,075392,496,075
Tat Dat Construction and Trading Joint Stock645,271,154645,271,154
Others169,325,537302,437,843
Total1,207,092,7661,340,205,072


AN BINH SECURITIES JOINT STOCK COMPANYFINANCIAL STATEMENTS
16th Floor, Geleximco Building, No. 36 Hoang Cau Street, O Cho Dua Ward, Dong Da District, Hanoi CityFor the year ended 31 December 2024 No. B09a-CTCK
NOTE TO THE FINANCIAL STATEMENTS (CONT'D)
(These notes are an integral part of and should be read in conjunction with the financial statements)

22. SHORT-TERM ADVANCES FROM CUSTOMERS

31/12/202401/01/2024
VNDVND
Advances for consulting contracts125,000,000140,060,000
Advances for securities brokerage222,769,38830,269,461
Total347,769,388170,329,461

23. TAX AND OTHER PAYABLES TO THE STATE BUDGET

31/12/202401/01/2024
VNDVND
Value-added tax (VAT)47,622,2363,308,213
Corporate income tax (CIT)24,842,126,5294,817,964,182
Personal income tax (PIT)6,666,754,7382,580,891,331
Total31,556,503,5037,402,163,726

24. SHORT-TERM ACCRUED EXPENSES

31/12/202401/01/2024
VNDVND
Accrued Interest Expense6,191,439,9471,628,592,027
Transaction Costs for Selling Financial Assets3,455,856,5462,632,642,635
Financial Advisory Fees-190,454,000
Securities Company Operating Expenses5,654,231,332938,791,311
Total15,301,527,8255,390,479,973

25. SHORT-TERM MARGIN AND COLLATERAL DEPOSITS

31/12/202401/01/2024
Securities Service Deposit Received117,000,00090,000,000
Total117,000,00090,000,000

26. OTHER SHORT-TERM PAYABLES

31/12/202401/01/2024
VNDVND
Other payables1,240,337,960570,887,686
Total1,240,337,960570,887,686


01/01/20231,011,500,000,00011,214,059,65713,199,809,00913,199,809,009213,354,557,3091,262,468,234,984
- Profit of the year----73,854,160,96973,854,160,969
- Profit distribution during the year----(1,681,054,396)(1,681,054,396)
Bonus welfare funds of year 2022----(1,681,054,396)(1,681,054,396)
- Increase in the asset revaluation surplus-2,550,116,970---2,550,116,970
31/12/20231,011,500,000,00013,764,176,62713,199,809,00913,199,809,009285,527,663,8821,337,191,458,527
01/01/20241,011,500,000,00013,764,176,62713,199,809,00913,199,809,009285,527,663,8821,337,191,458,527
- Profit of the year----103,203,054,235103,203,054,235
- Profit distribution during the year----(1,477,083,219)(1,477,083,219)
Bonus welfare funds of year 2023 ^() ----(1,477,083,219)(1,477,083,219)
- Decrease in the asset revaluation surplus-(3,086,646,629)---(3,086,646,629)
31/12/20241,011,500,000,00010,677,529,99813,199,809,00913,199,809,009387,253,634,8981,435,830,782,914

27.2 DETAILS OF OWNERS' EQUITY

Shareholders31/12/202401/01/2024
VND PercentageVNDPercentage
%
- Geleximco Group - Joint Stock Company463,795,170,00045.85%463,795,170,00045.85%
- Mr. Chu Van Man40,500,000,0004.00%50,541,800,0005.00%
- Mr. Nguyen Van Anh67,649,180,0006.69%67,649,180,0006.69%
- Mr. Vu Duc Chinh108,550,710,00010.73%108,550,710,00010.73%
- Ms. Vu Thi Minh Trang75,388,500,0007.45%75,388,500,0007.45%
- Capital contributions from other shareholders (below 5%)255,616,440,00025.27%245,574,640,00024.28%
Total1,011,500,000,000100%1,011,500,000,000100%

27.3 RETAINED EARNINGS


31/12/202401/01/2024
VNDVND
Realized earnings391,536,625,062284,831,689,048
Unrealized earnings(4,282,990,164)695,974,834
Total387,253,634,898285,527,663,882

