Vietnam’s securities industry entered 2026 with stronger top-line expectations, but the first quarter showed a more uneven picture beneath the headline numbers. According to figures compiled from 40 large brokerage firms, combined pre-tax profit came to about VND 7,500 billion, up roughly 21% from a year earlier but 22% lower than the final quarter of 2025. That made it the weakest quarter for the group in the past year, even as the sector continued to benefit from hopes that an upgrade in market status could bring in fresh capital.

The leadership table shifted at the top. SSI Securities reported consolidated pre-tax profit of VND 1,593 billion, a gain of 33% year on year, according to its first-quarter results, and moved into first place in the industry. VPS followed closely with VND 1,547 billion, up 68% from a year earlier and, unusually, also higher than in the previous quarter. By contrast, TCBS, which had held the profit crown for several quarters, posted VND 1,458 billion in pre-tax profit after an especially strong final quarter of 2025, leaving it below both SSI and VPS despite still delivering double-digit annual growth.

The quarter also exposed sharp divergence across the sector. More than 20 firms reported losses, with proprietary trading emerging as the most common drag on earnings. CVS Securities extended its losing streak to 15 straight quarters, while Apec Securities remained in the red with a VND 38 billion loss. Smaller names including Viet Securities, Eurocapital, Ky Nguyen Moi and Japan Securities also stayed unprofitable. EVS Securities suffered the steepest reversal, swinging to a loss of VND 197 billion from a profit of VND 18 billion a year earlier, while T-Cap Securities, BIS Securities and Finhay Securities also reported losses.

Brokerages have increasingly leaned on their own investment books to protect returns as commission competition and margin lending pressure margins, but that strategy has made results more vulnerable to market swings. Companies have pointed to turbulence in global risk assets, including shocks linked to tensions in the Middle East, as a factor behind provisioning and portfolio losses. Even so, the biggest players remain optimistic. At recent annual meetings, TCBS set targets for 2026 revenue of VND 13,227 billion and pre-tax profit of VND 7,535 billion; VPBankS projected revenue of VND 11,074 billion and profit of VND 6,453 billion; and SSI approved a plan for revenue of VND 15,660 billion and pre-tax profit of VND 5,838 billion, which would be its highest profit on record if achieved.

Source Reference Map

Inspired by headline at: [1]

Sources by paragraph:

Source: Noah Wire Services