VIX Securities: VND 1,000B of Share-Sale Proceeds Still Undisbursed as Profit Falls 94%

Overview

VIX Securities (ticker VIX, HOSE) has deployed VND 10,026B of the VND 11,026B raised in its April 2026 share offering, leaving VND 1,000B intended for its crypto asset exchange subsidiary unspent as of October 20, 2026. The disclosure arrived alongside Q3/2026 results showing pre-tax profit down nearly 94% year-on-year to VND 192B, with nine-month profit at 12.1% of the full-year target.

Key Facts

• VIX sold nearly 919 million shares at VND 12,000 each on April 20, 2026, raising more than VND 11,026B under offering certificate 41/GCN-UBCK dated February 13, 2026.
• VND 5,013B was disbursed between April 22 and April 24, 2026, for proprietary trading capital.
• A further VND 5,013B went to margin lending between April 22 and May 26, 2026.
• The VND 1,000B planned capital contribution to CTCP Sàn giao dịch Tài sản mã hóa VIX remained undisbursed as of October 20, 2026.
• Q3/2026 pre-tax profit was VND 192B, down nearly 94% year-on-year; operating revenue fell 36% to VND 2,047B.
• Nine-month 2026 pre-tax profit was VND 424B, down about 92%, against a full-year target of VND 3,500B.
• Total assets reached VND 39,860B at September 30, 2026, up 16.6% since the start of the year.

What Happened

In a report on the use of proceeds from its share offering, VIX Securities said the April 2026 sale of roughly 919 million shares at VND 12,000 apiece raised over VND 11,026B. The company allocated VND 5,013B to proprietary trading and a matching VND 5,013B to margin lending, both disbursed within weeks of the offering closing. The remaining VND 1,000B, earmarked for an additional contribution to CTCP Sàn giao dịch Tài sản mã hóa VIX, had not been deployed as of October 20, 2026, roughly six months after the offering.

The Q3/2026 financial statements show operating revenue of VND 2,047B, down 36% year-on-year. Gains from FVTPL financial assets fell 41% to VND 1,630B, while losses on those assets reached VND 1,717B, producing a net proprietary trading loss of VND 94B for the quarter. Brokerage revenue dropped 60% to VND 37B, margin lending contributed VND 337B, and held-to-maturity investment income rose 22% to nearly VND 28B. Over nine months, proprietary trading recorded a net loss of more than VND 380B, the main driver of the profit decline.

Market Context

VIX closed at VND 12,550 on October 22, 2026, marginally above the VND 12,000 offering price. The stock sits in the securities sector on HOSE, where earnings are highly geared to proprietary trading books and margin lending balances. VIX’s results reflect a difficult 2026 for Vietnamese brokerage earnings, with FVTPL mark-to-market swings overwhelming core fee income. The company’s VND 3,500B annual pre-tax target was already set 48% below its 2025 record.

Strategic Significance

The undisbursed VND 1,000B is the key strategic question. VIX raised capital at a price close to its current market level and has now committed the bulk of it to trading and margin lending, businesses that produced a net loss in the first nine months. The crypto exchange contribution would diversify revenue away from proprietary trading, but the delay means the capital is earning nothing specific while the core book absorbs mark-to-market losses. Investors are effectively holding a leveraged bet on a trading recovery, with the digital-asset optionality still unfunded.

What to Watch

• Any VIX filing disclosing disbursement of the VND 1,000B to CTCP Sàn giao dịch Tài sản mã hóa VIX, or a revision of that plan.
• Q4/2026 results and whether proprietary trading returns to profit as FVTPL losses normalize.
• The size and composition of the VND 19,433B FVTPL portfolio at cost and its mark-to-market position.
• Margin lending balances and any change in margin rates affecting the VND 5,013B deployed.
• Regulatory developments on Vietnam’s crypto asset exchange licensing framework.