VNDirect Q3 Profit Falls 65% as Vietnam Securities Liquidity Slumps

Overview

Vietnamese securities firms reported sharply divergent Q3 2026 results as average daily trading value across HOSE, HNX and UPCoM fell 57.6% year-on-year to VND 18,625 billion per session. VNDirect (ticker VND, HOSE) saw after-tax profit fall about 65% year-on-year, while SSI (HOSE) declined 27% and SHS (HNX) grew on margin lending and investment income.

Key Facts

• VNDirect Q3 after-tax profit fell about 65% year-on-year; operating revenue reached VND 1,710 billion, down 23%.
• VNDirect brokerage revenue fell about 70% to VND 114 billion in Q3.
• VNDirect nine-month pre-tax profit reached nearly VND 2,199 billion, up about 3%, with after-tax profit above VND 1,750 billion, up about 5%.
• SSI Q3 after-tax profit was VND 1,043 billion, down 27%; operating revenue fell 25% to VND 3,079 billion and brokerage revenue dropped 62% to VND 350 billion.
• VN-Index closed Q3 at 1,768.62 points, down 4.9% from the end of Q2; average daily trading value fell 22.7% quarter-on-quarter.
• SHS Q3 operating revenue reached VND 1,002 billion, up 23%, with investment income of VND 565.5 billion, up 43.5%; its loan book rose from VND 9,098 billion to VND 12,435 billion.
• TCBS led Q3 pre-tax profit at VND 2,152 billion, up about 6%, with margin and advance income of VND 1,548 billion, up 55%.

What Happened

The results, disclosed in the companies’ Q3 2026 financial statements, show a market where falling turnover hit brokerage commissions hardest. At VNDirect, operating revenue fell 23% to more than VND 1,710 billion, and brokerage revenue alone dropped roughly 70% to VND 114 billion. The firm offset part of the pressure by cutting outstanding borrowings by about VND 6,700 billion versus the start of the year and trimming management expenses 7%. For the nine months, VNDirect still reported pre-tax profit of nearly VND 2,199 billion, up about 3%, and after-tax profit above VND 1,750 billion, up about 5%.

SSI reported Q3 after-tax profit of more than VND 1,043 billion, down 27%, on separate-statement operating revenue of VND 3,079 billion, down 25%. Brokerage revenue fell 62% to VND 350 billion and FVTPL gains dropped about 33% to VND 1,344 billion, while lending and receivable interest rose 13.5% to VND 1,115 billion and held-to-maturity investment income rose 40% to VND 140 billion. Nine-month after-tax profit reached VND 3,432 billion, up 8%. On the other side, TCBS posted Q3 pre-tax profit of VND 2,152 billion, up about 6%, and SHS grew revenue 23% to VND 1,002 billion, though its Q3 pre-tax profit of VND 250.8 billion and nine-month figure of VND 620.5 billion both declined.

Market Context

VNDirect (VND, HOSE) closed at VND 13,750 on 22 October 2026, with SSI at VND 20,150 and SHS at VND 12,900. The Q3 backdrop was a VN-Index that ended the quarter at 1,768.62 points, down 4.9% from the end of Q2, and average daily turnover of VND 18,625 billion across the three exchanges, down 57.6% year-on-year. For a sector whose revenue is tied directly to cash turnover, that contraction explains the split between brokerage-heavy names such as VNDirect and SSI and balance-sheet-driven firms such as TCBS and SHS.

Strategic Significance

The quarter sharpens a structural divide in Vietnamese securities: firms that depend on commission income are cyclically exposed to retail participation, while those with large margin-lending books and proprietary investment portfolios can grow earnings even as turnover collapses. VNDirect’s decision to cut borrowings by about VND 6,700 billion and hold nine-month profit roughly flat suggests a defensive posture that protects the balance sheet but caps upside when liquidity returns. SSI’s 13.5% growth in lending interest and 40% growth in held-to-maturity income shows the same pivot toward recurring, spread-based revenue. The risk for investors is that margin lending growth at SHS and TCBS raises leverage into a falling index, which could pressure asset quality if the VN-Index decline extends.

What to Watch

• Q4 2026 average daily trading value on HOSE, HNX and UPCoM, to test whether the 57.6% year-on-year decline marks a trough.
• VNDirect’s Q4 margin-lending balance and any further reduction in borrowings, following the VND 6,700 billion cut.
• SHS loan-book growth from VND 12,435 billion and any provisioning against margin receivables if the VN-Index stays below 1,800.
• TCBS progress toward its full-year plan, at 76% completion after nine months.
• Year-end foreign-ownership and margin-debt disclosures from VND, SSI and SHS.