Nov 08, 2026
Full Analysis
Mixed
sector sentiment
Vietnam's securities sector is consolidating fast: the top 10 brokers hold roughly 65% of HoSE trading share and the top 15 control about 75% of margin lending, with SSI and HSC both ranked among the largest lenders. With HoSE turnover down to around VND 13,000B per session, scale advantages are widening the gap over the roughly 80 smaller licensed firms.
Oct 22, 2026
Full Analysis
Mixed
sector sentiment
Vietnam's margin lending balance reached a record VND 457.5 trillion in Q3 2026, yet growth decelerated sharply and split the broker field: SSI fell 4.8% and VPS 16.9%, while HD Securities more than doubled. Leverage climbed to 14.2% even as average daily turnover dropped 22.6% quarter-on-quarter to about VND 14.8 trillion, widening the gap between borrowed capital and actual trading activity.
Oct 22, 2026
Full Analysis
Mixed
sector sentiment
Vietnam's margin lending balance set a record in Q3/2026, yet SSI cut its book 4.8% and VIX 10.8% while average daily turnover fell 22.6% quarter-on-quarter to about VND 14.8 trillion. The widening gap between stock-backed debt and actual trading suggests borrowed capital is not flowing into the exchange.
Oct 21, 2026
Full Analysis
Positive
sector sentiment
Vietnam's securities industry margin book reached a record VND 463 trillion at end-Q3 2026, up 2% QoQ, while lending revenue rose 6% QoQ and 38% YoY to VND 12.9 trillion. SSI's loan balance fell 5% to VND 38.3 trillion and VPS dropped 18%, ceding ground to bank-backed TCBS and VPBankS as high funding costs bite.
Oct 20, 2026
Full Analysis
Positive
sector sentiment
Vietnam's margin debt reached a record ~VND 440 trillion at end-Q3 2026, but quarterly growth slowed to just VND 5 trillion. The 12 bank-backed brokers, including SSI, VIX, SHS and MBS, hold VND 240 trillion of that total and grew faster than the industry, while VPBankS overtook SSI as the second-largest lender.
Oct 20, 2026
Full Analysis
Negative
earnings miss
HSC posted Q3 2026 pre-tax profit of VND 371 billion, down 33% year on year, as brokerage revenue collapsed 70% on weaker market liquidity. Margin lending revenue rose 18% to VND 758 billion and kept 9-month pre-tax profit flat at VND 1,075 billion, with a fresh capital raise lifting charter capital to VND 13,728 billion.
Oct 20, 2026
Full Analysis
Mixed
earnings beat
Vietcap (VCI) reported Q3 2026 pre-tax profit of roughly VND 427B, down about 18% year on year, though nine-month profit of VND 1,101B edged above 2025. The quarter's standout was HD Securities (HDS) at VND 769B, up 208%, while market leader VPS slipped 20% to VND 1,119B.
Oct 20, 2026
Full Analysis
Negative
earnings miss
HSC reported Q3/2026 pre-tax profit of VND 371 billion, down 33% year-on-year, on revenue of VND 1,182 billion (-15%), as brokerage revenue collapsed 70% amid a 58% fall in market liquidity. Margin lending revenue rose 18% to VND 758 billion and kept 9-month pre-tax profit flat at VND 1,075 billion.
Oct 12, 2026
Full Analysis
Neutral
capital raise
SSI completed a 500-million-share issuance from owner's equity to lift charter capital to VND 30,033 billion, but TCBS reclaimed the industry lead at VND 33,293 billion after issuing nearly 555 million dividend shares. The race is driven by margin lending, which reached roughly VND 435,000 billion market-wide by end-Q2, against a regulatory cap of two times equity.
Oct 08, 2026
Full Analysis
Negative
sector sentiment
SSI advanced two places to second on UPCoM with market share up to 7.7% and gained one rank on the HNX listed market, while VPBankS lost three places and BSC, Vietcap, VIX and HSC dropped out of the top 10. The reshuffle came as HNX average daily turnover fell about 24% to VND 892 billion per session.
Sep 30, 2026
Full Analysis
Neutral
ipo
HD Securities (HDS) approved an IPO of nearly 121.8 million shares at a floor price of VND 12,252, distributed directly and through SSI and HSC in Q4 2026. A full subscription would raise at least VND 1,492.1B and lift charter capital from VND 10,961B to VND 12,178B, with a parallel HOSE listing filing.
Sep 04, 2026
Vietstock - Cổ phiếu
Negative
sector sentiment
Jul 27, 2026
Full Analysis
Neutral
capital raise
APG plans to raise VND 550B via a private placement of 50 million shares at VND 11,000 each, with proceeds used for debt restructuring and business operations. VIX, HSC, BMS, and SSI also announced capital increases through share issuances.
Jul 21, 2026
Vietstock - Cổ phiếu
Positive
sector sentiment
Jul 20, 2026
Full Analysis
Positive
earnings beat
HSC Securities posts H1 2026 revenue of VND 2,452B (+44%) and pre-tax profit of VND 704B (+35%), with margin lending revenue surging 50%. The company is executing a rights offering to raise nearly VND 2,700B to further expand margin lending, which is the key growth driver.