Au Viet Securities Co, formerly listed as AVS on the Hanoi Stock Exchange, announced on December 16 that it would dissolve the company.

It became the third brokerage to voluntarily cease doing business this year, following the closing of Sao Viet Securities and Cho Lon Securities. The company has six months, from January 1 to June 30 next year, to liquidate its contracts and pay its debts.

Currently, Au Viet employs a staff of five, and the payment of salaries and allowances for workers must be finished by June 30 at the latest. To conduct the company closing, it has established an asset liquidation group of seven people, led by chairman Doan Duc Vinh.

The proceeds from the liquidation will be used to pay for employees, taxes and loans. The remainders will then be distributed to shareholders.

Vinh also said he would buy shares from small shareholders. "Shareholders can sell the shares on the over-the-counter market at negotiated prices," he noted.

As of September 30, Au Viet only had 221 billion VND (10.4 million USD) in assets, 54.6 billion VND (2.5 million USD) in cash, 86.84 billion VND (4 million USD) in short-term investments and 20 billion VND (943,390 USD) in receivables.

The company made a modest profit of 6.1 billion VND (287,700 USD) during the first nine months this year. During the same period last year, it lost more than 9 billion VND (424,500 USD).

Au Viet is still holding shares of Vung Tau Real Estate and Construction (VRC), Cuu Long Fish (ACL), Military Bank (MBB), retailer Pan Pacific (PAN) and Ho Chi Minh City Educational Book (SGD). Vinh said he would gradually sell these shares.

Despite having to dissolve the company, Vinh stated he would continue to invest in stocks.-VNA