ORS

The State Bank of Vietnam issued Circular 25 on June 22, raising the short-term capital to medium- and long-term loan ratio from 30% to 40% effective July 1, a regulatory easing that boosted banking stocks across the board. The VN-Index rose 10.95 points to 1,868.86 by 10:30 on June 23, led by Vingroup and banks, with foreign investors net buying VIC shares worth nearly VND 238 billion.

Vietnamese securities companies face rising risks from higher interest rates, including unrealized losses on corporate bonds, heavy reliance on short-term bank loans (88% of debt), and margin-to-equity ratios nearing the 200% regulatory cap at firms like HCM (195.4%) and MBS (177.6%). The sector's total assets surged 48% to VND 904 trillion in 2025, driven by margin lending and equity raises.

In the first week of May, the VN-Index set a new record high of 1,915.37 points, up 3.3%, driving a sharp rotation into securities stocks. VDS saw trading volume jump nearly 120% and ORS nearly 100%, while real estate and steel stocks experienced declining liquidity. The shift highlights investor preference for brokerages during the index rally.

VIX and HCM hit ceiling prices on May 6 as the VN-Index rose 16.35 points to 1,891.2, driven by expectations that Vietnam may be added to MSCI's watchlist in June 2026. Foreign investors net sold over VND 1,100 billion, mainly in FPT, but the securities sector saw strong domestic inflows.

VIX and HCM hit ceiling as a broad securities rally drove VN-Index up 0.87% on rumors that five companies received approval to open a tokenized asset exchange. The sector saw massive volume, with VIX and SSI among the top five most traded stocks on HoSE. The move reflects speculative sentiment rather than fundamental catalysts, but the breadth and liquidity confirm strong short-term buying pressure.

ORS (Chứng khoán Tiên Phong) reports Q1 2026 pretax profit of VND 42 billion, a 1,961% surge from VND 2 billion a year ago, driven by revenue of VND 270 billion and a 71% cost reduction. Nine other small-cap securities firms also posted triple-digit profit growth, though most started from a low base, limiting absolute scale.

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.

VNDirect (VND) posted Q1 2026 pre-tax profit of VND 681 billion, a 43% year-on-year increase, as part of a broader earnings release wave. TP Securities (ORS) led with a 1,961% surge to VND 42 billion, while ACBS grew 67% to VND 303 billion, highlighting divergent performance in Vietnam's securities sector amid mixed market conditions.

ORS posted a Q1 2026 pre-tax profit of VND 42B, representing a 1,957% year-on-year surge, the most dramatic growth among reporting securities firms. HSC reported a 28% profit increase to VND 363B, while CTS saw a 38% decline to VND 82B. The divergent results highlight the uneven recovery in Vietnam's brokerage sector amid varying market conditions.

Vietnamese securities stocks surged on May 6, led by VIX (+6.99%), HCM (+6.95%), and SSI (+4.4%), driven by expectations of an MSCI emerging market upgrade. SSI Research reports Vietnam now meets 10/18 criteria, with key barriers resolved. The rally signals strong domestic sentiment despite continued foreign net selling of VND 1,100 billion.