80% of Vietnamese Securities Stocks Fall Despite VN-Index 3% Gain; SSI Down 10.7%

Overview

Despite a 3% rise in the VN-Index through early June 2026, 32 of 40 listed securities stocks (80%) have declined. Major firms like SSI fell 10.7%, while APG lost nearly 58% of market value. Analysts remain cautiously optimistic for H2 2026, citing the FTSE reclassification of Vietnam to secondary emerging market and the legalization of digital assets under Law No. 71/2025/QH15.

Key Facts

• 32 of 40 securities stocks on HOSE, HNX, and UPCOM declined in H1 2026, representing 80% of the sector.
• SSI fell 10.7% year-to-date; APG dropped nearly 58%.
• VFS declined over 20%; VPX, listed in late 2025, fell about 11%.
• SSI completed a 5:1 rights issue in early 2026; VIX executed a 10:6 rights issue in Q2 2026.
• TCBS paid a stock dividend of 462 million shares in June 2026, regaining the top position in charter capital.
• VPS distributed 913 million bonus shares and is preparing a private placement.
• VCBS raised charter capital from VND 2,500 billion to VND 8,500 billion in May 2026.
• FTSE officially recognized Vietnam as a secondary emerging market in its April 2026 review.
• Law No. 71/2025/QH15 classifies cryptocurrencies as digital assets from 2026.

What Happened

According to a report by NSI (National Securities), the securities sector is undergoing a “re-pricing” phase after FTSE’s upgrade. Despite positive catalysts such as the FTSE reclassification and a wave of IPOs, most securities stocks have underperformed the broader market. The divergence suggests that earlier optimism may have been priced in, or that dilution from capital increases is weighing on share prices.

Several major securities companies have aggressively raised capital through rights issues and stock dividends to maintain competitive positions. SSI’s 5:1 rights issue and VIX’s 10:6 rights issue have diluted existing shareholders. Meanwhile, TCBS and VPS have issued large stock dividends, further increasing supply. The capital race has expanded beyond the traditional “two-horse” race, with VIX and VPS joining the group with charter capital above VND 20,000 billion.

Market Context

On June 5, 2026, SSI closed at VND 27,000 (-0.37%) on volume of 9.2 million shares on HOSE. VIX closed at VND 17,750 (-0.84%) with 26 million shares traded. APG closed at VND 4,390 (-1.57%) on thin volume. The sector’s decline contrasts with the VN-Index’s 3% gain year-to-date, highlighting a rotation away from securities stocks. The sector faces headwinds from margin loan growth moderation and increased competition for capital among listed and unlisted brokers.

Strategic Significance

The underperformance of securities stocks despite a rising index suggests that the market is pricing in margin compression and dilution risks. However, the FTSE upgrade and crypto legalization could structurally boost trading volumes and brokerage revenues in H2 2026. Securities firms with strong capital bases and diversified income streams (e.g., investment banking, asset management) are better positioned to benefit. The capital race may lead to consolidation, with smaller players like APG facing existential pressure.

What to Watch

• Q2 2026 earnings reports from SSI, VCI, MBS, and VIX for margin income and trading volume trends.
• FTSE index inclusion timeline and potential passive fund inflows in September 2026.
• Implementation details of Law No. 71/2025/QH15 on digital assets and its impact on brokerage services.
• Further capital-raising announcements from VPS and other mid-tier securities companies.
• Regulatory changes on margin lending limits by the State Securities Commission.