Securities Sector Re-rating Prospects in 2026: NSI Highlights SSI and VPX

Overview

NSI Securities (Chứng khoán Quốc Gia) has issued a sector report arguing that Vietnamese securities stocks still have room for a re-rating in 2026, supported by market upgrade prospects, a positive macro backdrop, and expected growth in margin lending, investment, and investment banking (IB) activities. The report names VPX and SSI as preferred stocks in the sector, citing multiple supportive factors for earnings growth.

Key Facts

• NSI expects the securities sector to be re-rated in 2026, citing FTSE market upgrade prospects and positive macro fundamentals.
• The broker highlights growth drivers from margin lending, proprietary investment, and a recovery in IB activities.
• IPO prospects for 2026-2030 are seen as positive, with supply expanding across securities, consumer finance, real estate, agriculture, retail, healthcare, entertainment, and technology.
• Five companies have valid applications to operate digital asset exchanges, including VIXEX, LPEX, CAEX, and TCEX.
• High interest rates remain a headwind, pressuring capital costs and reducing equities’ relative appeal versus savings deposits.
• Geopolitical tensions could prolong defensive investor positioning, affecting sentiment and foreign flows.
• NSI notes that a sharp market correction in early Q3 could impact securities firms’ investment activities; VN-Index performance and proprietary trading profits are key watch items.
• SSI closed at VND 20,750 on August 23, 2026; VPX closed at VND 25,550 on the same date.

What Happened

In a recent sector report, NSI Securities assessed that the Vietnamese securities industry’s 2026 outlook remains supported by sustained high economic growth, positive corporate earnings, and expectations of a market upgrade. The broker emphasized that a potential FTSE Russell upgrade could attract additional foreign capital, boosting liquidity and business activity for securities companies.

NSI also highlighted the return of IPO activity, privatization, and state divestment as potential sources of new supply for the market. In the long term, digital assets are seen as a new business avenue for securities firms, with five companies already having valid applications to operate tokenized asset exchanges. However, the report also flagged risks, including high interest rates pressuring capital costs and geopolitical tensions affecting investor sentiment and foreign flows.

Market Context

SSI, listed on HOSE, closed at VND 20,750 on August 23, 2026, while VPX, also on HOSE, closed at VND 25,550. The securities sector has been volatile, with a sharp market correction in early Q3 potentially impacting proprietary trading results. NSI argues that at current valuations, the sector remains attractive for medium-to-long-term investors, especially with the expected market upgrade and continued growth in core business lines.

Strategic Significance

For long-term investors, the report underscores the structural growth story of Vietnam’s securities sector, driven by market deepening, IPO pipeline, and digital asset expansion. The preference for VPX and SSI suggests these firms are well-positioned to benefit from margin lending growth and IB recovery. The potential FTSE upgrade is a key catalyst that could re-rate the entire sector, making current valuations compelling for those with a multi-year horizon.

What to Watch

• Progress on FTSE Russell market upgrade assessments and any official announcements.
• Q3 2026 earnings reports from SSI and VPX, particularly proprietary trading and margin lending figures.
• Movement in interbank rates and NIM trends, as high rates could dampen sector competitiveness.
• Foreign investor activity and exchange rate stability, which affect capital flows.
• Regulatory developments on digital asset exchanges and any new IPO filings from securities firms.