KBSV

VPS (VCK) leads Vietnamese securities firms with Q2 2026 pretax profit of VND 1,378B (+57% YoY), while BSI, KBSV, and VTG also report gains. SmartInvest (AAS) and VSC saw sharp declines. The mixed results reflect divergent performance among mid- and small-cap brokers amid higher market activity.

HCM and other Vietnamese securities firms plan to raise an additional 100 trillion VND in 2026, driven by regulatory changes, foreign ownership limits, and margin lending expansion. Most firms forecast double-digit profit growth, with HCM targeting 56%, VPX 44%, and VCI 41%.

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.