VPS

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.