HD Securities (HDS) Appoints Vu Huu Dien as Chairman Ahead of 164.4M Share IPO

Overview

HD Securities (HDS) has appointed Mr. Vu Huu Dien as Chairman of the Board of Directors, effective April 23, 2026, replacing Mr. Nguyen Canh Vinh who becomes Vice Chairman. The leadership change comes as HDS prepares for an initial public offering (IPO) of 164.4 million shares and targets aggressive growth in 2026, with revenue and pre-tax profit more than doubling from 2025 levels.

Key Facts

• Mr. Vu Huu Dien was elected Chairman of HDS for the 2025-2030 term on April 23, 2026.
• Mr. Nguyen Canh Vinh stepped down as Chairman and became Permanent Vice Chairman.
• HDS plans to offer 164.4 million shares in an IPO, with the offer price not lower than book value, expected in Q2-Q4/2026.
• 2026 targets: 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.
• 2025 results: total revenue of VND 2,121 billion and pre-tax profit of VND 1,313 billion, up 95% year-on-year.
• HDS will not pay dividends for 2025.
• The company plans to establish a securities subsidiary at the International Financial Center (IFC) to expand its network and attract foreign investors.

What Happened

HD Securities announced the appointment of Mr. Vu Huu Dien as Chairman of the Board of Directors following its 2026 Annual General Meeting of Shareholders. Mr. Dien, a seasoned finance professional with a Master’s degree from Solvay Brussels School, previously served as Chairman and CEO of VPBank Securities (VPBankS) during its IPO and listing. He also holds the position of Chairman of Fintech AI JSC.

The AGM also approved the company’s IPO plan to offer 164.4 million shares, with the timing set for Q2-Q4/2026. The IPO aims to raise capital to support HDS’s medium- and long-term growth strategy, enhance financial capacity, and eventually list the company’s shares on the stock exchange. Additionally, HDS plans to establish a securities subsidiary at the International Financial Center (IFC) to build a financial, technology, and intermediary ecosystem connecting with foreign institutions and investors.

Market Context

HDS is currently traded on the UPCOM market. The securities sector in Vietnam has seen increased activity as brokerages seek to capitalize on growing retail participation and foreign interest. HDS’s 2025 performance showed strong growth, with pre-tax profit nearly doubling. The appointment of Mr. Dien, who has experience leading an IPO at VPBankS, signals HDS’s commitment to a successful public offering and expansion.

Strategic Significance

The appointment of Mr. Vu Huu Dien brings IPO expertise to HDS at a critical juncture. His track record at VPBankS, where he oversaw its IPO and listing, aligns with HDS’s goal of going public. The aggressive 2026 targets imply management’s confidence in capturing market share, while the IFC subsidiary plan positions HDS to tap into international capital flows. The decision to skip dividends for 2025 suggests retained earnings will fund growth initiatives.

What to Watch

• IPO pricing and subscription details, especially whether the offer price exceeds book value.
• HDS’s ability to achieve the 2026 revenue and profit targets amid potential market volatility.
• Progress on establishing the IFC subsidiary and any partnerships with foreign institutions.
• Regulatory approvals for the IPO and listing timeline.
• Q1 2026 earnings release to gauge early momentum toward annual targets.