In the leading group, VPBank Securities impressed with Q2 pre-tax profit reaching VND2,159 billion, a more than 3.9-fold increase over the same period; cumulative 6-month profit reached VND2,673 billion.

TCBS continued to maintain its position with Q2 pre-tax profit reaching VND2,097 billion, a 21 percent increase, while 6-month profit reached VND3,555 billion.

SSI Securities announced Q2 pre-tax profit according to separate financial statements reaching VND1,511 billion, a 32 percent increase over the same period. Cumulatively in the 1st half of 2026, SSI recorded pre-tax profit of VND3,122 billion, a 39 percent increase over the same period.

VNDirect also recorded a breakthrough when Q2 pre-tax profit surged 127 percent to VND1,106 billion, with cumulative 6-month profit reaching VND1,787 billion. VPS reached VND1,378 billion in Q2, up 57 percent. Pre-tax profit of HDS reached about VND1,118 billion, increasing more than 3.9 times in Q2 and reaching VND1,470 billion after 6 months, an increase of nearly 3.9 times.

Many small and medium-sized companies also recorded very high growth, such as OCBS in the 1st 6 months increasing more than 13 times over the same period, EVS increasing more than 5 times. ABS recorded Q2/2026 profit increasing nearly 5 times over the same period and more than 3 times after 6 months; BMS increased 117 percent after the 1st half of the year.

On the opposite side, many "stars" of the industry recorded less positive results.

VIX Securities recorded Q2 pre-tax profit of only nearly VND75 billion, a drop of up to 95 percent over the same period. Profit after tax fell 94 percent, mainly due to weakened proprietary trading activities. Cumulative for 6 months, this company completed only about 8 percent of its full-year profit plan.

VietinBank Securities JSC (CTS) also recorded Q2 pre-tax profit of only nearly VND19 billion, a 91 percent decrease, the lowest level in 13 quarters. The company stated that the proprietary trading segment suffered losses while interest expenses increased sharply, pulling business results down.

Bao Viet Securities (BVSC) saw a 33 percent decline in Q2 profit, SBB Securities (SBBS) still had cumulative losses after 6 months, National Securities suffered a pre-tax loss of VND97 billion in Q2, and New Era Securities (NESC) continued to suffer losses.

Market divergence widens as proprietary trading becomes decisive

The huge differences in business results reflect an increasingly polarized securities industry.

The firms posting high profits generally have large capital bases and advantages in margin lending, investment banking and, in particular, proprietary trading portfolio management. VPBankS, TCBS, VPS and VNDirect all have charter capital ranging from more than VND15 trillion to VND27 trillion and maintain multiple revenue streams.

However, a large capital base does not necessarily translate into high profits. The weak financial performance of one securities firm was mainly attributed to proprietary trading, as both gains from asset sales and gains from revaluing its investment portfolio fell sharply, while revenue from margin lending was insufficient to offset the decline.

The development partly reflects the challenging backdrop facing the stock market. On July 20, the VN-Index plunged 44 points, its steepest decline in six weeks. A number of major stocks fell sharply, with SHB hitting the floor price, HPG dropping to a one-year low and SSI also nearing its daily limit-down level.

The market is currently under pressure from multiple factors, including high deposit interest rates, liquidity pressures in the banking system, Brent crude prices rising to around $88 a barrel and expectations that the US Federal Reserve will maintain a tight monetary policy. These factors are weakening capital flows into equities while increasing companies' funding costs.

According to MB Securities (MBS), Vietnam's macroeconomic fundamentals remain positive, with GDP growth exceeding 8 percent in the first half of the year, inflation under control and a favorable growth outlook. However, high interest rates are reducing the appeal of equities and putting pressure on the profits of many companies.

The divergence is evident not only in the business results of securities firms but also in stock price movements. 

Many major stocks, including FPT, HPG, MWG, SSI, PNJ, DGC and PC1, have fallen sharply. Some have retreated to price levels below or around the lows recorded during the April 2025 market turmoil after the US announced reciprocal tariffs. Meanwhile, some large-cap stocks, particularly those linked to the Vin group, have continued to trade at elevated levels.

Manh Ha