VPS

Securities companies including SSI, VPS, and HSC achieved record Q1 margin lending revenue of over 11,200 billion VND, with total outstanding loans reaching 420,000 billion VND. The surge reflects capital optimization and strong customer demand, boosting the lending revenue share to 36% of total revenue, up from the typical 28-30%.

VPS Securities targets a charter capital increase to VND 26,749 billion (over USD 1 billion) via a private placement of 9.8% of outstanding shares, subject to shareholder approval. The move would make VPS the third Vietnamese securities company to surpass the USD 1 billion capital mark, following SSI and TCBS, and aims to expand margin lending capacity.

Margin debt-to-equity across Vietnamese securities firms reached 99.7% in Q1 2026, with HCM at 195.4%, MBS at 177.6%, and KBSV at 184%, approaching the regulatory cap of 200%. The trend signals elevated leverage and potential systemic risks, especially as some firms expand lending while market liquidity remains below previous peaks.

SSI posted Q1 2026 pre-tax profit of VND 1,593 billion, a 52% year-on-year increase, securing the top spot among Vietnamese securities firms. The broader sector saw total pre-tax profit rise ~21% YoY to over VND 9,642 billion, with VPS and TCBS also joining the trillion-VND profit club, while EVS reported a significant loss of nearly VND 200 billion.

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.