Vietnamese securities sector financial and structural shifts

The Vietnamese securities sector has undergone significant shifts in capital structure, governance, and market hierarchy throughout 2026.

Individual firms have reported varying financial trajectories. Techcombank Securities (TCBS) reported record quarterly pre-tax profits in Q2 2026 and approved a plan to issue nearly 555 million shares for a 20% dividend, which is expected to increase its charter capital. Conversely, SBB Securities (SBBS) reported to the State Securities Commission after its equity fell below the 85 billion VND regulatory minimum, prompting a capital increase plan. Additionally, SMC Trading Investment Joint Stock Company proposed restructuring debt through share swaps and transitioning its governance from a Supervisory Board to an Audit Committee.

Broader market trends show a reshuffling of the top 10 securities companies by market capitalization. While SSI previously held dominance, new entrants such as Techcom Securities (TCX), VPBank Securities (VPX), and VPS Securities (VCK) have altered the hierarchy, with TCX surpassing SSI. Despite a 9% increase in the VN-Index, several leading firms saw declines in capitalization, including Saigon - Hanoi Securities (SHS), which fell from 6th to 11th place. Financial reports also highlighted high executive compensation, such as at Ho Chi Minh City Securities Corporation (HSC), where the CEO received 4.8 billion VND in remuneration during the first half of the year.