27.4 INCOME DISTRIBUTION TO SHAREHOLDERS OR MEMBERS

Year 2024Year 2023
VNDVND
Undistributed realized income of the previous year284,831,689,048213,866,807,316
Unrealized loss at the end of the year(4,282,990,164)695,974,834
Realized gain/loss of the year108,182,019,23372,645,936,128
Basis for Profit Distribution to Shareholders or Members as of the End of the Fiscal Year393,013,708,281286,512,743,444
Distributed profit(1,477,083,219)(1,681,054,396)
+ Bonus welfare funds(1,477,083,219)(1,681,054,396)
Undistributed Realized Profit as of the End of the Fiscal Year391,536,625,062284,831,689,048

27. OWNERS' EQUITY (CONT'D)

27.5 INCOME DISTRIBUTION TO SHAREHOLDERS OR MEMBERS

According to the Resolution of the General Meeting of Shareholders No. 13/NQ-DHDCD2024 dated 19 April 2024, regarding the allocation of funds and distribution of profits for 2023 as follows:


PercentageAmount
%VND
Profit after CIT100%73,854,160,969
Bonus welfare funds2%1,477,083,219
Undistributed earnings98%72,377,077,750

27.6 CAPITAL TRANSACTIONS WITH OWNERS AND DISTRIBUTION OF DIVIDENDS, PROFITS

Year 2024Year 2023
- Owners' Equity
+ Capital contribution at beginning of the year1,011,500,000,0001,011,500,000,000
+ Capital contribution increase during the year--
+ Capital contribution at the end of the year1,011,500,000,0001,011,500,000,000
- Dividends and Distributed Profits--

27.7 SHARES

31/12/202401/01/2024
SharesShares
- Shares registered for Insurance101,150,000101,150,000
- Issued shares101,150,000101,150,000
+ Ordinary shares101,150,000101,150,000
- Outstanding shares101,150,000101,150,000
+ Ordinary shares101,150,000101,150,000
^ Value of shares (VND/Share)10,00010,000

28. LISTED/REGISTERED FINANCIAL ASSETS FOR TRADING AT VSD BY THE SECURITIES COMPANY

31/12/202401/01/2024
VNDVND
- Financial assets freely transferable645,538,000,000110,214,880,000
- Financial assets for collateralized transactions50,000,000,000-
- Financial assets pending payments77,000,0002,443,400,000
Total695,615,000,000112,658,280,000


AN BINH SECURITIES JOINT STOCK COMPANYFINANCIAL STATEMENTS
16th Floor, Geleximco Building, No. 36 Hoang Cau Street, O Cho Dua Ward, Dong Da District, Hanoi CityFor the year ended 31 December 2024 No. B09a-CTCK
NOTE TO THE FINANCIAL STATEMENTS (CONT'D)
(These notes are an integral part of and should be read in conjunction with the financial statements)

29. FINANCIAL ASSETS AND NOT YET TRADED AT VSD BY THE SECURITIES COMPANY

31/12/202401/01/2024
- Unregistered financial assets at VSD132,417,970,000487,914,800,000
Total132,417,970,000487,914,800,000
  1. FINANCIAL ASSETS ENTITLED TO THE RIGHTS OF THE SECURITIES COMPANY


31/12/202401/01/2024
Financial assets entitled to rights of the Company1,600,000-
Total1,600,000-

31. LISTED/REGISTERED FINANCIAL ASSETS FOR TRADING BY INVESTORS

31/12/202401/01/2024
VNDVND
- Unrestricted financial assets14,402,301,940,0007,530,088,890,000
- Restricted financial assets1,363,330,680,000543,055,010,000
- Mortgaged financial assets3,492,642,080,000528,742,080,000
- Blocked financial assets2,291,960,0001,658,460,000
- Financial assets awaiting for settlement on behalf of investors45,134,240,00075,382,510,000
Total19,305,700,900,0008,678,926,950,000

32. NON-TRADED FINANCIAL ASSETS DEPOSITED AT VSD OF INVESTORS

31/12/202401/01/2024
- Unrestricted and non-traded financial assets deposited at VSD19,073,910,00022,955,400,000
- Restricted and non-traded financial assets deposited at VSD63,498,450,000291,400,000
Total82,572,360,00023,246,800,000

