VIX Discloses 116.9 Million VPB Shares Worth VND 2.7 Trillion

Overview

VIX Securities (HOSE: VIX) has disclosed a holding of 116.9 million VPBank shares, valued at more than VND 2,700 billion at current market prices, which places it among shareholders owning over 1% of the bank’s charter capital. The disclosure also confirms existing positions in Techcombank (TCB) and Eximbank (EIB), reinforcing VIX’s profile as one of the largest proprietary trading books on the Vietnamese market.

Key Facts

• VIX holds 116.9 million VPBank (VPB) shares, worth over VND 2,700 billion at a market price of VND 23,450 per share.
• The stake exceeds 1% of VPBank’s charter capital, triggering the shareholder disclosure.
• VIX’s FVTPL financial assets totalled more than VND 20,800 billion as of 30 June 2026, of which listed equities accounted for roughly VND 16,180 billion.
• The proprietary book includes Gelex Electric (GEE), Gelex (GEX), Eximbank (EIB), VPBankS (VPX) and Viconship (VSC).
• VIX added approximately 33 million Techcombank (TCB) shares in H1 2026, valued at over VND 1,000 billion at end-June, and deployed about VND 500 billion more into Eximbank.
• H1 2026 operating revenue reached VND 3,033 billion, while pre-tax profit fell nearly 90% year on year to VND 231.6 billion.
• Lending interest income rose 86% year on year to over VND 697 billion, and brokerage revenue grew 43% to nearly VND 91 billion.

What Happened

According to the company’s disclosure, VIX Securities holds 116.9 million shares of Vietnam Prosperity Joint Stock Commercial Bank (VPBank), a position that places it in the group of shareholders owning more than 1% of the bank’s charter capital. VPBank is among Vietnam’s largest private-sector banks. At the current market price of VND 23,450 per share, the holding is worth more than VND 2,700 billion.

The disclosure comes alongside VIX’s semi-annual financial report for 2026, which showed total FVTPL assets of more than VND 20,800 billion at 30 June, with listed equities making up about VND 16,180 billion. Within that book, VIX recorded roughly 33 million Techcombank shares worth over VND 1,000 billion at end-June and added around VND 500 billion to its Eximbank position. The company reported H1 2026 operating revenue of VND 3,033 billion and pre-tax profit of VND 231.6 billion, a decline of nearly 90% year on year, which it attributed mainly to fluctuations in the value of its investment portfolio.

Market Context

VIX trades on the HOSE exchange and last closed at VND 11,300. VPB last closed at VND 23,000 on the HOSE, TCB at VND 32,000, and EIB at VND 16,100. The disclosure lands in a period when Vietnamese securities firms’ proprietary desks have concentrated heavily in bank equities, a trade that supports sector liquidity but exposes earnings to mark-to-market swings. VIX’s near-90% profit decline illustrates that sensitivity: the same portfolio generating the headline VND 2,700 billion VPB position also drove the earnings contraction.

Strategic Significance

For long-term investors, the key question is whether VIX is building strategic influence in the banking sector or simply running a large directional trade. Crossing the 1% threshold in VPBank creates disclosure obligations and signals conviction, but it does not by itself confer board representation or governance influence. The more durable part of the story is the shift in VIX’s revenue mix: lending interest income up 86% and brokerage revenue up 43% suggest the firm is broadening beyond pure proprietary trading. If that trend continues, VIX’s earnings should become less dependent on mark-to-market gains from the bank portfolio, which is the main source of the current profit volatility.

What to Watch

• VIX’s Q3 2026 financial statements, for any change in the size of the VPB, TCB and EIB positions.
• Further shareholder disclosure filings if VIX crosses additional ownership thresholds at VPBank or other banks.
• VPBank’s charter capital and foreign-ownership updates, which affect how much room remains for large institutional holders.
• The trajectory of VIX’s lending and brokerage revenue versus proprietary trading gains in the next reporting period.
• Any board or governance appointments at VPBank, TCB or EIB involving VIX representatives.