Vietnam Securities Q3 2026 Earnings: SSI, VND, VIX Profits Slump

Overview

Vietnam’s securities sector reported a broad year-on-year profit decline in Q3 2026, with only five brokers exceeding VND 500B in pre-tax profit versus nine in the same period of 2025. SSI (HOSE), the sector’s largest listed broker by scale, earned VND 1,295B in pre-tax profit, down 27%, while VNDirect (VND) fell 65% and VIX dropped 94%. The aggregate pre-tax profit of the VND 500B-plus group fell from VND 13,384B to VND 6,903B.

Key Facts

• Only 5 securities firms cleared VND 500B in Q3 2026 pre-tax profit, down from 9 in Q3 2025.
• Aggregate pre-tax profit for that group fell to VND 6,903B from VND 13,384B a year earlier.
• SSI recorded VND 1,295B in pre-tax profit, down 27% year on year.
• VNDirect earned VND 412B, down 65%; Vietcap (VCI) earned VND 427B, down 18%.
• VIX pre-tax profit collapsed to VND 192B from VND 3,048B, a 94% decline.
• SHS fell 58% to VND 251B; HDS rose 208% to VND 769B; ABS jumped 552% to VND 376B.
• TCBS was the only top-tier firm to grow, posting VND 2,152B, up 6%.

What Happened

The Q3 2026 earnings season for Vietnamese securities companies, compiled from company financial statements, shows a sector-wide contraction concentrated in the largest brokers. TCBS was the sole leader to sustain growth, with pre-tax profit of VND 2,152B (+6%) and nine-month profit of VND 5,708B (+13%). SSI earned VND 1,295B (-27%), VPS VND 1,119B (-20%) and VPBankS VND 843B (-64%). HDBank Securities (HDS) was a notable riser at VND 769B (+208%).

Below the VND 500B line, the declines were steeper. VNDirect posted VND 412B (-65%), Vietcap VND 427B (-18%), Sài Gòn - Hà Nội Securities (SHS) VND 251B (-58%) and ACBS VND 212B (-58%). VIX recorded the sharpest fall among large firms, from VND 3,048B to VND 192B. The article attributes the contraction to weakness across proprietary trading, margin lending and brokerage, tracking the broader market. At VIX, FVTPL gains of roughly VND 1,630B (-41%) were outweighed by FVTPL costs near VND 1,718B, producing a negative spread of about VND 87.5B versus a VND 2,762B gain a year earlier. Small caps were mixed: ABS rose 552% to VND 376B, while DSC, T-Cap and VBSE each fell around 98%.

Market Context

SSI closed at VND 19,800 on 26 October 2026, with SHS at VND 12,400, VIX at VND 12,500 and VND at VND 13,550, levels that suggest the market had already priced in a weak quarter. The results confirm that sector earnings are highly geared to market turnover and proprietary book performance, and that the 2025 base was unusually strong. The dispersion within the sector, with TCBS and HDS growing while peers contracted, points to a shift in competitive standing rather than a uniform cyclical dip.

Strategic Significance

The key takeaway for long-term holders is that scale alone no longer guarantees earnings resilience. SSI’s 27% decline is moderate relative to VNDirect and VIX, reflecting a more diversified revenue base, but the sector’s aggregate profit halving shows how dependent brokers remain on proprietary trading gains and margin lending volumes. The divergence between TCBS and HDS on one side and the legacy brokers on the other suggests market share is migrating toward platforms with bank-linked distribution and steadier fee income. For valuation, the question is whether Q3 marks a cyclical trough or the start of a sustained compression in retail participation and leverage demand.

What to Watch

• Q4 2026 earnings releases in January 2027, particularly whether SSI and VNDirect stabilize.
• Monthly HOSE and HNX average daily turnover data as a proxy for brokerage revenue.
• Margin lending balances and any SBV or SSC guidance on securities lending limits.
• FVTPL gain and loss disclosures at VIX and VND for signs of further proprietary book stress.
• Foreign-ownership and block-trade filings in SSI and VND for institutional positioning.