33. INVESTORS' DEPOSITS

31/12/202401/01/2024
VNDVND
Investor Deposits for Securities Transactions234,759,051,980405,376,534,601
Managed by Securities Companies
- Domestic Investor Deposits233,671,113,396404,325,522,426
- Foreign Investor Deposits1,087,938,5841,051,012,175
Issuer Deposits6,666,150153,568,650
- Issuer Dividend Payment Deposits6,666,150153,568,650
Total234,765,718,130405,530,103,251


AN BINH SECURITIES JOINT STOCK COMPANYFINANCIAL STATEMENTS
16th Floor, Geleximco Building, No. 36 Hoang Cau Street, O Cho Dua Ward, Dong Da District, Hanoi CityFor the year ended 31 December 2024 No. B09a-CTCK
NOTE TO THE FINANCIAL STATEMENTS (CONT'D)
(These notes are an integral part of and should be read in conjunction with the financial statements)

34. PAYABLES TO INVESTORS

31/12/202401/01/2024
VNDVND
Payables to Investors - Deposits from investors for securities trading under brokerage management234,759,051,980405,376,534,601
- Domestic investors233,671,113,396404,325,522,426
- Deposits from foreign investors1,087,938,5841,051,012,175
Total234,759,051,980405,376,534,601

35. DIVIDEND, BOND PRINCIPAL AND INTEREST PAYABLES

31/12/202401/01/2024
- Payables for Dividends, Principal, and Bond Interest to Investors6,666,150153,568,650
Total6,666,150153,568,650

36. PAYABLES FOR LOANS TO SECURITIES COMPANIES FROM INVESTORS

31/12/202401/01/2024
VNDVND
Payables for Margin Transactions1,008,034,982,313652,677,910,069
- Principal Payable for Margin Transactions of Domestic Investors1,008,034,982,313652,677,910,069
Payables for Advances on Securities Sale Proceeds57,858,261,70774,719,272,743
- Principal Payable for Advances on Securities Sale Proceeds57,858,261,70774,719,272,743
Payable to Domestic Investors57,858,261,70774,719,272,743
Total1,065,893,244,020727,397,182,812

AN BINH SECURITIES JOINT STOCK COMPANY 16th Floor, Geleximco Building, No. 36 Hoang Cau Street, O Cho Dua Ward, Dong Da District, Hanoi City


NOTE TO THE FINANCIAL STATEMENTS (CONT'D)

(These notes are an integral part of and should be read in conjunction with the financial statements)

FINANCIAL STATEMENTS For the year ended 31 December 2024 Form No. B09a-CTCK

a. Gain/loss from disposal of financial assets


Sales this yearSales previous year
QuantityTotal Sale ValueTotal CostProfitLossProfitLoss
Sold
VNDVNDVNDVNDVNDVNDVNDVND
Listed Shares80016,899,90015,522,2806,167,7084,790,088-3,590,000
Unlisted Shares10,26885,714,60091,665,951257,4196,208,770--
Bonds75,349,37911,220,012,470,30111,172,690,373,87068,215,190,39120,893,093,96048,680,597,44421,616,500,817
Other Financial Assets50500,156,438,350500,000,000,000156,438,350-3,730,691,62620,151,400
Total75,360,49711,720,271,523,15111,672,797,562,10168,378,053,86820,904,092,81852,411,289,07021,640,242,217

AN BINH SECURITIES JOINT STOCK COMPANY 16th Floor, Geleximco Building, No. 36 Hoang Cau Street, O Cho Dua Ward, Dong Da District, Hanoi City


