Vietnam Securities Q2 2026 Profits Surge 51% YoY, VPBank Securities Tops Rankings
This Aveluro analysis covers VPS on HOSE in the Chemicals sector. The classified event type is sector sentiment, with positive sentiment and a deterministic market-impact score of 4.0/10. Aveluro classifies this story as a positive catalyst in the stock's news coverage. Source coverage came from CafeF - Thị trường chứng khoán, classified as a primary/top-tier source.
Key Facts
Caveat: Not investment advice. · How Aveluro computed this: Aveluro combines extracted event facts, source credibility, ticker context, and market data. Scores are deterministic research signals, not recommendations.
Overview
Vietnam’s securities industry posted a 51% year-on-year increase in pre-tax profit for Q2 2026, reaching an estimated VND 15.2 trillion across 77 reporting firms. VPBank Securities (VPS) surged to the top of the rankings with VND 2.16 trillion, displacing SSI, while six companies joined the “VND 1 trillion club.” The broad-based recovery lifted many mid-sized firms from loss to profit.
Key Facts
- Total pre-tax profit of 77 securities firms in Q2 2026: ~VND 15.2 trillion, up 51% YoY.
- 65 firms reported profit, 12 recorded losses; 22 firms had pre-tax profit above VND 100 billion.
- Top 6 firms contributed VND 9.37 trillion, or 61% of total industry profit.
- VPBank Securities (VPS) led with VND 2.159 trillion pre-tax profit, nearly 4x YoY.
- Techcombank Securities (TCBS) ranked second at VND 2.097 trillion (+21%), SSI third at VND 1.511 trillion (+32%).
- Other VND 1 trillion+ firms: VPS (VND 1.378 trillion, +57%), HD Securities (VND 1.118 trillion, +294%), VNDirect (VND 1.106 trillion, +126%).
- SmartMind Securities (SMDS) swung from a VND 2 billion loss to VND 804 billion profit.
What Happened
According to financial statements compiled from 77 securities companies, the industry’s aggregate pre-tax profit for the second quarter of 2026 reached approximately VND 15.2 trillion, a 51% increase from the same period last year. The number of firms in the “VND 1 trillion club” doubled to six from three in Q1 2026.
VPBank Securities (VPS) reported pre-tax profit of VND 2.159 trillion, nearly quadruple the prior-year figure, allowing it to surpass SSI (VND 1.511 trillion) and TCBS (VND 2.097 trillion) for the top spot. Among mid-sized firms, SmartMind Securities (SMDS) posted a dramatic turnaround from a VND 2 billion loss to VND 804 billion profit, while OCB Securities saw profit surge 4,150% to VND 111 billion, albeit from a low base.
Market Context
On July 20, 2026, VPS shares closed at VND 9,640 on HOSE, SSI at VND 22,700, VND at VND 17,200, and MBS at VND 18,500. The securities sector has benefited from rising retail participation and margin lending demand, with the VN-Index trending higher in Q2. The profit concentration among top firms remains high, but the breadth of improvement—with many smaller firms turning profitable—signals a healthy market environment.
Strategic Significance
The Q2 results underscore the cyclical recovery in Vietnam’s brokerage industry, driven by higher trading volumes and margin expansion. VPBank Securities’ leap to the top reflects aggressive market share gains, likely supported by its parent bank’s distribution network. The doubling of the “VND 1 trillion club” suggests that economies of scale are becoming more important, while the turnaround of firms like SMDS and Everest indicates that even smaller players can capture niche opportunities. Long-term investors should monitor whether these profit levels are sustainable amid potential regulatory changes or market corrections.
What to Watch
- Q3 2026 trading volume trends on HOSE and HNX to gauge revenue momentum.
- VPBank Securities’ market share data in brokerage and margin lending.
- Any changes in margin lending regulations by the State Securities Commission.
- Earnings reports of mid-sized firms like SMDS and OCB Securities to confirm sustainability of turnarounds.
- Foreign ownership limits and net foreign flows into the sector.