VIX Q1 2026 Net Profit Falls 63% as Proprietary Trading Losses Mount

Overview

VIX Securities Joint Stock Company (VIX) reported a 63% year-on-year decline in Q1 2026 net profit to VND 138.3 billion, its lowest quarterly profit in five quarters, according to its filing with the State Securities Commission (SSC). The sharp drop was primarily attributed to a VND 82 billion loss in proprietary trading activities, reversing a VND 330 billion profit from Q1 2025, amid a weak stock market. Separately, EVS Securities Joint Stock Company (EVS) reported a net loss of VND 157 billion for the quarter, becoming the securities sector’s heaviest loss-maker.

Key Facts

• VIX’s Q1 2026 net profit fell 63% year-on-year to VND 138.3 billion.
• The company’s proprietary trading segment recorded a loss of VND 82 billion, versus a profit of VND 330 billion in Q1 2025.
• VIX’s financial expenses surged 3.6 times year-on-year to nearly VND 150 billion.
• EVS reported a Q1 2026 net loss of VND 157 billion, compared to a profit of over VND 10 billion in Q1 2025.
• The VN-Index breached the 1,600-point level during the quarter, a context cited by companies for weak market performance.
• VIX’s core lending and brokerage segments remained growth areas, with revenues of VND 349 billion and nearly VND 27 billion, respectively.
• The fair value through profit or loss (FVTPL) revaluation gap for VIX showed a sharp increase in both upward (to VND 1,074B) and downward (to VND 1,204B) adjustments, with negative impacts mainly from listed equities.

What Happened

VIX Securities disclosed its Q1 2026 financial results in a filing submitted to the State Securities Commission. The company stated that the significant profit decline was due to the downturn in the stock market during the early months of the year, which severely impacted its proprietary trading operations. Specifically, the proprietary trading segment swung to a VND 82 billion loss from a VND 330 billion profit in the same period last year. The company noted that negative impacts primarily stemmed from its listed equity channel, despite most transaction volume occurring in the listed bond channel.

EVS Securities also reported its Q1 2026 results, posting a net loss of VND 157 billion, a stark reversal from a profit of over VND 10 billion in Q1 2025. While the article’s excerpt cuts off before detailing EVS’s full explanation, it identifies the company as the sector’s heaviest loss-maker for the quarter to date. The broader context, as noted in the source article, is that several securities firms attributed weak Q1 performance to poor market conditions, with the VN-Index at times falling below the 1,600-point threshold.

Market Context

VIX is listed on the HOSE. The stock closed at VND 18,000 on April 15, 2026, up 0.28% on volume of 48.3 million shares. The modest single-day gain contrasts with the significant profit decline reported for Q1, suggesting the market may have partially anticipated weak results given the challenging trading environment for securities firms. The performance of VIX and EVS reflects a sector-wide trend where proprietary trading, a key earnings driver during bull markets, has become a major liability amid market volatility and declining indices.

Strategic Significance

The Q1 results underscore the high earnings volatility inherent in the Vietnamese securities brokerage model, where proprietary trading can dramatically amplify profits or losses depending on market cycles. For VIX, the sharp contraction in profit despite growth in core lending and brokerage highlights its continued reliance on trading income. The surge in financial expenses, up 3.6 times year-on-year, further pressures margins and indicates higher funding costs in a rising interest rate environment. The divergent performance between trading losses and core service growth presents a strategic challenge: balancing stable fee-based income against the high-risk, high-reward proprietary book.

What to Watch

• VIX’s Q2 2026 earnings release, expected in late July 2026, for signs of trading segment recovery or further stress.
• Monthly securities trading value and VN-Index trends as leading indicators for proprietary trading profitability.
• Management commentary on cost-control measures, particularly regarding financial expenses and trading risk management.
• EVS’s full Q1 2026 financial report and explanation for its significant loss.
• Regulatory developments or policy support from the State Securities Commission aimed at stabilizing the market.