VPB

Margin lending by Vietnamese securities companies reached a record 445,000 billion VND ($17.8B) by end-Q2 2026, up 30,000 billion from Q1. Five firms—TCBS, SSI, VPBankS, VPS, HSC—each have over $1B in loans, reflecting strong leverage demand and the competitive edge of bank-backed brokers like TCBS and VPBankS.

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.

National Securities (VCI) swung to a pre-tax loss of VND 97B in Q2/2026 from a profit of VND 42B a year earlier, driven by a 50% revenue decline and a 75% increase in operating costs. The loss was primarily due to a near-total collapse in gains from FVTPL financial assets, which fell from VND 96B to just VND 1B. The weak results underscore the impact of adverse market conditions on VCI's proprietary trading and brokerage income.

MWG (Mobile World Group) attracted the largest net foreign buying of VND 206 billion on July 20, even as the VN-Index dropped 44 points and foreign investors overall net sold VND 86 billion across the market. The buying interest in MWG contrasts with heavy net selling in VCB, STB, and VPB, suggesting selective foreign allocation toward retail amid the broad sell-off.

VPBank's consumer finance arm FE Credit posted a 43% drop in net profit to VND 152 billion in H1 2026, despite revenue rising 7.7% to VND 10.2 trillion. Credit risk provisions of VND 6.2 trillion absorbed nearly all pre-provision profit, underscoring persistent asset quality challenges.