PSI

BVS and PSI each fined VND 125 million by the State Securities Commission for allowing clients to trade on margin exceeding purchasing power in July 2024. The fines underscore regulatory tightening as Vietnam approaches a potential FTSE Russell emerging market upgrade in September 2026, with margin-to-equity ratios at BVS (180%) and PSI (209%) nearing the 200% cap.

Flexfin Investment increased its stake in PetroVietnam Securities (PSI) to 7.17% after purchasing 845,600 shares on June 8, 2026, becoming a major shareholder. The move follows a prior accumulation in late May that first crossed the 5% threshold. PSI reported strong Q1/2026 results with net profit up 212% YoY.

PSI, listed on HNX, saw Flexfin Investment LLC purchase 488,300 shares on May 28, increasing its ownership from 4.94% to 5.76% and becoming a major shareholder. The move comes as PSI reported strong Q1/2026 earnings with net profit up 212% year-on-year.

In the first week of May, the VN-Index set a new record high of 1,915.37 points, up 3.3%, driving a sharp rotation into securities stocks. VDS saw trading volume jump nearly 120% and ORS nearly 100%, while real estate and steel stocks experienced declining liquidity. The shift highlights investor preference for brokerages during the index rally.

VIX and HCM hit ceiling as a broad securities rally drove VN-Index up 0.87% on rumors that five companies received approval to open a tokenized asset exchange. The sector saw massive volume, with VIX and SSI among the top five most traded stocks on HoSE. The move reflects speculative sentiment rather than fundamental catalysts, but the breadth and liquidity confirm strong short-term buying pressure.

ORS (Chứng khoán Tiên Phong) reports Q1 2026 pretax profit of VND 42 billion, a 1,961% surge from VND 2 billion a year ago, driven by revenue of VND 270 billion and a 71% cost reduction. Nine other small-cap securities firms also posted triple-digit profit growth, though most started from a low base, limiting absolute scale.

Foreign investors net sold VND 1,247 billion on May 4, the first trading session after the holiday, with ACB, FPT, and HPG accounting for nearly VND 1,000 billion of the selling. The net outflow pressured VN-Index to a marginal decline, reflecting cautious sentiment amid low liquidity.

PSI posted Q1 2026 net profit growth of 211.59% YoY on revenue up 34.59%, driven by digital transformation and partnerships with PetroVietnam and PVcomBank. The company is positioning for long-term growth in carbon and digital asset markets.

VIC saw foreign net selling of approximately VND 879 billion on April 20, driving total foreign net outflow of VND 629 billion across the market. SSI and MWG were the most bought stocks by foreign investors, with net purchases of VND 136 billion and VND 133 billion respectively.

HDS posted Q1 2026 pre-tax profit of VND 352 billion, a 260% year-on-year increase driven by a VND 358 billion gain from financial assets at fair value. DSE's profit fell 79% to VND 14 billion due to a 120% surge in operating costs, highlighting divergent performance within Vietnam's securities sector.

The combined market share of Vietnam's top 10 brokerages on HoSE dropped to 65.19% in Q2 2026, the lowest in five years, signaling intensifying competition. VPS retained the top spot but saw its share fall to 12.61%, while SSI narrowed the gap at 11.17%. VCBS completed a capital increase to 8.5 trillion VND, with plans to reach 12.5 trillion VND by 2027, reflecting a broader industry trend of capital raising to support margin lending and proprietary trading.

MBS, HCM, and PSI are among several Vietnamese securities firms nearly exhausting their margin lending capacity as demand surges. Rising funding costs are outpacing lending rates, compressing net interest margins and pressuring profitability. The capital race favors firms with strong bank or institutional backers, such as SSI and BSI.