VDS

VDS plans to issue VND 500B in 1-year bonds at 9.3% fixed coupon on July 21, 2026, to restructure debt. The company also reported strong Q2 2026 results with revenue up 45.6% YoY, driven by lending and investment income. The bond issue will help refinance maturing obligations.

VDS reports Q2/2026 after-tax profit of nearly VND 45 billion, with revenue up 45.6% year-on-year to over VND 266 billion, driven by strong lending and investment activities. The results mark a significant turnaround from Q1, lifting H1 net profit to nearly VND 21 billion. The securities firm maintains healthy financial ratios with a debt-to-equity ratio of 1.64x and financial safety ratio of 690%.

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.

Rong Viet Securities (VDS) plans to issue VND 300 billion in non-convertible, unsecured bonds on May 12, 2026, to restructure debt. The move follows a net loss of VND 29.5 billion in Q1/2026, contrasting with a profit of VND 19 billion a year earlier, as provisioning costs surged 8.9x.

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.

Viet Dragon Securities (VDS) approved a 2026 business plan targeting pre-tax profit of 510 billion VND, a 47% increase from the previous year, despite reporting an estimated Q1 2026 loss of about 30 billion VND. The company cites expectations from Vietnam's market upgrade and stabilizing interest rates as key drivers for its ambitious recovery plan.

40 Vietnamese securities companies posted aggregate net profit of nearly VND 7,600 billion in Q1 2026, the lowest in four quarters, with 17 out of 40 firms reporting losses or declines. Proprietary trading losses and narrowing margin lending spreads drove the weakness, highlighting the sector's vulnerability to market volatility and competitive pressure.

The Vietnamese securities sector (40 firms) reported total profit of nearly 7,600 billion VND in Q1 2026, the lowest in four quarters, with 17 out of 40 companies posting losses or declines. Proprietary trading losses and margin lending margin compression were the main drags, with EVS alone losing 157.5 billion VND. The results highlight the risk of aggressive proprietary trading strategies amid geopolitical volatility.