Tien Phong Securities (TPS) Appoints New CEO, Targets Top 10 Ranking

Overview

Tien Phong Securities (TPS) has appointed Mr. Nguyen Chi Thanh as its new General Director for a five-year term, effective from the annual general meeting on April 22. The company, 51%-owned by TPBank, has set ambitious targets for 2025, including a 190% increase in net profit to VND 343 billion and a goal to become a top-10 securities firm within three years.

Key Facts

• TPS appointed Mr. Nguyen Chi Thanh as General Director for a 5-year term.
• Mr. Thanh holds an MBA from Boston University and has nearly 20 years of experience, including over 11 years at SHS Securities.
• TPS targets 2025 revenue of VND 2,250 billion (1.5x year-on-year) and net profit of VND 343 billion (+190%).
• The company aims to increase margin lending to VND 8,000 billion and raise brokerage market share to 1-1.2%.
• TPS plans to focus on three main segments: brokerage (39% of profit), investment banking (41%), and capital business (20%).
• The company expects to reach top-10 status within three years, leveraging TPBank’s customer base.
• TPS shares closed at VND 51,000 on April 10, 2026, with low trading volume.

What Happened

At its annual general meeting on April 22, TPS announced the appointment of Mr. Nguyen Chi Thanh as General Director. Mr. Thanh, born in 1980, holds an MBA from Boston University and brings nearly 20 years of experience in finance and securities, including senior roles at SHS Securities where he served as General Director and Deputy General Director for over 11 years.

Chairman Nguyen Hong Quan stated that TPS has a significant advantage through its parent bank TPBank, which is ready to share tens of millions of customers. The company is not content with a mid-tier position and will focus on brokerage, investment banking, and capital business. TPS also noted that after the Bamboo Capital incident in March 2025, it has strengthened risk controls and currently has no bad debt in margin lending.

Market Context

TPS shares (HOSE) closed at VND 51,000 on April 10, 2026, with minimal trading volume. The securities sector in Vietnam has seen intense competition, with many firms vying for market share. TPS’s ambitious targets come amid a challenging market environment, but the company’s connection to TPBank provides a potential competitive edge in client acquisition.

Strategic Significance

The appointment of a seasoned executive from SHS signals TPS’s intent to aggressively scale up. The focus on investment banking and capital business, rather than proprietary trading, differentiates TPS from peers. The three-year timeline to top-10 status is ambitious but leverages TPBank’s large retail customer base, which could drive brokerage and margin lending growth. Success will depend on execution and market conditions.

What to Watch

• Q2 2025 earnings report to gauge progress toward revenue and profit targets.
• Margin lending balance growth toward the VND 8,000 billion target.
• Brokerage market share data from HOSE and HNX to track TPS’s ranking.
• Any further capital increases or strategic partnerships announced by TPS.
• Market volatility impact on TPS’s profit guidance (10-15% downside scenario).