HD Securities (HDS) Nominates Former VPBankS Chairman Vu Huu Dien to Board

Overview

HD Securities (HDS) has nominated Mr. Vu Huu Dien, former Chairman of VPBank Securities (VPBankS), to its Board of Directors for the 2025-2030 term. The nomination was proposed by HDBank, which holds a 29.99% stake in HDS. The announcement comes ahead of HDS’s annual general meeting on April 23, 2026, where shareholders will also vote on an ambitious 2026 business plan and an IPO.

Key Facts

• Mr. Vu Huu Dien, born 1972, holds a Master’s degree from Solvay Brussels School of Economics and Management and has 25 years of finance experience.
• He served as Chairman and CEO of VPBank Securities (VPBankS) until his resignation on March 26, 2026, approved at the AGM on April 20, 2026.
• HDBank, owning 29.99% of HDS, proposed Mr. Dien for a board seat for the 2025-2030 term.
• HDS targets 2026 total revenue of VND 4,747 billion and pre-tax profit of VND 3,375 billion, representing 2.2x and 2.6x increases over 2025 actuals.
• In 2025, HDS recorded total revenue of VND 2,121 billion and pre-tax profit of VND 1,313 billion, up 95% year-on-year.
• HDS plans an IPO of 164.4 million shares at a price not below book value, to be executed in Q2-Q4 2026.
• The company also proposes to establish a securities trading entity at the International Financial Center (IFC).

What Happened

HD Securities (HDS) announced the nomination of Mr. Vu Huu Dien to its Board of Directors for the 2025-2030 term, as proposed by major shareholder HDBank. Mr. Dien recently stepped down from the board of VPBank Securities (VPBankS) on March 26, 2026, with his resignation formally approved at VPBankS’s AGM on April 20, 2026. He currently serves as Chairman of Fintech AI Joint Stock Company.

The company’s annual general meeting is scheduled for April 23, 2026. In addition to the board election, HDS will seek shareholder approval for its 2026 business plan targeting revenue of VND 4,747 billion and pre-tax profit of VND 3,375 billion. The company also plans to conduct an IPO of 164.4 million shares and establish a securities trading entity at the International Financial Center (IFC).

Market Context

HDS is listed on the UPCOM market. The securities sector in Vietnam has seen increased competition and consolidation, with several firms pursuing capital raises to expand operations. HDS’s 2025 results showed strong growth, with pre-tax profit up 95% to VND 1,313 billion. The proposed IPO and IFC expansion signal the company’s ambition to scale up and attract foreign investment. The nomination of a seasoned executive like Mr. Dien, with experience at both Dragon Capital and VPBankS, may be viewed positively by the market.

Strategic Significance

The nomination of Mr. Vu Huu Dien brings significant industry experience to HDS’s board, particularly in securities and asset management. His background at Dragon Capital and VPBankS could help HDS strengthen its institutional client relationships and expand its product offerings. The planned IPO and IFC membership align with HDS’s strategy to increase its capital base and international presence, positioning it to compete more effectively with larger securities firms. The involvement of HDBank as a major shareholder provides a stable ownership base and potential synergies in banking and securities services.

What to Watch

• Approval of the board nomination and business plan at the AGM on April 23, 2026.
• Details of the IPO pricing and timeline, including any regulatory approvals.
• Progress on establishing the IFC trading entity and its impact on revenue.
• HDS’s Q1 2026 earnings report to gauge momentum toward the ambitious annual targets.
• Any further changes in major shareholder structure or strategic partnerships.