VIX Q3 2026 Pre-Tax Profit Falls 94% to VND 192B as Proprietary Trading Swings to Loss

Overview

VIX, listed on HOSE, reported Q3 2026 pre-tax profit of approximately VND 192 billion, down 94% year on year, according to its quarterly financial statements published ahead of the 20 October disclosure window. The collapse was driven by proprietary trading, where FVTPL gains fell from VND 1,375 billion to VND 89 billion and a revaluation loss of nearly VND 1,363 billion replaced a prior-year gain. The result lands alongside 31 securities firms that have reported Q3 2026 results, with ABS posting 552% profit growth.

Key Facts

• VIX Q3 2026 operating revenue reached more than VND 2,047 billion, down 36% year on year.
• VIX Q3 2026 pre-tax profit was about VND 192 billion, down 94% from Q3 2025.
• FVTPL gains on sale of financial assets fell from VND 1,375 billion to VND 89 billion.
• VIX booked a VND 1,363 billion FVTPL revaluation loss, versus a VND 189 billion revaluation gain a year earlier.
• Operating expenses rose to more than VND 1,744 billion from roughly VND 50 billion.
• Nine-month 2026 VIX revenue was more than VND 5,050 billion (-18%), with pre-tax profit of VND 424 billion (-92% from VND 5,116 billion).
• ABS Q3 2026 pre-tax profit exceeded VND 376 billion, up 552%, on revenue of nearly VND 498 billion.

What Happened

The figures come from VIX’s Q3 2026 financial statements, disclosed as part of the October reporting season in which 31 securities companies had published results by the morning of 20 October. VIX’s revenue decline was compounded by a sharp swing in its proprietary book: gains on sale of FVTPL financial assets fell to VND 89 billion from VND 1,375 billion, while revaluation of FVTPL assets moved from a VND 189 billion gain to a loss of nearly VND 1,363 billion. Operating expenses simultaneously jumped to more than VND 1,744 billion from about VND 50 billion.

The divergence across the sector was pronounced. Bảo Việt Securities (BVSC) saw pre-tax profit fall 80% to about VND 20 billion on revenue of nearly VND 228 billion, with brokerage revenue dropping from VND 134 billion to more than VND 55 billion. An Bình Securities (ABS) moved in the opposite direction, with pre-tax profit above VND 376 billion, up 552%, as FVTPL gains reached nearly VND 412 billion, roughly 20 times the prior-year level. KIS Vietnam posted pre-tax profit of nearly VND 248 billion, up 2%.

Market Context

VIX closed at VND 12,050 on 19 October 2026, ahead of the disclosure. The stock trades on HOSE within the securities sector, which has been sensitive to daily turnover and margin lending trends on the exchange. The Q3 reporting season has produced a wide spread between firms with large proprietary books and those with more fee-based revenue, and VIX’s result places it at the weak end of that distribution. The article does not provide sector-wide index performance or foreign flow data for the period.

Strategic Significance

VIX’s result exposes the concentration risk in its earnings model: a proprietary book large enough to generate VND 1,375 billion of realised gains in a strong quarter can equally produce a VND 1,363 billion revaluation loss when mark-to-market moves against it. The 92% nine-month decline in pre-tax profit, from VND 5,116 billion to VND 424 billion, resets the base for forward comparisons and raises the question of whether the firm can rebuild earnings through brokerage, margin lending and advisory fees rather than trading. For the sector, the ABS result shows the same proprietary engine can amplify gains when positioning is right, meaning dispersion among securities stocks is likely to track market direction rather than any uniform sector re-rating.

What to Watch

• VIX’s Q4 2026 FVTPL revaluation disclosures, to gauge whether the VND 1,363 billion loss reverses or extends.
• Monthly HOSE turnover and margin lending balances, which drive brokerage and interest income across the sector.
• Whether VIX discloses any change to its proprietary portfolio composition in upcoming filings.
• Further Q3 2026 results from the remaining securities firms, to confirm the sector-wide profit dispersion.
• Any shareholder or board commentary on the nine-month profit shortfall relative to the 2025 base.