FINANCIAL STATEMENTS

For the year ended 31 December 2024

Form No. B09a-CTCK


Book ValueMarket Value/Fair ValueRevaluation Difference as of 31/12/2024Revaluation Difference as of 01/01/2024Accounting Book Adjustments
FVTPLIncreaseDecreaseIncreaseDecreaseIncreaseDecrease
VNDVNDVNDVNDVNDVNDVNDVND
Listed Shares22,076,112,63916,776,712,00259,969,000(5,359,369,637)7,223,458(5,129,523,825)990,363,188(1,167,463,458)
- SHN21,100,892,63915,744,108,002-(5,356,784,637)-(5,125,253,637)926,124,000(1,157,655,000)
- Others975,220,0001,032,604,00059,969,000(2,585,000)7,223,458(4,270,188)64,239,188(9,808,458)
Unlisted Shares47,061,278,76547,059,221,564-(2,057,201)797,419(7,961,972)5,994,671(887,319)
- An Hoa Paper JSC41,842,300,00041,842,300,000------
- Exim Land Corporation3,230,000,0003,230,000,000------
- Vietnam Public Joint Stock Commercial Bank957,605,000957,605,000------
- Others1,031,373,7651,029,316,564-(2,057,201)797,419(7,961,972)5,994,671(887,319)
Listed Bonds-----(338,295,738)545,207,686(206,911,948)
- Glexhomes JSC Bond-----(338,295,738)545,207,686(206,911,948)
Unlisted Bonds2,057,678,6002,056,536,3921,336,012(2,478,220)6,337,729,200-4,057,745,209(10,396,616,617)
- Van Hoong Investment and Tourism JSC Bonds2,057,678,6002,056,536,3921,336,012(2,478,220)6,337,729,200-4,057,745,209(10,396,616,617)
Term Deposits1,031,845,041,0961,031,845,041,096------
Certificate of Deposit102,585,163,800102,585,163,800------
- Southeast Asia102,585,163,800102,585,163,800------
Commercial Joint Stock Bank (SeABank)
Fund Certificates1,011,137,659960,000,000-(51,137,659)---(51,137,659)
- An Binh Fund1,011,137,659960,000,000-(51,137,659)---(51,137,659)
Management Joint Stock Company
Total1,206,636,412,5591,201,282,674,85461,305,012(5,415,042,717)6,345,750,077(5,475,781,535)5,599,310,754(11,823,017,001)


AN BINH SECURITIES JOINT STOCK COMPANYFINANCIAL STATEMENTS
16th Floor, Geleximco Building, No. 36 Hoang Cau Street, O Cho Dua Ward, Dong Da District, Hanoi CityFor the year ended 31 December 2024 No. B09a-CTCK
NOTE TO THE FINANCIAL STATEMENTS (CONT'D)
(These notes are an integral part of and should be read in conjunction with the financial statements)

37. REVENUE (CONT'D)

c. Dividend, interest income from financial assets at FVTPL, loans and receivables, HTM investments, AFS financial assets


Year 2024Year 2023
VNDVND
From Financial Assets FVTPL31,102,591,67146,171,051,610
From Financial Assets Held to Maturity (HTM)55,420,056,15738,030,637,096
From Loans122,248,696,45974,231,049,471
Total208,771,344,287158,432,738,177

d. Other operating revenue

Year 2024Year 2023
VNDVND
Income from other activities444,346,074479,479,997
- Income from leases98,181,81898,181,818
- Other income346,164,256381,298,179
Total444,346,074479,479,997

38. REVENUE OUTSIDE OF FINANCIAL ASSETS INCOME

Year 2024Year 2023
VNDVND
Operating expenses for providing other services917,551,673615,699,339
- Other financial service expenses220,000608,206,891
- Principal, Interest on Bonds, and Dividends7,331,6737,492,448
Paid on Behalf of the Issuing Organization
- Provision for and Handling of Impairment Losses on Receivables from Securities Services910,000,000-
Total917,551,673615,699,339

39. ADMINISTRATIVE EXPENSES OF THE SECURITIES COMPANY

Year 2024Year 2023
VNDVND
Salary Expenses and Other Related Costs58,721,312,87357,126,702,496
Expenses for Tools, Office Supplies, and Equipment1,399,499,9582,037,782,142
Depreciation Expenses5,192,445,9485,011,551,236
Tax, Fee, and Charge Expenses18,882,05323,313,309
Expenses for Outsourced Services16,649,155,09516,019,436,939
Total81,981,295,92780,218,786,122

AN BINH SECURITIES JOINT STOCK COMPANY

16th Floor, Geleximco Building, No. 36 Hoang Cau Street,

O Cho Dua Ward, Dong Da District, Hanoi City

NOTE TO THE FINANCIAL STATEMENTS (CONT'D)

(These notes are an integral part of and should be read in conj.

  1. CORPORATE INCOME TAX EXPENSES

The Company's tax reports will be subject to examination by the tax authorities. As the application of tax laws and regulations to different types of transactions can be interpreted in various ways, the tax amount presented in the financial statements may be subject to change based on the final decision of the tax authorities.

