UPDATE 1-Daiwa Securities to lift stake in Saigon Securities

(Adds details, stock price)

TOKYO, June 24 (Reuters) - Japan's Daiwa Securities (8601.T) said on Tuesday it plans to raise its stake in Saigon Securities Inc SSI.HM to 10 percent from the current 3.5 percent by buying shares from the market.

The move will enable the Japanese brokerage to expand its businesses in Vietnam where long-term economic growth is expected, Daiwa said in a statement.

The Ho Chi Minh City-based firm, known as SSI, underwrites share and debt issues and advises state-run companies on privatisation, in addition to brokerage services.

Shares of Daiwa were down 0.3 percent as of 0033 GMT, in line with a fall in the benchmark Nikkei average .N225. (Reporting by Nathan Layne and Aiko Hayashi)