The Genesis Fund Alum Becomes SmartMind Securities CEO

16 December, 2024

Mr. Nguyen Duc Minh has stepped down from his position as CEO due to personal reasons, effective December 9, 2024, and the Board of Directors has approved his resignation as of December 10, 2024.

Mr. Bach Nguyen Vu

– The new CEO of SMDS Securities

His successor is Mr. Bach Nguyen Vu, born in 1977, who holds several positions in other organizations, including Independent Member of the Board of Representatives of the GFM Value-Added Investment Fund and Independent Member of the Board of Representatives of the GFM1 Value Investment Fund of Genesis Asset Management JSC. He also served as CEO of this fund management company and recently stepped down.

On the Genesis website, Mr. Vu is introduced as having over 21 years of experience in the financial and banking industry and over 14 years of management experience in key positions at large domestic and foreign securities companies.

On December 4, he resigned from his position as CEO, and the Board of Directors approved his resignation. Ms. Duong Hong Trang (born in 1990) was appointed to replace him. Along with this change, Mr. Vu was also exempted from his position as the manager of the GFM Value-Added Investment Fund.

Prior to the change in CEO, SMDS Securities also recorded several changes in its management team. On September 9, Mr. Nguyen Nam Hung, Chairman of the Board of Directors and Executive Director of SMDS, submitted his resignation as a member of the Board of Directors. On the same day, Mr. Nghiem Tuan Duong, a member of the Supervisory Board, also submitted his resignation.

Subsequently, the Annual General Meeting of SMDS approved these resignations. The exemption of Mr. Duong from the Supervisory Board aimed to elect him to the Board of Directors and appoint him as Chairman. Mr. Duong also replaced Mr. Hung as Executive Director (appointed on November 1).

The new Chairman of SmartMind Securities is a nominee of Sunshine Group

Anticipating challenges, SmartMind Securities sets a backward-looking plan for 2024

According to the plan approved by the General Meeting of Shareholders, SMDS aims to achieve a total revenue of nearly VND 167 billion and a pre-tax profit of over VND 90 billion for the year 2024, a decrease of 23% and 27%, respectively, based on the forecast that the Vietnamese stock market has not entered a prosperous cycle, along with fierce competition among securities companies.

SMDS’s pre-tax profit in recent years

Given the recent unfavorable business performance, the SMDS Board of Directors also proposed not to pay dividends for 2023 and not to allocate funds for rewards and welfare.

For the first nine months, the company recorded a pre-tax profit of over VND 76 billion, achieving 85% of the plan. The main source of income was interest on financial assets recognized through profit and loss (FVTPL). According to the explanation, as of September 30, 2024, the company held nearly VND 374 billion in listed stocks and VND 1,100 billion in unlisted bonds.

Yen Chi