Vietnam Securities Sector Q2 2026: ACBS Profit Up 30%, VIX Plunges 95%

Overview

As of July 20, 2026, 32 Vietnamese securities companies have released their Q2 2026 financial statements, revealing a sharply polarized earnings season. ACB Securities (ACBS) reported a 30% year-on-year increase in pretax profit to VND 299 billion, while VIX Securities (VIX) suffered a 95% profit collapse to VND 75 billion. FPT Securities (FTS) posted a 25% gain, reflecting the mixed performance across the sector.

Key Facts

• ACBS (ACB Securities) Q2 2026 pretax profit: VND 299 billion, up 30% YoY; H1 2026 pretax profit: VND 606 billion, up 49% YoY.
• ACBS total assets as of June 30, 2026: over VND 38,592 billion; margin lending reached VND 20,645 billion, up ~VND 1,000 billion in one quarter.
• FTS (FPT Securities) Q2 2026 pretax profit: VND 106 billion, up 25% YoY; H1 2026 pretax profit: VND 290 billion, up 12% YoY.
• VIX (VIX Securities) Q2 2026 pretax profit: VND 75 billion, down 95% YoY; H1 2026 pretax profit: VND 232 billion, down 89% YoY.
• Shinhan Vietnam Securities (SSV) Q2 2026 pretax profit: VND 38 billion, up 6% YoY; H1 2026 pretax profit: VND 64 billion, down 4% YoY.
• Pinetree Securities Q2 2026 pretax profit: VND 19 billion, down 15% YoY; H1 2026 pretax profit: VND 27 billion, down 17% YoY.
• Phu Hung Securities (PHS) Q2 2026 pretax profit: VND 12 billion, down 41% YoY; H1 2026 pretax profit: VND 16 billion, down 58% YoY.

What Happened

As of the morning of July 20, 2026, 32 securities companies had published their Q2 2026 financial reports, according to data compiled from company filings. The results show a clear divergence: ACBS and FTS continued their growth trajectory, while VIX experienced a dramatic profit reversal. ACBS attributed its performance to expanding margin lending, with outstanding loans rising by approximately VND 1,000 billion in the quarter to VND 20,645 billion. VIX did not provide specific reasons for the 95% profit drop in its filing, but the sharp decline suggests a significant reversal in trading income or investment gains.

Market Context

ACB (the parent bank) closed at VND 23,550 on July 19, 2026, while FPT closed at VND 67,000 and VIX at VND 13,750. The securities sector results come amid a broader market environment where trading volumes have been volatile. ACBS’s margin expansion signals active retail participation, while VIX’s collapse may reflect concentrated positions or proprietary trading losses. ACB is listed on HOSE, as are FPT and VIX.

Strategic Significance

The Q2 2026 earnings season underscores the increasing importance of margin lending as a profit driver for securities firms. ACBS’s ability to grow margin loans by VND 1,000 billion in one quarter indicates strong demand from retail investors, but also raises questions about risk management if the market turns. VIX’s 95% profit decline serves as a cautionary tale about earnings volatility in the brokerage sector, where a few large trades or mark-to-market losses can dramatically impact quarterly results. For long-term investors, the divergence highlights the need to assess each firm’s business mix and risk controls.

What to Watch

• Full Q2 2026 financial statements from remaining securities companies, especially large players like SSI and HCM.
• ACBS’s margin loan growth trajectory in Q3 2026 and any changes in collateral policies.
• VIX’s explanation for the profit collapse in its upcoming management discussion or analyst call.
• Market trading volume trends on HOSE and HNX for Q3 2026, which will drive brokerage revenues.
• Regulatory updates from the State Securities Commission on margin lending caps or risk management requirements.