VCI

National Securities (VCI) swung to a pre-tax loss of VND 97B in Q2/2026 from a profit of VND 42B a year earlier, driven by a 50% revenue decline and a 75% increase in operating costs. The loss was primarily due to a near-total collapse in gains from FVTPL financial assets, which fell from VND 96B to just VND 1B. The weak results underscore the impact of adverse market conditions on VCI's proprietary trading and brokerage income.

Foreign investors net sold VND 2,080 billion (USD 83.2M) across Vietnam's market last week, with FPT being the most sold stock at VND 606 billion, while VNM led net buying at VND 328 billion. The sell-off contributed to a 40-point drop in the VN-Index, which closed at 1,787.45.

Vietnam's stock market is set for FTSE emerging market reclassification in September 2026, with ACBS projecting net foreign buying of approximately USD 128 million across 19 eligible stocks. VIC leads with an estimated USD 60 million inflow, followed by VHM at USD 19 million, signaling positive sentiment for large-cap and select mid-cap names.

ACBS estimates 19 Vietnamese stocks will be added to the FTSE Global Equity Index Series after Vietnam's market upgrade in September 2026, triggering net foreign buying of approximately $128.2 million. VIC and VHM are expected to receive the largest inflows, at $60 million and $19 million respectively, with Vingroup ecosystem stocks accounting for 67.7% of total estimated net purchases.

Three foreign ETFs (VNM, FTSE, Fubon) managing $1.3B in Vietnamese stocks have seen net outflows since early 2026, with Fubon ETF losing $111M despite a 4.8% return. VIC remains the top holding across all three funds, while VHM, HPG, MSN, and SSI also feature prominently.

NVL was the most sold stock by proprietary trading desks on HOSE on June 3, with net selling of VND 87 billion, as total proprietary net selling reached VND 995 billion. The selling pressure adds to NVL's recent decline, with the stock closing at VND 13,600, down 4.23% on the day.

NSI forecasts securities industry debt could rise at least 40-50% in 2026, boosting margin lending and liquidity for firms like SSI, TCX, VPX, HCM, and VCI. However, higher capital costs lead NSI to cut 2026 revenue and profit forecasts by 3.8% and 5.4% respectively, while new provisioning rules add cost pressure.

GEE was the most sold stock by proprietary trading desks on May 28, with net selling of 117 billion VND, as the VN-Index fell 0.57%. Foreign investors also net sold 551 billion VND across the market. VHM was the top net bought stock by proprietary desks at 44 billion VND.

HPG is set to receive the largest net inflow of ~VND 284B from two major foreign ETFs (Xtrackers Vietnam Swap UCITS ETF and VanEck Vietnam ETF) during their June 2026 rebalancing, while SSI faces the largest outflow of ~VND 250B. The rebalancing, with combined fund assets of nearly $1.2B, will also see BSR, EIB, and NAB gain and VIX, VCI, and DGC lose weight.