Vietnam Securities Firms Plan 100 Trillion VND Capital Raise in 2026

Overview

Vietnamese securities companies plan to raise an additional 100 trillion VND in 2026, according to a report by S&I Rating. The capital increase is driven by regulatory changes, including Decree 245/2025/ND-CP raising foreign ownership limits to 100% and Circular 102/2025/TT-BTC increasing risk weights. Most firms forecast double-digit profit growth, with HCM targeting 56% growth.

Key Facts

• Securities companies plan to raise an additional 100 trillion VND in 2026, similar to 2025 levels.
• HCM targets 56% pre-tax profit growth, VPX 44%, VCI 41%, MBS 31%, and VCK 29%.
• SSI targets 15% profit growth, while TCX targets 18% excluding one-off items.
• Decree 245/2025/ND-CP removes foreign ownership limits for securities companies, allowing up to 100%.
• Several firms are near the 200% margin loan-to-equity cap: HCM at 194%, KBSV 188%, MBS 182%, MASC 177%, VCBS 176%.
• Circular 102/2025/TT-BTC raises risk weights by 10-30%, increasing capital adequacy needs.
• Some firms plan to enter new businesses: TCX, VPX, MBS plan to participate in tokenized asset and gold derivative exchanges; HSC and DSE plan subsidiaries for the international financial center.

What Happened

S&I Rating released an update on the securities industry’s credit outlook for 2026, highlighting that the year marks the start of the 2026-2030 five-year plan, with Vietnam targeting GDP growth of 10% or more. The report notes that expansionary fiscal policy and supportive monetary policy are expected to boost corporate profits, stock prices, and trading volumes, benefiting securities firms through higher brokerage fees, margin interest, and investment gains.

Based on published 2026 business plans, most securities companies are optimistic about market prospects. Leading firms in the top 10 by market share have set ambitious profit growth targets, with HCM leading at 56%, followed by VPX (44%), VCI (41%), MBS (31%), and VCK (29%). SSI and TCX have chosen more conservative scenarios, with 15% and 18% growth respectively. The strong growth plans reflect consensus on positive market outlook, driven by expectations of improved liquidity after the FTSE reclassification and a boom in margin lending expansion.

Market Context

HCM closed at 27 on April 15, 2026, up 3.08% with volume of 32.9 million shares. MBS closed at 21 on April 10, down 0.95%, and VCI closed at 28 on April 15, down 0.72%. The securities sector on HOSE has been volatile, with recent gains driven by expectations of regulatory changes and market upgrades. The planned capital raises are seen as a positive signal for the sector, though concerns about rising interest rates and profit-taking after the FTSE reclassification event remain.

Strategic Significance

The capital-raising wave is strategically important for Vietnamese securities firms as it addresses three simultaneous pressures: the need to expand margin lending capacity as many firms approach the 200% loan-to-equity cap, the requirement to meet higher risk-weighted capital adequacy under Circular 102, and the opportunity to attract foreign strategic partners following the removal of foreign ownership limits. The move positions these firms to capture growth from expected market liquidity improvements and new product ecosystems, including tokenized assets and gold derivatives. The ability to execute these capital plans will be a key differentiator in the competitive landscape.

What to Watch

• Q2 2026 earnings reports from HCM, SSI, VCI, and other leading firms to confirm profit growth trajectory.
• Progress of FTSE Russell’s market reclassification decision and its impact on foreign capital flows.
• Regulatory updates on the implementation of Decree 245 and Circular 102, including any further clarifications.
• Announcements of specific capital-raising plans (rights issues, private placements) and their terms.
• Margin loan growth and utilization rates at major firms, especially those near the 200% cap.