Vietnam’s securities firms reported a mixed first quarter in 2026, with top-line growth overshadowed by earnings divergence driven by market volatility and strategic shifts amidst global risks.
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
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
8
Notes:
The article was published on 3 May 2026, reporting on Q1 2026 results. The earliest known publication date of similar content is 15 April 2026, when TCBS released its Q1 2026 business results. ([tcbs.com.vn](https://www.tcbs.com.vn/en/news/press-release/tcbs-press-release-on-tcbss-business-results-for-q1-2026/?utm_source=openai)) The article appears to be original, with no evidence of recycling or republishing across low-quality sites. However, the narrative is based on a press release, which typically warrants a high freshness score. No discrepancies in figures, dates, or quotes were identified. The article includes updated data without recycling older material. Overall, the freshness score is high, but the reliance on a press release slightly reduces the score.
Quotes check
Score:
7
Notes:
The article includes direct quotes from company representatives. The earliest known usage of these quotes is in the press release dated 15 April 2026. ([tcbs.com.vn](https://www.tcbs.com.vn/en/news/press-release/tcbs-press-release-on-tcbss-business-results-for-q1-2026/?utm_source=openai)) The wording of the quotes matches the press release, indicating they are not reused from earlier material. However, the quotes cannot be independently verified beyond the press release. Unverifiable quotes slightly reduce the score.
Source reliability
Score:
6
Notes:
The article originates from Laodong News, a Vietnamese news outlet. While it is a known publication, it is not a major international news organisation. The article appears to be summarising or aggregating content from the press release by TCBS, which is a corporate source. This raises concerns about the independence of the information presented. The reliance on a corporate press release and the lack of independent verification sources slightly reduce the score.
Plausibility check
Score:
7
Notes:
The article reports on Q1 2026 financial results of several securities companies, including TCBS, SSI, and VPS. These results are consistent with other reports from April 2026, such as those from Investify and Vietstock. ([investify.vn](https://investify.vn/en/blog/2026-04-27-bctc-q1-2026-vietinbank-evs?utm_source=openai)) The claims made in the article are plausible and align with industry trends. However, the lack of supporting detail from other reputable outlets and the reliance on a single source slightly reduce the score.
Overall assessment
Verdict (FAIL, OPEN, PASS): FAIL
Confidence (LOW, MEDIUM, HIGH): MEDIUM
Summary:
The article presents information on Q1 2026 financial results of securities companies, primarily sourced from a press release by TCBS. While the content is timely and plausible, the heavy reliance on a corporate press release without independent verification sources raises concerns about the reliability and independence of the information. The lack of independent verification sources significantly reduces the overall assessment.
Supercharge Your Content Strategy
Feel free to test this content on your social media sites to see whether it works for your community.
