Vietnam's stock market is buzzing with unprecedented activity as the second quarter of 2025 wraps up, painting a vibrant picture of growth, divergence, and strategic shifts across sectors. According to Báo Đầu tư's survey of 37 securities companies operating on the stock exchange, the total profit of these firms soared beyond 7,700 billion VND in Q2, marking a 26% increase year-on-year and the highest profit ever recorded in a single quarter.
Leading this surge are Techcombank Securities (TCBS) and VIX Securities (VIX), both surpassing the 1,000 billion VND profit mark. TCBS maintained its leadership with a record quarterly profit of 1,420 billion VND, while VIX stunned the market by achieving 1,301 billion VND in profit, exceeding its previous highest annual profit of 966 billion VND in 2023.
VIX's remarkable performance is largely attributed to its financial assets recorded through profit/loss (FVTPL), which brought in 1,698 billion VND—more than seven times the profit from the same period last year. Nearly half of VIX's portfolio, valued at 6,184 billion VND, consists of listed stocks, with FVTPL assets representing 53% of its total assets at 12,921 billion VND. The company also aggressively expanded its margin lending, increasing this to over 9,274 billion VND by the end of Q2, nearly 3,500 billion VND more than six months prior.
This surge enabled VIX to leapfrog SSI Securities, whose parent company reported a Q2 profit of 922 billion VND, securing the second spot in industry profits. Together, TCBS, VIX, and SSI accounted for over 3,600 billion VND in profits, nearly half of the total profits among the surveyed securities firms.
LPBank Securities (LPBS) emerged as the fastest-growing player, with a staggering 15-fold increase in profit to 206.2 billion VND in Q2—the highest quarterly profit since its inception. This growth was driven by a strategic pivot towards investing in FVTPL assets, which ballooned from 612 billion VND at the start of 2025 to 6,742 billion VND by the end of Q2. LPBS also ramped up its short-term debt from 551 billion VND to 13,288 billion VND, fueling its expanded investment activities.
Similarly, CTS Securities, affiliated with the Vietnam Industrial and Commercial Bank, reported a breakthrough after-tax profit of 175.7 billion VND in Q2, a 741% increase from the previous year and its strongest performance in over three years. Other companies like VPBank Securities (VPBankS), ACB Securities (ACBS), and HD Securities (HDBS) also hit record profit highs, underscoring a robust sector-wide upswing.
Yet, not all players basked in this prosperity. Some familiar names experienced significant profit declines, highlighting a stark divergence within the industry. HSC and VCI, both among the top five by market share on HoSE, saw profits drop by over 30%. HSC's operating revenue slightly dipped to 1,073 billion VND, while its operating costs surged by 22%, mainly due to increased financial asset provisioning and loan loss provisions, culminating in a 38% profit decline to 47.3 billion VND for Q2.
VCI, despite a 26% revenue increase, suffered losses in proprietary trading amounting to approximately 13 billion VND, dragging its after-tax profit down by 34% to 183.9 billion VND. Consequently, both HSC and VCI slipped out of the top 10 most profitable securities companies, replaced by the likes of HDBS and LPBS.
Rong Viet Securities (VDSC) faced a rare setback, reporting a net loss of over 6.9 billion VND in Q2 due to a negative swing in FVTPL activities—losing over 22 billion VND despite some gains. The company attributed this downturn to adverse market conditions, including a period of decline influenced by U.S. tariff news. Other firms such as Tien Phong Securities (ORS), EVS Securities, and SBS Securities also recorded losses, primarily due to liquidity constraints and a sharp market dip in early April 2025.
Despite these challenges, the broader market narrative remains optimistic. On June 30, 2025, the VN-Index closed at its highest level since 2022, and July witnessed record-breaking liquidity surges, with daily trading volumes surpassing 30,000 to 40,000 billion VND. This bullish momentum bodes well for securities firms, which stand to benefit from increased proprietary trading, brokerage commissions, and margin lending activities.
Zooming out to the wider corporate landscape, nearly 970 listed companies—representing 97.1% of the market capitalization—released their Q2 financial results by August 1, 2025. Collectively, these firms posted a 33.6% increase in after-tax profits compared to the previous year, marking the highest growth rate in six quarters. The banking sector dominated, with seven of the top ten pre-tax profit earners hailing from this industry.
VietinBank notably surpassed Vietcombank, leading with a pre-tax profit of 12,097 billion VND, up 79% year-on-year. Other banks such as ABBank, NCB, and KienlongBank posted impressive profit growths of 222%, 535%, and 67%, respectively. The insurance sector also shone, with PVI increasing after-tax profit by 52% to 437 billion VND, and MIG nearly doubling its profit to 84 billion VND.
The financial services sector, encompassing securities and related businesses, demonstrated robust health with a total after-tax profit of approximately 4,250 billion VND in Q2, up 43% year-on-year. Over the first half of 2025, this sector accumulated profits of 7,500 billion VND, a 20% increase from the previous year.
Real estate companies showed varied fortunes. High performers like First Real, An Gia, Becamex IDC, Viglacera, and VEF posted extraordinary profit growth rates ranging from over 200% to more than 4,000%. Conversely, Novaland reported the largest loss in the sector with a pre-tax deficit of 138 billion VND, though this was an improvement over its prior year performance.
The steel industry also reflected mixed results. Hoa Phat (HPG) recorded a 33% increase in pre-tax profit to 4,972 billion VND, while Tisco's profit skyrocketed by 5,899%. However, companies like SMC, Đại Thiên Lộc, and Gang thép Cao Bằng reported losses. The automotive sector saw remarkable growth, particularly HHS, with a 3,075% profit increase.
Construction materials firms mostly thrived, with only a few exceptions like HCD and Vicostone showing declines, and Taicera posting a loss. Meanwhile, Nhựa Bình Minh and Nhựa Tiền Phong both reported record profits. The electricity sector enjoyed substantial growth, with multiple companies doubling or tripling profits.
Industry experts like Mr. Đào Hồng Dương, Director of Industry and Stock Analysis at VPBank Securities, attribute much of the profit surge to increased margin income and gains from FVTPL portfolio differences. He highlights that companies such as VIX, SHS, and VCI notably benefited from their investment portfolios in Q2.
Looking ahead, the outlook for securities companies remains promising. The booming stock market is expected to drive positive results in Q3, with brokerage activities anticipated to recover strongly in the latter half of 2025. Liquidity surges could restore gross profit margins in brokerage to levels seen in 2018 or 2021, signaling a potential renaissance for the sector.
In sum, while the Vietnamese stock market and corporate sectors display clear signs of vigorous growth and opportunity, the landscape is not without its challenges. Divergences in company performances underscore the importance of strategic agility and market responsiveness. Yet, with record profits, rising indices, and surging liquidity, the stage is set for an exciting and dynamic period ahead.