The Company's current corporate income tax calculation table is presented below:


Year 2024 VNDYear 2023 VND
Profit before tax131,724,854,33793,964,712,743
Increase adjustments23,086,265,46212,395,128,025
Invalid expenses11,263,248,4615,599,777,998
Losses from revaluation of financial assets11,823,017,0016,795,350,027
Decrease adjustments(5,600,487,154)(8,306,068,778)
Dividends and profits distributed(1,176,400)(437,700)
Gains from revaluation of financial assets(5,599,310,754)(8,305,631,078)
Taxable income149,210,632,64598,053,771,990
CIT rate20%20%
CIT payables of the year29,842,126,52919,610,754,398
CIT for 2022 Reduced After Finalization(75,585,178)197,741,166
Current CIT29,766,541,35119,808,495,564
BASIC EANRINGS PER SHARE
Year 2024Year 2023
Profit or Loss Attributable to Common Shareholders (VND)103,203,054,23573,854,160,969
Appropriation for Bonus and Welfare Fund (VND) ()-(1,681,054,396)
Weighted Average Number of Shares Outstanding101,150,000101,150,000
During the Year (Shares)
Basic Earnings Per Share (VND/Share)1,020714

() As of the issuance date of the 2024 financial statements, the Company does not have accurate data regarding the provision for the bonus and welfare fund for 2024, so the Earnings Per Share (EPS) figure is determined based on the provision for the bonus and welfare fund for 2024 not being excluded.

42. FINANCIAL INSTRUMENTS

The company's financial instruments include:


31/12/202401/01/2024
Cost/Fair value VNDProvision VNDCost/Fair value VNDProvision VND
Financial assets
Cash and cash equivalents104,236,513,302-288,020,444,274-
Fair value through profit or loss financial assets1,201,282,674,854-340,471,024,743-
Held-to-maturity financial assets844,964,067,941-521,084,787,507-
Loans1,065,893,244,020(19,023,599,821)727,397,182,812(18,551,069,421)
Receivables39,038,265,332(6,502,850,220)39,218,690,104(3,517,850,220)
Long-term investments43,083,213,000-46,169,859,629-
Total3,298,497,978,449(25,526,450,041)1,962,361,989,069(22,068,919,641)
Financial liabilities31/12/2024 VND01/01/2024 VND
Loans and Debts1,893,725,960,117934,540,402,528
Payables to Sellers, Securities Transaction Payables, and Other Payables4,419,621,6776,207,937,719
Accrued Expenses15,301,527,8255,390,479,973
Total1,913,447,109,619946,138,820,220
Net position1,385,050,868,8301,016,223,168,849

According to the provisions of Circular No. 210/2009/TT-BTC and Circular No. 334/2016/TT-BTC, financial assets and financial liabilities have been revalued at fair value as of the end of the fiscal year.

43. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

Financial Risk Management

The company is exposed to market risk, credit risk, and liquidity risk.

Risk management is an essential function for the company's entire business operations. The company has a system to control an acceptable balance between risk costs and risk management costs. The Board of Management continuously monitors the company's risk management process to ensure an appropriate balance between risk and control.

The Board of Management reviews and unifies policies for managing these risks as summarized below.

Market Risk

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in market prices. Market risk includes two types of risk: interest rate risk and other price risks, such as equity price risk. Financial instruments affected by market risk include loans and borrowings, deposits, and available-for-sale investments. The company's business operations are mainly exposed to risks from changes in exchange rates and interest rates. The company does not take measures to hedge these risks due to the lack of a market for financial instruments.

Price Risk

Financial assets recognized at fair value through profit or loss held by the company are affected by market risks arising from uncertainty about the future prices of the invested shares. The company manages equity price risk by establishing investment limits. The Board of Director also reviews and approves decisions to invest or sell proprietary securities. At each reporting period, the company assesses risks based on market conditions: share prices, holding levels, and holding status. Long-term equity investments are held for strategic long-term purposes, and at the end of the financial year, the company does not have plans to sell these investments.

Interest Rate Risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in market interest rates. The company's market interest rate risk primarily relates to short-term deposits and loans.

