On September 9, Mr. Nguyen Nam Hung, Chairman of the Board of Directors and CEO of SmartMind Securities Joint Stock Company (SMDS), submitted his resignation from the Board due to personal reasons. As a result, Mr. Hung will also step down from his position as Chairman.
Mr. Hung proposed that the SMDS Annual General Meeting of Shareholders approve his resignation at the convened meeting to be held on September 19, 2024. The timing of his resignation will be subject to the approval of the AGM.
According to sources, Mr. Hung has been serving as CEO of SMDS since June 5, 2023. He was then appointed to the Board of Directors on July 31 of the same year and officially became Chairman on August 1, 2023.
Mr. Nguyen Nam Hung, born in 1981, holds a Bachelor of Laws from the University of Law. SMDS introduced him as having 9 years of experience in the field of finance and securities at large financial institutions. He previously served as Chairman and CEO of SMDS from April 2021 to June 2022. Apart from his tenure at SMDS, he has held positions as Director of Legal and Compliance at Vietnam Technological and Commercial Joint Stock Securities Company (TCBS); Senior Advisor at YKVN Law Firm LLC; and Director of the Assistant Board for Legal, Product Development at VPS Securities Joint Stock Company (VPSS).
Also, on September 9, Mr. Nghiem Tuan Duong, a member of the Supervisory Board, submitted his resignation due to personal reasons. If approved, Mr. Duong will conclude his term, which began on April 28, 2023.
Following the resignations of the aforementioned individuals, on September 11, SMDS announced supplementary information for the 2024 Annual General Meeting of Shareholders, including the approval of the dismissal of members of the Board of Directors and the Supervisory Board and the election of replacements.
According to the initial documents published earlier, the SMDS Board of Directors proposed that the AGM approve the 2024 business plan with a total revenue of nearly VND 167 billion and a pre-tax profit of over VND 90 billion, a decrease of 23% and 27%, respectively, compared to the 2023 performance. This is based on the forecast that the Vietnamese stock market has not yet entered a cycle of improvement, coupled with fierce competition among securities companies.
If realized, SMDS will experience the second consecutive year of decline in both revenue and profit. In the previous year, 2023, SMDS’s business results were mainly impacted by a change in business orientation, discontinuing private bond brokerage activities.
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Given the recent unfavorable business performance, the SMDS Board of Directors also proposed not paying dividends for 2023 to shareholders and not allocating funds for rewards and welfare.
In the first half of 2024, SMDS’s business performance was also lackluster compared to the previous year, with a total revenue of nearly VND 88 billion, including operating revenue of over VND 86 billion, a decrease of 28%; pre-tax profit of nearly VND 51 billion, a decrease of 27%; and net profit of almost VND 41 billion, a drop of 27%.
* [SmartMind Securities Foresees Challenges and Sets a Conservative Plan for 2024](https://www.vietstock.vn/en/forecasting-difficulties-smartmind-securities-sets-a-conservative-plan-for-2024-20240911103445678.htm)
Huy Khai
