SSI and VIX: Vietnam Securities Sector Profit Falls 3% as Liquidity Drops
This Aveluro analysis covers SSI on HOSE in the Financial Services sector. The classified event type is sector sentiment, with negative sentiment and a deterministic market-impact score of 4.0/10. Aveluro classifies this story as a negative catalyst and risk signal for the affected stock. Source coverage came from VnEconomy - Chứng khoán, classified as a primary/top-tier source.
Key Facts
Caveat: Not investment advice. · How Aveluro computed this: Aveluro combines extracted event facts, source credibility, ticker context, and market data. Scores are deterministic research signals, not recommendations.
Overview
SHS Research reports that Vietnam’s 78 listed securities companies generated VND 101,665B in operating revenue in the first nine months of 2026, up 22.9% year-on-year, while consolidated after-tax profit fell 3% to VND 28,638B. The divergence sharpened in Q3, when after-tax profit dropped 42.9% year-on-year to VND 8,600B as brokerage and proprietary trading weakened amid falling market liquidity and rising deposit rates. The read-across matters for SSI and VIX, both HOSE-listed, whose proprietary trading results moved in opposite directions.
Key Facts
- 9M2026 operating revenue across 78 listed securities firms: VND 101,665B, up 22.9% year-on-year.
- 9M2026 consolidated after-tax profit: VND 28,638B, down 3% year-on-year; net margin narrowed 7.5 percentage points to 28.2% from 35.7%.
- Q3 2026 operating revenue: VND 35,100B, down 5.3% year-on-year; after-tax profit VND 8,600B, down 42.9% year-on-year and 30.4% quarter-on-quarter.
- Q3 2026 net margin: 24%, the lowest in seven quarters.
- Average daily equity trading value in 9M2026: about VND 2.8 quadrillion, 13% below 2025.
- Brokerage gross profit in 9M2026: VND 1,700B, down 43.6%; Q3 alone down 91.3%. Proprietary gross profit: VND 20,700B, down 21.4%; Q3 down 49.1%.
- Margin lending revenue in 9M2026: VND 36,200B, up 54.1%; gross profit VND 23,400B, up 45%, roughly 45% of total sector gross profit.
- VIX proprietary gross profit swung from a VND 4,556B gain in the year-earlier period to a VND 304B loss; SSI and VCK recorded higher proprietary gross profit.
What Happened
SHS Research published an updated outlook on the Vietnamese securities industry, framing the picture as positive long-term prospects paired with near-term challenges. The report, cited by local financial media, forecasts deposit rates of about 7.25% for 6-12 month terms by end-2026, expects no rapid recovery in market liquidity, and warns that profit growth will remain uneven across firms.
The data show revenue growth failing to convert into earnings. Brokerage gross profit collapsed as average trading value fell 13% versus 2025 and fee competition intensified; VCK’s market share slipped to 14.9% from 17.8% in 2025, while TCX rose to 13.9% from 8.8%. Proprietary trading, the sector’s swing factor, split sharply: SSI and VCK improved, while VIX moved from a VND 4,556B gain to a VND 304B loss and VPX saw proprietary gross profit fall VND 876B. Margin lending offset the weakness, with revenue up 54.1% and gross profit up 45%, contributing roughly 45% of sector gross profit. The report does not disclose individual company-level profit figures for SSI or VIX beyond the proprietary trading comparison.
Market Context
Securities stocks have underperformed the broader market in 2026, with the sector down about 13% year-to-date against a 1% decline in the VN-Index, per SHS Research. SSI closed at VND 19,750 on 28 October 2026 on HOSE, while VIX closed at VND 12,450. The sector’s de-rating reflects the same forces visible in the earnings data: softer turnover, rising deposit rates pulling retail capital toward bank deposits, and margin debt at record highs, which raises risk if the market corrects.
Strategic Significance
The strategic question for investors is whether margin lending can keep carrying sector earnings. With brokerage gross margins compressed to 14% from 19% and proprietary results increasingly dependent on individual portfolio positioning, the sector’s earnings quality has become more cyclical and more concentrated in a single, balance-sheet-intensive business line. That favors larger, better-capitalized brokers with diversified funding, and it penalizes firms whose proprietary books drove prior-year profits, as VIX’s swing illustrates. The 7.25% deposit-rate forecast implies continued competition for retail cash, capping any near-term recovery in trading turnover.
What to Watch
- Q4 2026 and full-year 2026 earnings releases from SSI and VIX, particularly proprietary trading and margin lending balances.
- Monthly average daily trading value on HOSE and HNX, to test whether the 13% year-on-year decline persists.
- Deposit-rate movements for 6-12 month terms against the 7.25% end-2026 SHS forecast.
- Margin debt levels and any regulatory commentary on margin lending caps from the State Securities Commission.
- Market-share filings showing whether VCK’s decline and TCX’s gains continue into Q4.