Securities companies have been opening increased numbers of localbranches and transaction offices despite a declining stock market and alack of profits.
Around 61 out of 105 securitiesfirms have posted accumulated second quarter losses, according to theState Securities Commission. Around 20 firms, including Thang LongSecurities, ACB Securities, Sacombank Securities, SME Securities andWall Street Securities, closed their local branches due to shrinkingmarket shares and the loss of broker and customer accounts.
Some companies did manage some profits. They continued efforts inincreasing their market shares while promoting investment in preparationfor a new market rally.
Saigon Securities Incsuffered losses during the first quarter and yet managed to crawl backto No 1 position in terms of its brokerage market share. The company isset to focus on brokerage services by opening two more transactionoffices in Hanoi and a new branch in HCM City .
The Kim Eng Vietnam Securities Co opened three more branches in DaNang City , Can Tho and Vung Tau, bringing its total number ofoffices to nine.
"We see great potential in theVietnamese stock market. We are not dealing in an adventurous paradox,but in long-term competitive strategy," company CEO, Le Minh Tam, said.
In order to expand operations without risk, Tamsuggested securities firms focus on core functions while letting banksmanage their customer accounts instead.
Expandingthe network of branches and transaction offices was an effective way ofattracting more customers, since only a few securities companiesoperated in key economic areas such as Da Nang City , Can Tho andVung Tau, he said.
Kim Eng was one of the fewsecurities companies to supply investors with information via a seriesof seminars on economy, corporate management and market trends.
Most other securities firms usually only managed to producesuperficial analysis reports, according to Le Hai Tra, a board member ofthe HCM Stock Exchange, who responded to a Dien dan Doanh nghiep(Enterprises Forum) interview. /.
Around 61 out of 105 securitiesfirms have posted accumulated second quarter losses, according to theState Securities Commission. Around 20 firms, including Thang LongSecurities, ACB Securities, Sacombank Securities, SME Securities andWall Street Securities, closed their local branches due to shrinkingmarket shares and the loss of broker and customer accounts.
Some companies did manage some profits. They continued efforts inincreasing their market shares while promoting investment in preparationfor a new market rally.
Saigon Securities Incsuffered losses during the first quarter and yet managed to crawl backto No 1 position in terms of its brokerage market share. The company isset to focus on brokerage services by opening two more transactionoffices in Hanoi and a new branch in HCM City .
The Kim Eng Vietnam Securities Co opened three more branches in DaNang City , Can Tho and Vung Tau, bringing its total number ofoffices to nine.
"We see great potential in theVietnamese stock market. We are not dealing in an adventurous paradox,but in long-term competitive strategy," company CEO, Le Minh Tam, said.
In order to expand operations without risk, Tamsuggested securities firms focus on core functions while letting banksmanage their customer accounts instead.
Expandingthe network of branches and transaction offices was an effective way ofattracting more customers, since only a few securities companiesoperated in key economic areas such as Da Nang City , Can Tho andVung Tau, he said.
Kim Eng was one of the fewsecurities companies to supply investors with information via a seriesof seminars on economy, corporate management and market trends.
Most other securities firms usually only managed to producesuperficial analysis reports, according to Le Hai Tra, a board member ofthe HCM Stock Exchange, who responded to a Dien dan Doanh nghiep(Enterprises Forum) interview. /.
