Petroleum Securities (PSI) Names Ngo Ngoc Quang Chairman After 10 Years

Overview

Petroleum Securities (PSI), listed on HNX, has elected Ngo Ngoc Quang as chairman for the 2022-2027 term, replacing Nguyen Anh Tuan after a decade in the role. The change was proposed by PVcomBank, which holds 51.17% of PSI and appointed Quang as its new representative for that stake. The leadership reset coincides with PSI’s strongest half-year profit since its 2010 listing.

Key Facts

• PSI shareholders approved the removal of Nguyen Anh Tuan from the board and elected Ngo Ngoc Quang as a director at an extraordinary general meeting, with the board then electing him chairman.
• PVcomBank holds 51.17% of PSI and requested the change, replacing Tuan as its representative with Quang.
• Quang, born in 1979, represents 12.6 million PSI shares held by PVcomBank and owns no PSI shares personally.
• PSI reported audited H1 2026 after-tax profit of VND 41.1 billion, double the previous peak of VND 20.2 billion in H1 2023.
• Total revenue rose 3% while total expenses fell 11% versus H1 2025, according to the company’s explanation.
• Total assets reached VND 3,827 billion at end-June, up VND 684 billion from the start of the year and above the VND 3,600 billion full-year 2026 minimum set by shareholders.
• Term deposits under one year rose from VND 800 billion to VND 1,945 billion, generating VND 46.4 billion of interest income in six months, nearly double the year-earlier period.

What Happened

PSI’s board unanimously elected Ngo Ngoc Quang as chairman for the 2022-2027 term, according to the company. The move followed a proposal from PVcomBank, the bank holding 51.17% of PSI, which withdrew Nguyen Anh Tuan as its representative for the stake. Tuan, currently a deputy general director of PVcomBank, had served as PSI chairman for 10 years. PVcomBank nominated Quang as its replacement representative and put him forward for the chairman seat. Shareholders formalized the transition at an extraordinary general meeting held the same day, approving Tuan’s removal from the board and Quang’s election as a director.

Quang’s career began in 2002 as a credit officer at the Ho Chi Minh City branch of Petrovietnam Finance Corporation (PVFC), where he became deputy branch director in July 2012. He later served as deputy general director of Western Bank before joining PVcomBank in October 2013 as deputy general director and head of the large corporate banking division. He has been a PVcomBank board member since June 2017 and also chairs the board of PVcomBank’s fund management company. The chairman change followed PSI’s strongest half-year result since listing in 2010: audited after-tax profit of VND 41.1 billion in H1 2026, versus the prior record of VND 20.2 billion in H1 2023. PSI attributed the gain to a 3% rise in total revenue and an 11% fall in total expenses. The proprietary trading book narrowed from VND 346 billion to VND 76 billion, with both gains and losses shrinking, but losses falling faster. Short-term borrowings rose from VND 1,763 billion to VND 2,679 billion.

Market Context

PSI closed at VND 8,300 on September 15, 2026, on HNX. The shares trade in the small-cap segment of Vietnam’s securities sector, where brokerage earnings remain sensitive to market liquidity and margin lending demand. PSI’s shift toward bank term deposits and away from proprietary positions marks a more conservative balance-sheet posture than many HNX-listed peers, even as short-term borrowings expanded. The half-year result equals 81% of the company’s full-year 2026 after-tax profit target of VND 50.6 billion, set at the April annual general meeting and 13% above 2025 actual profit.

Strategic Significance

PVcomBank’s replacement of its representative after 10 years signals tighter alignment between the bank and its securities subsidiary, with a chairman drawn from the bank’s own board and fund management arm. For long-term holders, the key question is whether PSI becomes a more integrated distribution channel for PVcomBank’s capital markets and wealth products, or remains a deposit-funded balance sheet with limited proprietary risk. The H1 mix, with interest income from term deposits nearly doubling to VND 46.4 billion while the proprietary book shrank to VND 76 billion, suggests management is prioritizing stable carry over trading gains. That model can support earnings through quiet markets but leaves PSI reliant on funding costs and deposit yields, particularly as short-term borrowings grew by more than VND 900 billion in six months.

What to Watch

• Q3 2026 financial statements, to test whether the record H1 profit pace holds and whether the full-year VND 50.6 billion target is met.
• Disclosure of PSI’s revised business plan or any capital-raising proposal under the new chairman.
• Changes to the board and management team as PVcomBank consolidates representation.
• Trends in short-term borrowings and term deposits, which now drive a large share of earnings.
• Any shift in proprietary trading exposure from the current VND 76 billion level.