HCM

NSI forecasts securities industry debt could rise at least 40-50% in 2026, boosting margin lending and liquidity for firms like SSI, TCX, VPX, HCM, and VCI. However, higher capital costs lead NSI to cut 2026 revenue and profit forecasts by 3.8% and 5.4% respectively, while new provisioning rules add cost pressure.

Foreign investors net sold VND 895.5B on May 26, 2026, with real estate stocks VIC and VHM leading the sell-off, while banking and technology stocks saw net buying. The VN-Index fell only slightly, but VIC and VHM alone contributed nearly 14 points of decline, highlighting their outsized influence.

Foreign investors net sold VND 1,802 billion (USD 72 million) on May 22, 2026, the highest in three months, driving VN-Index down 1.68%. Blue-chips VIC, VHM, and MSB led the sell-off, with VIC losing 3.52% and VHM 4.88%. The selling pressure underscores persistent foreign outflow from Vietnamese equities.

HCM (HSC) shares hit an all-time high of 30,000 VND on May 19, lifting market cap above 32,000 billion VND. The rally follows HSC's approval of a 10,000 billion VND credit line from BIDV and a plan to raise nearly 2,700 billion VND via a 4:1 rights issue at 10,000 VND per share, alongside ESOP and private placements. The capital injection targets margin lending expansion.

HSC (HCM) has approved a VND 10,000B credit facility from BIDV for securities investment and is executing a three-part equity raise of up to 492 million shares, targeting VND 2,700B from a rights issue alone. The combined capital injection is aimed at expanding margin lending, a key revenue driver for the brokerage.

Vietnamese securities companies face rising risks from higher interest rates, including unrealized losses on corporate bonds, heavy reliance on short-term bank loans (88% of debt), and margin-to-equity ratios nearing the 200% regulatory cap at firms like HCM (195.4%) and MBS (177.6%). The sector's total assets surged 48% to VND 904 trillion in 2025, driven by margin lending and equity raises.

GEX was the most sold stock by proprietary trading desks on May 13, with net selling of 168 billion VND, followed by VNM and PVT. The overall net selling of 379 billion VND by proprietary desks, combined with foreign net selling of 1,475 billion VND, signals caution among institutional investors amid the VN-Index near its all-time high.

Foreign investors net sold VND 836 billion (USD 33.4 million) on May 12, 2026, with banking stocks bearing the brunt of selling. Individual investors absorbed the flow, net buying VND 968.8 billion. The VN-Index reversed from a 16-point loss to close up 5.6 points at 1,901, driven by rotation into mid-cap and energy stocks.

On May 8, 2026, retail investors net bought VND 1,221.4 billion on HOSE, with FPT and real estate stocks as top picks, while foreign investors net sold VND 900.2 billion, offloading FPT most heavily. The divergence highlights continued foreign selling pressure on Vietnam's tech leader, offset by strong domestic retail demand.

HCM and other Vietnamese securities firms plan to raise an additional 100 trillion VND in 2026, driven by regulatory changes, foreign ownership limits, and margin lending expansion. Most firms forecast double-digit profit growth, with HCM targeting 56%, VPX 44%, and VCI 41%.

SSI plans to raise approximately 9,262 billion VND in 2026, potentially becoming the first Vietnamese brokerage to exceed 30,000 billion VND in charter capital. The sector-wide capital increase, estimated at ~100,000 billion VND, is driven by regulatory changes including 100% foreign ownership limits and margin lending constraints. Investors should monitor dilution risks and capital deployment efficiency.