ACB

Proprietary trading desks at securities companies net bought 460 billion VND on HOSE on July 22, when VN-Index fell 62 points. Techcombank (TCB) was the most bought stock at 235 billion VND, while foreign investors net sold 1,921 billion VND across the market.

Foreign investors turned net sellers on HOSE on July 22, 2026, offloading VND 1,937.5 billion (~$77.5 million), with SSI, VIC, VCB, and ACB bearing the heaviest selling. The VN-Index fell 62 points (-3.58%) amid broad-based declines, led by real estate and financials. The selling pressure underscores persistent foreign caution toward Vietnamese equities.

The State Bank of Vietnam is finalizing a draft circular to replace Circular 22/2019 on safety limits and ratios, moving toward Basel III standards. Banks including ACB, VCB, BID, CTG, TCB, MBB, and VIB are actively discussing the draft at a risk management forum. The new rules will require tighter capital and liquidity management, potentially affecting profitability and dividend policies.

ACB reported H1 2026 pre-tax profit of over VND 10.7 trillion, with retail and SME lending recovering in Q2 (up 3.8% and 5% QoQ respectively). Credit growth reached 8.6% YTD, above the industry average, signaling a broad-based recovery in private-sector lending.

ACB and BID face narrowing room for further interest rate cuts as credit growth (7.41%) outpaces deposit growth (5.02%) in H1 2026, pushing system LDR to 111-112%. The State Bank of Vietnam is expected to hold rates steady through year-end, limiting margin expansion for banks.

Q2 2026 pre-tax profit for 77 Vietnamese securities firms rose 51% YoY to VND 15.2T, with 6 companies each exceeding VND 1T. VPBank Securities (VPS) overtook SSI as the top earner at VND 2.16T, while many mid-sized firms swung to profit. The sector's strong performance reflects robust brokerage and margin lending activity.

GMD saw proprietary trading desks net buy over VND 300 billion on July 20, accounting for nearly 70% of total proprietary net buying on HOSE. Foreign investors net sold VND 96 billion, with VCB leading the sell-off. The divergence highlights continued foreign outflow pressure while domestic institutions selectively accumulate logistics and real estate names.

GMD saw VND 300 billion in net buying from proprietary trading desks on July 20, the largest single-stock inflow, as VN-Index dropped 43.94 points. The buying partially offset foreign net selling of VND 86 billion across the market, signaling domestic institutional support for select blue chips.

ACB Securities (ACBS) posted Q2 2026 pretax profit of VND 299B (+30% YoY), while VIX Securities saw a 95% profit collapse to VND 75B. The divergence highlights margin expansion at ACBS versus sharp reversals at VIX, with 32 firms now reported.