The company manages interest rate risk by closely monitoring the relevant market situation to determine an appropriate interest rate policy that benefits the company's risk management objectives.

Credit Risk

Credit risk is the risk that a counterparty will fail to meet its obligations under a financial instrument or customer contract, leading to a financial loss. The company has an appropriate credit policy and regularly monitors the situation to assess whether it is exposed to credit risk. The company has credit risk arising from its business activities (primarily related to receivables from customers) and its financial activities, including bank deposits and other financial instruments.

43. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONT'D)

Within 1 yearFrom 1 to 5 yearsAbove 5 yearsTotal
VNDVNDVNDVND
As at 31/12/2024
- Cash and cash equivalents104,236,513,302--104,236,513,302
- Held-to-maturity financial assets150,425,523,576594,538,544,365100,000,000,000844,964,067,941
- Loans1,046,869,644,199--1,046,869,644,199
- Receivables32,535,415,112--32,535,415,112
Total1,334,067,096,189594,538,544,365100,000,000,0002,028,605,640,554
As at 01/01/2024
- Cash and cash equivalents288,020,444,274--288,020,444,274
- Held-to-maturity financial assets521,084,787,507-521,084,787,507
- Loans708,846,113,391--708,846,113,391
- Receivables35,700,839,884--35,700,839,884
Total1,553,652,185,056--1,553,652,185,056

Liquidity risk is the risk that the company will encounter difficulty in meeting its financial obligations due to a lack of funds. The company's liquidity risk primarily arises from the mismatch in the maturities of financial assets and financial liabilities.

The maturity of financial liabilities based on expected contractual payments (on a principal cash flow basis) is as follows:

43. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONT'D)

Within 1 yearFrom 1 to 5 yearsAbove 5 yearsTotal
VNDVNDVNDVND
As at 31/12/2024
- Loans and Debts1,893,725,960,117--1,893,725,960,117
- Payables to Sellers, Securities Transaction Payables, and Other Payables
- Accrued expense15,301,527,825--15,301,527,825
Total1,913,447,109,619--1,913,447,109,619
As at 01/01/2024
- Loans and Debts921,060,402,52813,480,000,000-934,540,402,528
- Payables to Sellers, Securities Transaction Payables, and Other Payables6,207,937,719--6,207,937,719
- Accrued expense5,390,479,973--5,390,479,973
Total932,658,820,22013,480,000,000-946,138,820,220

The Company believes that the concentration of risk regarding debt repayment is low. The company is able to settle its maturing liabilities from operating cash flows and proceeds from maturing financial assets.

44. EVENTS OCCURRING AFTER THE REPORTING DATE

There are no material events occurring after the end of the reporting period that require adjustment or disclosure in the financial statements.


AN BINH SECURITIES JOINT STOCK COMPANY
16th Floor, Geleximco Building, No. 36 Hoang Cau Street, O Cho Dua Ward, Dong Da District, Hanoi CityFINANCIAL STATEMENTS the year ended 31 December 2024 No. B09a-CTCK
NOTE TO THE FINANCIAL STATEMENTS (CONT'D)
(These notes are an integral part of and should be read in conjunction with the financial statements)
45.SEGMENT REPORT
Year 2024 business sectorBrokerage Activities, Securities CustodyProprietary Trading ActivitiesUnderwriting Activities, Securities Issuance AgentOthers
VNDVNDVNDVND
Operating income86,416,892,836160,500,012,4509,614,210,930122,924,860,715
Operating expenses49,100,810,89346,991,139,6529,274,251,1683,781,934,215
Undistributed income----
Undistributed expenses----
Operating result37,316,081,943113,508,872,798339,959,762119,142,926,500
Directly attributable assets4,111,344,3812,089,329,955,7951,735,005,3261,046,869,644,199
Undistributed assets----
Total assets4,111,344,3812,089,329,955,7951,735,005,3261,046,869,644,199
Directly attributable liabilities1,972,190,951--1,893,725,960,117
Undistributed liabilities----
Total liabilities1,972,190,951--1,893,725,960,117

AN BINH SECURITIES JOINT STOCK COMPANY 16th Floor, Geleximco Building, No. 36 Hoang Cau Street, O Cho Dua Ward, Dong Da District, Hanoi City


NOTE TO THE FINANCIAL STATEMENTS (CONT'D)

