VCK

VanEck Vietnam ETF's Q2 2026 rebalancing is expected to add VPL and MSB while removing HDG and CTR, with significant net buying in MSB, VCK, and VPL. Net selling pressure is forecast on NVL, VHM, and VIC. Foreign investors net sold VND 3,124 billion (~USD 124.96 million) on the Vietnamese market.

ITD was added to HOSE's margin-cut list after receiving a tax penalty for fiscal years 2022-2025, totaling VND 630.6 million. The list now includes 68 stocks, many under warning, control, or with negative profits, restricting leverage for investors.

VPS Securities (VCK) plans to issue up to 240 million private shares in 2026, equivalent to 9.9% of outstanding shares, to raise capital for margin lending. The company also reported Q1 2026 pre-tax profit of VND 1,547 billion, up 68% YoY, driven by strong brokerage and lending income. The placement, subject to shareholder approval, will dilute existing holders but bolsters VCK's capacity in a growing market.

HOSE has removed margin eligibility for 67 stocks effective May 2026, citing warning/control status, negative earnings, or listing under six months. The list includes AAN (listed May 22), ABS, HVN, and DLG, restricting leverage for retail investors and potentially reducing trading liquidity in these names.

Vietnam-dedicated ETFs saw net outflows of VND 501 billion (USD 20 million) in the week of May 11-15, 2026, with domestic ETFs accounting for VND 284 billion and foreign ETFs for VND 217 billion. The largest net selling was concentrated in VIC, HPG, VHM, MSN, and STB, reflecting persistent foreign investor caution amid global rate uncertainty.

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.

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%.

SSI plans to raise approximately 9,262 billion VND in 2026, potentially becoming the first Vietnamese brokerage to exceed 30,000 billion VND in charter capital. The sector-wide capital increase, estimated at ~100,000 billion VND, is driven by regulatory changes including 100% foreign ownership limits and margin lending constraints. Investors should monitor dilution risks and capital deployment efficiency.

Foreign ETFs recorded a net withdrawal of over VND 4 billion in the week of April 28-29, 2026, mainly from Fubon FTSE Vietnam ETF and Xtracker Vietnam ETF, while VanEck Vietnam ETF saw net inflows. Top stocks sold included VIC, BID, TPB, FRT, STB. The modest outflow reflects continued foreign caution amid tight credit conditions.

Vietnam-focused ETFs reversed seven consecutive weeks of outflows with a net inflow of VND 469 billion (USD 18.76 million) in the week of April 20-24, 2026. Domestic ETFs, led by VFMVN Diamond ETF, drove the buying, while foreign ETFs saw slight net outflows. Top stocks bought include GMD, MWG, PNJ, GAS, and FPT.

Foreign investors net sold nearly VND 1,950 billion (USD 78 million) on April 24, 2026, ahead of a long holiday, with VN-Index falling 17 points to 1,853.29. Banking and real estate stocks, including VIC, VHM, and VCB, were the main drags, while oil & gas stocks saw some buying. The selling pressure reflects cautious positioning before the break, with market breadth negative.