VIX Securities Leadership Shakeup: New CEO and Chairman Amid 66% Profit Drop

Overview

VIX Securities (VIX) has undergone a major leadership change, with CEO Truong Ngoc Lan resigning and being replaced by former Chairman Nguyen Tuan Dung, while Ha Huy Hung was elected as the new Chairman. The reshuffle, announced on June 29, 2026, follows the company’s annual general meeting and coincides with a steep 66% decline in Q1 2026 pre-tax profit, raising questions about the strategic direction of one of Vietnam’s most widely held securities firms.

Key Facts

• CEO Truong Ngoc Lan resigned on June 29, 2026, citing personal reasons, after serving since October 2022.
• Former Chairman Nguyen Tuan Dung was appointed as the new CEO and legal representative, replacing Lan.
• Ha Huy Hung, previously an independent board member since May 2025, was elected Chairman of the Board.
• The leadership changes occurred three days after VIX’s 2026 annual general meeting.
• VIX has 128,002 shareholders as of May 27, 2026, but no single shareholder holds 5% or more of charter capital.
• Q1 2026 pre-tax profit was VND 156 billion, down 66% year-on-year and the lowest in five quarters.
• Operating revenue rose 69% to VND 1,653 billion, but operating expenses surged 186% to VND 1,340 billion.

What Happened

On June 29, 2026, the board of directors of VIX Securities announced the resignation of CEO Truong Ngoc Lan for personal reasons. Lan had held the position since October 2022 and previously served as CEO of An Binh Securities from 2017 to 2022. Simultaneously, the board removed Nguyen Tuan Dung as Chairman due to the end of his 2021-2026 term and immediately appointed him as the new CEO and legal representative. Ha Huy Hung, a board member since May 2025, was elected Chairman. Hung has held management roles at FPT Corporation, Song Di Investment and Technology JSC, and BSI Technology Company.

The reshuffle comes just three days after VIX’s annual general meeting, where the company’s shareholder structure and margin lending scale were key topics. VIX has over 128,000 shareholders but no major shareholder owning 5% or more, a rare structure among listed securities firms. The company’s history includes multiple name changes and controlling shareholder shifts, most recently in late 2022 when the group related to Nguyen Van Tuan divested entirely.

Market Context

VIX shares closed at VND 16,800 on June 29, down 0.30% with volume of 17.4 million shares, indicating active trading. The stock trades on HOSE. The 66% profit decline in Q1 2026, despite strong revenue growth, highlights margin pressure from rising operating costs, likely linked to higher borrowing costs or competitive pricing in brokerage and margin lending. The absence of a controlling shareholder makes VIX vulnerable to activist investors or potential M&A, but also limits strategic stability.

Strategic Significance

The leadership change signals a potential strategic pivot for VIX. Nguyen Tuan Dung, as former Chairman, brings continuity, while Ha Huy Hung’s technology background from FPT suggests a possible focus on digital transformation or fintech integration. The profit collapse underscores the need for cost control and revenue diversification beyond traditional brokerage. With no dominant shareholder, management must balance short-term performance with long-term growth amid intense competition in Vietnam’s securities sector.

What to Watch

• Q2 2026 earnings release to see if cost pressures persist or if new management implements changes.
• Any announcements regarding capital increases or strategic partnerships, as hinted at the AGM.
• Changes in margin lending portfolio size and quality, given the sharp expense increase.
• Potential accumulation of shares by new major shareholders, given the fragmented ownership.
• Regulatory filings on any additional board or management changes in coming months.