VNX, the operator of Vietnam’s two major stock exchanges, Ho Chi Minh City Stock Exchange (HoSE) and Hanoi Stock Exchange (HNX), has released its audited consolidated financial statements for the first half of 2024 (from January 1 to June 30).

For the first six months of the year, VNX reported a post-tax profit of over VND 1,240 billion, a significant increase of more than 65% compared to the same period in 2023. The majority of the exchange’s revenue came from securities trading services, amounting to over VND 1,870 billion in the six-month period, a remarkable 70% surge from the previous year. Additionally, VNX also generated income from financial activities, with 95% contributed by interest income (VND 56 billion).

As of June 30, VNX held VND 2,068 billion in term deposits with banks, with maturities ranging from 6 to 12 months. The exchange also had VND 688 billion in cash, non-term deposits, and cash equivalents.

VNX’s revenue primarily stems from securities trading services.

Alongside the impressive revenue and profit figures, VNX’s administrative expenses also rose by over 30%, reaching VND 423 billion. Notably, the fees paid for securities activity supervision to the State Securities Commission of Vietnam accounted for a significant portion, totaling VND 296 billion, a 44% increase compared to the first half of last year.

Furthermore, the income paid to the management team doubled compared to the same period last year, amounting to over VND 2.8 billion in the first six months.

VNX’s total assets exceeded VND 4,166 billion, including not only the substantial cash holdings but also ongoing construction costs of over VND 500 billion. This latter amount represents the purchase of computer equipment for the HoSE development project.

VNX is a limited liability company wholly owned by the State, with a charter capital of VND 3,000 billion. It operates under a parent-subsidiary model, resulting from the reorganization of HoSE and HNX. As of the end of 2023, the exchange had a headcount of 54 employees. Mr. Luong Hai Sinh serves as the Chairman of the Members’ Council of VNX.

For the full year 2024, VNX has set ambitious targets, aiming for a total revenue of nearly VND 2,800 billion and a post-tax profit of over VND 1,420 billion. With the impressive performance in the first half, VNX has already achieved 71% of its revenue target and 87% of its post-tax profit goal.

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