Vietnam Securities Q3 2026: Broker Profit Falls 43% YoY, TCBS (TCX) Hits Record

Overview

Aggregate third-quarter 2026 pre-tax profit across 81 Vietnamese securities firms fell 43% year on year to roughly VND 11,000 billion, with 23 brokerages reporting losses, according to sector-wide earnings tallies reported in local financial media. The divergence is sharp: TCBS (ticker TCX, HOSE) posted its highest-ever quarterly pre-tax profit of VND 2,152 billion, while several large names including SSI, VCK and VND recorded double-digit declines.

Key Facts

• Total Q3/2026 pre-tax profit across 81 brokerages: approximately VND 11,000 billion, down 43% year on year.
• 58 companies reported positive profit; 23 reported losses, including two losses in the hundreds of billions of dong.
• TCBS (TCX): Q3 pre-tax profit of VND 2,152 billion, up more than 6% year on year and a record for the company; nine-month profit VND 5,708 billion, up nearly 13%.
• SSI: Q3 pre-tax profit VND 1,295 billion, down 27%; nine-month pre-tax profit VND 4,268 billion, up 8% on a standalone basis.
• VPS (VCK): Q3 pre-tax profit VND 1,119 billion, down nearly 20%; nine-month profit VND 4,044 billion, up nearly 27%.
• VNDirect (VND): Q3 pre-tax profit VND 412 billion, down nearly 65%; nine-month profit VND 2,199 billion, marginally higher year on year.
• Vietcap (VCI): Q3 pre-tax profit near VND 427 billion, down 18%; nine-month profit above VND 1,101 billion. MBS: Q3 profit near VND 394.5 billion, nine-month VND 1,140 billion.

What Happened

The figures are drawn from a sector compilation of third-quarter 2026 financial statements as the reporting season nears completion. Of the 81 brokerages with published data, 58 stayed profitable, but the aggregate fell 43% from the same period a year earlier. The article attributes the decline to broad-based weakness among the largest firms, most of which still booked thousand-billion-dong profits but at lower levels than in Q3/2025. Two unnamed firms recorded losses in the hundreds of billions of dong, a scale rarely seen in the sector.

TCBS, the securities arm of Techcombank, was the clearest exception. Its VND 2,152 billion quarterly pre-tax profit was both a year-on-year increase of more than 6% and the highest in its operating history, taking nine-month profit to VND 5,708 billion. SSI, VPS and VPBankS followed in the ranking, each down year on year for the quarter, while HD Securities (HDS) more than tripled quarterly profit to VND 769 billion. The article does not break out revenue, margin lending balances or proprietary trading contributions, and does not identify the two firms with the largest losses.

Market Context

TCX closed at VND 29,850 on 22 October 2026 on HOSE, while SSI traded at VND 20,150, VCI at VND 19,500 and VCK at VND 28,200. The sector-wide profit contraction points to a quarter in which market turnover, margin lending growth and proprietary gains were less supportive than a year earlier, even as the VN-Index remained near elevated levels. The pattern of falling headline profits alongside resilient nine-month cumulative figures suggests the comparison base, rather than a collapse in activity, is doing much of the work.

Strategic Significance

The strategic read is one of share shift rather than sector-wide deterioration. TCBS’s record quarter, achieved while SSI, VPS and VNDirect all posted lower quarterly profits, reinforces the advantage of a brokerage anchored to a bank distribution network with a large retail bond and fund franchise. For long-term holders, the key question is whether TCBS’s earnings mix is durable through a softer trading environment or whether it reflects one-off gains the filing does not disaggregate. The 43% aggregate decline also raises the bar for capital-raising plans across smaller brokers, several of which may need to slow margin lending expansion.

What to Watch

• Full Q3/2026 financial statements for TCBS, including revenue breakdown and margin lending balances.
• Identification of the two brokerages with losses in the hundreds of billions of dong.
• October and November 2026 market turnover and margin debt data from the State Securities Commission.
• Any capital increase or convertible bond filings from mid-tier brokers affected by the profit decline.
• Q4/2026 earnings season, which will show whether the year-on-year comparison base normalises.