MIRAE ASSET SECURITIES (VIỆT NAM) JSC (CÔNG TY CỔ PHẦN CHỨNG KHOÁN MIRAE ASSET VIỆT NAM): A Global Brand Under Financial Pressure in Vietnam

International Identity with Local Presence

MIRAE ASSET SECURITIES (VIỆT NAM) JSC, also known as MAS, is the Vietnam-based subsidiary of South Korea’s Mirae Asset Financial Group—one of Asia’s leading investment firms. Legally established on November 24, 2021, MAS is registered under Business ID 0305389969 and operates as a joint stock company headquartered in the Le Meridien Building, District 1, Ho Chi Minh City. Despite being formally registered just over three years ago, Mirae Asset has operated in Vietnam’s financial market much longer through various investment channels.

Ownership and Corporate Governance

MAS is almost entirely foreign-owned, with Mirae Asset Securities (HK) Limited holding 99.8% of shares. The firm is governed by a South Korean executive team including Chairman Seol Kyung Suk, General Director Kangmoon Kyung, and Finance Director Yoon Dookun. While this structure ensures alignment with global strategy and capital backing, it lacks a strong local leadership presence, which can be a limitation in a market where regulatory and cultural understanding is crucial.

Financial Transparency: A Glaring Weakness

Unlike its competitors in Vietnam such as SSI, VPS, and VNDIRECT, MAS does not disclose its financial datapublicly. As of the latest available credit report, no information is available regarding its assets, income, or profitability. This raises serious concerns about the company's transparency and leaves investors, regulators, and partners without a clear picture of its performance. In a market increasingly valuing openness and accountability, this is a significant drawback.

Breaking News: Heavy Losses at Mirae Asset’s Finance Arm

Further adding to reputational concerns, Mirae Asset Finance Company (Việt Nam)—a related financial entity also under the Mirae Asset brand—reported back-to-back years of massive financial losses. In 2024, the company lost ₫159 billion, equivalent to approximately USD 6.36 million. In 2023, it reported a loss of ₫963 billion, equal to USD 38.52 million (at the exchange rate of USD 1 = VND 25,000).

These losses follow a prior net profit of ₫127 billion (USD 5.08 million) in 2022, indicating a stark reversal in financial health. The company also reported declining total assets and rising liabilities, with a debt-to-equity ratio soaring to 7.96 times—a sign of high financial leverage and increased risk.

Regulatory Troubles: Data Privacy Breach

Adding to its woes, Mirae Asset Finance Company was caught up in a data privacy scandal in 2022. Authorities in Quảng Nam discovered illegal trading of personal data involving approximately 150,000 Vietnamese citizens by company employees. This led to raids, seizures of devices, and widespread media attention, damaging public trust and increasing regulatory pressure.

Operational Presence and Services

MAS operates nationwide with branches in Hanoi, Da Nang, Vung Tau, and Ho Chi Minh City, offering services including securities trading, brokerage, investment consulting, underwriting, and custodian services. However, it maintains a low-profile market presence, especially in comparison to its Vietnamese competitors who aggressively promote research, digital platforms, and investor education.

Objective Assessment

The Good:

• Backed by a large and reputable global group with access to capital and cross-border investment networks.

• Has developed a strong national operational footprint in Vietnam.

The Bad:

• No public financial reporting—an unusual and concerning characteristic in a regulated and competitive industry.

• Massive financial losses reported by its sister finance company, casting doubts over broader governance and risk management.

• Reputational damage from a major data privacy violation.

• Foreign-dominated management with limited Vietnamese executive integration.

Risk Advisory and Insight with VBI

Investors and institutions dealing with MAS should seek independent assessments from VANGUARD BUSINESS INFORMATION LLC (VBI). VBI provides in-depth risk analysis, corporate intelligence, and transparency-focused reporting that helps stakeholders make informed decisions. Visit https://www.vnbis.com for professional insights into MAS and its industry peers.

Conclusion: A Global Brand at Risk Locally

MIRAE ASSET SECURITIES (VIỆT NAM) JSC has the potential to become a major player in Vietnam’s capital market, but its lack of transparency, recent financial losses, and regulatory issues are major setbacks. To build credibility and trust in Vietnam, MAS must take urgent steps to improve public disclosure, strengthen local governance, and restore confidence in its operations. Otherwise, even global backing won’t be enough to shield it from reputational and financial risk in an increasingly sophisticated market.