Vietnam Securities Stocks 2026: VIX, SHS, VND Slide as Brokerage Fees Hit 7-Quarter Low

Overview

Vietnamese securities stocks have reversed sharply in 2026, with more than 80% of the 43 listed brokerage shares declining as of the November 2, 2026 session. VIX on HOSE, the sector’s 2025 leader with a 139.84% gain, has fallen nearly 35% year-to-date to VND 11,800, while SHS, VND and a wave of recent IPO listings including TCX, VPX and VCK have all retreated from post-listing peaks. The reversal matters because it coincides with the weakest brokerage-fee quarter in seven quarters and a deepening margin-lending race that is reshaping how the sector earns money.

Key Facts

• Of 43 listed securities stocks tracked, over 80% were in decline as of the November 2, 2026 close.
• VIX closed at VND 11,800 on November 2, down nearly 35% from the start of 2026, after leading the sector with a 139.84% gain in 2025.
• SHS closed at VND 12,200, down 38.3% year-to-date; VND closed at VND 13,100 after a 59.24% gain in 2025; CTS is down 17.76%.
• TCX has fallen about 41% from its post-listing peak, VPX 35% and VCK 29%; APG is down 61.24% and VDS more than 40%.
• Brokerage revenue across 44 securities firms fell to approximately VND 2,800 billion in Q3/2026, the lowest level in seven quarters.
• VN-Index rose 40.87% in 2025, its strongest year in eight, with more than 60% of securities stocks advancing that year.
• The sector’s listed and registered universe continued to expand in 2026 with new entrants, even as the number of stocks holding gains narrowed.

What Happened

The article, published in Vietnamese financial media, traces a full sentiment reversal across the brokerage sector. In 2025, securities stocks were the market’s standout performers: VIX led with a 139.84% gain, followed by SHS at 90.35% and VND at 59.24%, against a VN-Index advance of 40.87%. The late-October 2026 rebound proved short-lived, with many tickers sliding back to one-year lows during the Q3/2026 earnings season. The weakness spread from established brokers to newly listed companies, with TCX, VPX and VCK all well below their debut peaks.

The article attributes the pressure to three forces. Proprietary trading books have turned into a drag, exemplified by APG’s 61.24% decline tied to its investment in KOS shares. Brokerage economics are compressing under the Zero Fee trend and growing algorithmic trading participation, with Q3/2026 fee revenue across 44 firms at roughly VND 2,800 billion, the lowest in seven quarters. In response, brokers are expanding margin and receivables lending, which the article flags as a growing risk in a high-interest-rate environment. The report does not cite a specific regulatory filing for the sector-wide statistics.

Market Context

VIX trades on HOSE at VND 11,800, with SHS at VND 12,200, VND at VND 13,100 and TCX at VND 26,300 as of the November 2, 2026 close. The sector’s 2026 de-rating follows an exceptional 2025 and coincides with Vietnam’s inclusion in the FTSE GEIS basket, an event that expanded the listed universe without sustaining the prior year’s momentum. Securities stocks are typically a high-beta proxy for domestic retail participation; their underperformance signals caution on trading volumes even as index-level flows from index reclassification continue.

Strategic Significance

The core thesis shift is from transaction-based revenue to balance-sheet-based revenue. As zero-fee brokerage erodes commission income, margin lending and receivables become the sector’s profit engine, which makes earnings more sensitive to funding costs and credit quality than to market turnover. For long-term investors, that changes the risk profile: brokers are increasingly leveraged plays on interest rates and retail risk appetite rather than pure volume proxies. The dispersion within the sector, from APG’s 61% decline to CTS’s 17.76% drop, suggests the market is already discriminating between proprietary-heavy business models and more balanced ones, a screening process that favors firms with disciplined margin books and diversified fee income.

What to Watch

• Q4/2026 earnings releases in January 2027, particularly margin balances and provisioning at VIX, SHS and VND.
• Monthly brokerage market-share data to confirm whether the VND 2,800 billion Q3 fee trough marks a bottom.
• State Bank of Vietnam policy decisions on interest rates, which directly affect margin funding costs.
• Proprietary trading disclosures, including any further mark-downs on holdings such as APG’s KOS position.
• Foreign-ownership and FTSE GEIS-related flow data for the securities sector.