The Annual General Meeting of Shareholders of Bảo Việt Securities Joint Stock Company (BVSC) was held on Tuesday in Hà Nội. Photo BVSC

HÀ NỘI During the Annual General Meeting of Shareholders of Bảo Việt Securities Joint Stock Company (BVSC) held on Tuesday, General Director Nhữ Đình Hoà expressed his view on the practice of zero fees, commonly employed by foreign securities companies to attract customers and compete for market share.

Hoà regarded this as an unfair competitive tactic, although there are no legal constraints imposed on securities companies in this regard. He emphasised that not collecting fees would significantly impact the revenue of securities firms.

He further explained that companies adopting zero fees aim to increase their market share and compensate for the revenue loss through activities such as margin lending and advances.

While BVSC does not currently implement zero fees, it will need to adjust its fees to align with the competitive trends in the market. This adjustment is expected to affect Bảo Việt Securities' revenue target for 2024.

In 2024, BVSC plans to achieve a total revenue of VNĐ877 billion and a post-tax profit of VNĐ181 billion, representing a decrease of 6.3 per cent and 7.65 per cent respectively compared to 2023. The company's business orientation for 2024 involves the continuation of all business operations, the reinforcement of risk management, and the development of new technology-based products and services.

BVSC shareholders approved the cash dividend payment plan for 2023, with a rate of 8 per cent, equivalent to VNĐ800 per share. The expected dividend rate for 2024 remains 8 per cent in cash.

Regarding data backup, Hoà mentioned that BVSC has recently implemented measures, backing up data at two locations, namely Hà Nội and HCM City, to mitigate risks such as earthquakes or explosions.

The company manually saves data and customer statements at the end of each day to ensure data availability in case of a system attack. BVSC has also made investments in enhancing security measures and implementing 24/7 monitoring.

A professional unit within the security and privacy council is responsible for conducting regular reviews in this regard. VNS