VNX sees first fall in profit in three years

Last year, the VNX saw declines across various expense categories, including finance and management costs. However, the exchange's other expenses surged by more than four times.

Deducting all expenses and taxes, it posted a net profit of VND1.92 trillion, down 8% from the year before. This marks the first time the exchange has reported negative performance in both revenue and profitability.

As of the end of 2023, the VNX's total assets reached approximately VND4 trillion, with nearly 50% of the value in the form of bank deposits. This contributed to its recording VND163 billion in interest income, up 58% on year.

The VNX was established in February 2021 with a charter capital of VND3 trillion. It is a 100% State-owned limited liability company, operating under a parent-subsidiary model formed by reorganising the Ho Chi Minh and Hanoi stock exchanges.

Its main role is to unify the organisational structure, policies and IT infrastructure to serve the market.

In its first year, the exchange reported revenue of over VND2 trillion and net profit of VND1.3 trillion. The figure surged to VND3.4 trillion in revenue and VND2.1 trillion in profit in 2022, driven by a strong stock market performance.

For 2024, the VNX has set targets of nearly VND2.8 trillion in revenue, down 9% and VND1.4 trillion in net profit, down 26%. It also plans to contribute over VND1.7 trillion to the State budget in taxes.