VIX Q2 2026 Net Profit Plunges 94% on Proprietary Trading Losses

Overview

Chứng khoán VIX (VIX) reported a 94% year-on-year drop in Q2 2026 net profit to 76 billion VND, primarily due to proprietary trading losses from unfavorable market conditions. The company’s revenue from financial assets at fair value through profit or loss (FVTPL) declined sharply, while losses from portfolio revaluation surged. Despite strong growth in margin lending, the overall earnings miss highlights the vulnerability of securities firms to market downturns.

Key Facts

• Q2 2026 net profit after tax: 76 billion VND, down 94% year-on-year.
• Operating revenue: 1,349 billion VND, down 32% year-on-year.
• Proprietary trading segment estimated loss: ~200 billion VND in Q2.
• Loss from FVTPL portfolio revaluation: 1,090 billion VND, vs. 240 billion VND in Q2 2025.
• Margin lending revenue: 348 billion VND, up 62% year-on-year.
• VIX completed a 919 million share rights issue, raising charter capital from 15,314 billion VND to 24,502 billion VND.
• Short-term borrowings reduced from 11,332 billion VND to 4,559 billion VND post-capital increase.
• H1 2026 net profit: 214 billion VND, down 87% year-on-year, achieving only 8% of the full-year target of 2,800 billion VND.

What Happened

According to VIX’s Q2 2026 financial statements, the company’s operating revenue fell 32% year-on-year to 1,349 billion VND. The primary driver was a sharp decline in gains from FVTPL assets, with gains from sales down 48% and gains from portfolio revaluation nearly halved. Meanwhile, losses from FVTPL surged more than fourfold to 1,129 billion VND, including a 1,090 billion VND loss from portfolio revaluation. The company attributed the poor performance to unfavorable stock market conditions during the quarter.

In contrast, margin lending revenue grew 62% to 348 billion VND, supported by an expansion in outstanding margin loans. Brokerage revenue fell 8% to 39 billion VND, while custody revenue rose 66% to 2 billion VND. After deducting costs, VIX reported pre-tax profit of 75 billion VND and after-tax profit of 76 billion VND, down 95% and 94% respectively from Q2 2025.

Market Context

VIX shares closed at 13,750 VND on July 17, 2026. The stock has likely been under pressure following the earnings announcement. The broader Vietnamese stock market experienced a challenging Q2, which weighed on proprietary trading results across the securities sector. VIX, listed on HOSE, is one of the larger securities firms by charter capital, but its heavy reliance on proprietary trading makes it sensitive to market volatility.

Strategic Significance

The sharp profit decline underscores the risks inherent in VIX’s business model, which depends significantly on proprietary trading income. While the company has successfully reduced financial leverage through a large equity raise, the near-term earnings outlook remains uncertain given the volatile market environment. The strong growth in margin lending provides some diversification, but it also exposes VIX to credit risk if the market deteriorates further. The low achievement of the full-year profit target (8% in H1) suggests that the company may need to revise its guidance or rely on a strong market recovery in H2.

What to Watch

• Q3 2026 earnings release for signs of recovery in proprietary trading income.
• Market conditions and VN-Index performance, which directly impact FVTPL gains/losses.
• Any revision to VIX’s full-year profit guidance.
• Changes in margin loan portfolio quality and potential provisions.
• Further capital management actions, including potential share buybacks or dividend policies.