(These notes are an integral part of and should be read in conjunction with the financial statements)

45. SEGMENT REPORT (CONT'D)

FINANCIAL STATEMENTS For the year ended 31 December 2024 Form No. B09a-CTCK

Year 2023

By business sector

Operating income

Operating expenses

Undistributed income

Undistributed expenses

Operating result

Directly attributable assets

Undistributed assets

Total assets

Directly attributable liabilities

Undistributed liabilities

Total liabilities


Brokerage Activities, Securities CustodyProprietary Trading ActivitiesUnderwriting Activities, Securities Issuance AgentOthersTotal
VNDVNDVNDVNDVND
67,769,597,934144,918,608,8545,234,316,45774,860,529,468292,783,052,713
34,146,820,37335,159,590,6982,873,115,9655,957,524,44078,137,051,476
----12,129,587,115
----132,660,395,685
33,622,777,561109,759,018,1562,361,200,49268,903,005,02894,115,192,667
3,880,414,055907,725,671,87915,600,152,000708,846,113,3911,636,052,351,325
----662,679,782,949
3,880,414,055907,725,671,87915,600,152,000708,846,113,3912,298,732,134,274
4,296,844,961--934,540,402,528938,837,247,489
----22,703,428,258
4,296,844,961--934,540,402,528961,540,675,747

46. REALTED PARTIES TRANSACTIONS AND BALANCES

During the period, the company had transactions primarily with related parties as follows:


RelationshipYear 2024Year 2023
Revenue
Geleximco Group - Joint Stock Company()1,086,898,159605,373,599
Purchases
Geleximco Group - Joint Stock Company()5,005,616,0284,982,251,776

Balances with related parties as of the end of the fiscal year:


Relationship31/12/202401/01/2024
Deposits
Geleximco Group - Joint Stock Company()10,303,300,000859,305,000
Receivables from services rendered
Geleximco Group - Joint Stock Company()130,616,30914,326,280,620

(*) The Chairwoman of the Board of Directors of the company or a related person of the Chairwoman of the Board of Directors is the Chairwoman of the Board of Directors of these entities. Relationships with related parties do not necessarily fall under related party relationships as defined in Decree No. 132/2020/ND-CP dated 5 November 2020, which stipulates tax management for enterprises with related party transactions.

Remuneration and income of the Board of Director, Board of Supervisors, and Board of Management are as follows:


TitleYear 2024 VNDYear 2023 VND
Board of Director4,786,779,3413,120,000,000
Vu Thi HuongChairwoman2,353,019,4391,300,000,000
Tran Kim KhanhMember755,862,697455,000,000
Nguyen Thi NgaMember567,823,511455,000,000
Le Viet HaMember555,036,847455,000,000
Khuong Duc TiepMember555,036,847455,000,000
Board of Supervisors1,036,757,330825,000,000
Chu Thi HuongHead of Supervisory board490,574,102390,000,000
Nguyen Thi DuuMember72,727,273240,000,000
Pham Thi Bich NgocMember246,576,462195,000,000
Vu Ngoc AnhMember226,879,493-
Board of Management1,016,192,000663,000,000
Nham Ha HaiChief Executive Officer534,200,000299,000,000
Dang Hai ChungDeputy Chief Executive Officer312,792,000234,000,000
Le Thi Thu HienChief Accountant169,200,000130,000,000
Total6,839,728,6714,608,000,000


AN BINH SECURITIES JOINT STOCK COMPANYFINANCIAL STATEMENTS
16th Floor, Geleximco Building, No. 36 Hoang Cau Street, O Cho Dua Ward, Dong Da District, Hanoi CityFor the year ended 31 December 2024 No. B09a-CTCK
NOTE TO THE FINANCIAL STATEMENTS (CONT'D)
(These notes are an integral part of and should be read in conjunction with the financial statements)

47. COMPARATIVE FIGURES

The comparative figures in the financial statements for the fiscal year ending on 31 December 2023 of the company have been audited.



Tran Thi Thu Phuong

Preparer

Le Thi Thu Hien

Chief Accountant





Nham Ha Hai

Chief Executive Officer

Hanoi, 27 March 2025




ABS TRƠN VỆN TRẢI NGHIỆM ĐẦU TƯ

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