Record-breaking Gains in Securities Yield Sweep Past Records, Leaving a Select Few Struggling
In the dynamic world of Vietnamese securities, Q2 2025 has seen a diverse yet generally strong performance from leading firms. While some experienced profit declines, others posted record or significantly improved earnings.
Leading the pack is Techcom Securities (TCBS), which reported a net profit of VNĐ1.42 trillion (US$54.3 million) in Q2, marking a 32% increase from the previous quarter and an 8% year-on-year growth. For the first half of 2025, TCBS achieved VNĐ3.04 trillion in pre-tax profit, reaching 53% of its full-year target.
SSI Securities Corporation also saw strong growth, with Q2 operating revenue up 30% year-on-year, after-tax profit at VNĐ923 billion (the highest in 14 quarters), and revenue for the first half rising 11% year-on-year. Notably, interest income from lending increased by 60%.
VIX Securities, on the other hand, recorded a net profit of VNĐ1.3 trillion in Q2, more than ten times that of the previous year, setting a new record for the sector. Gains from financial assets recorded through profit or loss hit around $68 million for VIX in Q2, more than seven times the figure from the corresponding period last year. By the end of Q2, VIX had $371 million in outstanding margin loans - up nearly $140 million in just six months.
However, firms like FPTS, HSC, and Vietcap saw sharp profit declines during the same period. HSC, a Top 5 securities firm by market share on Ho Chi Minh Stock Exchange in Q2, saw its profits decline by over 30%. HSC's Q2 post-tax profit dropped to $1.9 million, down 38 per cent on-year.
The overall sector profits for 37 listed securities firms rose approximately 26% year-on-year in Q2 2025 to $308 million, marking the highest quarterly earnings ever recorded.
Key factors contributing to this trend include market liquidity, interest income growth, trading securities profit, and foreign capital inflows. Sluggish market liquidity in the first half of 2025 and a sharp market correction in early April due to reciprocal trade tariffs caused profit declines for some firms. However, foreign capital inflows, particularly in July, boosted market sentiments, with net purchases from foreign investors reaching the highest level since early 2023.
The strong performance of securities firms like Techcom Securities, SSI Securities, and VIX Securities indicates a resilient and growing Vietnamese securities market. With favourable market conditions and continued foreign investment, the sector outlook remains positive heading into Q3.
[1] Source: Vietnam Investment Review [2] Source: Saigon Times [3] Source: VietnamNet Bridge [4] Source: VnExpress [5] Source: VietnamPlus
- The finance sector, specifically securities firms like Techcom Securities, SSI Securities, and VIX Securities, are showing a resilient and growing trend in the Vietnamese market, with strong investing performances and positive outlooks, as indicated by their Q2 2025 earnings.
- Businesses in the securities industry, such as Techcom Securities and SSI Securities, have reported substantial growth in areas like interest income, trading securities profit, and foreign capital inflows, contributing to the overall sector's record-breaking earnings in Q2 2025.
