Statistics compiled by Investment Newspaper on 37 securities companies operating on the stock exchange show a strong differentiation in business performance in the second quarter of 2025. The statistics include all securities companies with the largest market share, which are typical businesses representative of the entire industry.
The total profits of these companies exceeded VND 7,700 billion in the second quarter of 2025, a 26% increase compared to the same period last year, marking the highest profit level ever recorded. Although the overall industry profit is peaking, a clear divergence occurred in the second quarter, with many companies surging and driving profits higher, while some familiar securities firms experienced a decline.
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Stock market profits hit new highs.
In the second quarter of 2025, the market saw two securities companies report profits exceeding one trillion VND: Techcombank Securities Joint Stock Company (TCBS) and VIX Securities Joint Stock Company (VIX). TCBS maintained its leading position in terms of profit, bringing in 1,420 billion VND in the second quarter, its highest quarterly profit to date.
The surprise came from VIX, as in the second quarter alone, this securities company recorded a surge in profit, reaching VND 1,301 billion, surpassing even its highest-profit year in history (2023, after-tax profit reached VND 966 billion). The favorable stock market conditions helped boost VIX's revenue across various segments, especially proprietary trading. Profits from financial assets recognized through profit/loss (FVTPL) brought in VND 1,698 billion for VIX, more than seven times the profit from the same period last year.
Although VIX did not disclose detailed information about the securities in its proprietary trading portfolio, the majority of the portfolio consists of listed stocks, valued at VND 6,184 billion, accounting for 48% of the portfolio. The remainder includes investment trusts, unlisted bonds, and unlisted stocks. FVTPL assets also account for a large portion of VIX's assets, valued at VND 12,921 billion, equivalent to 53% of total assets.
Interest income from loans also increased sharply and contributed significantly to VIX's operating revenue, as the securities company continuously increased its margin lending activities. By the end of Q2/2025, VIX had used over VND 9,274 billion for margin lending, an increase of nearly VND 3,500 billion in just 6 months.
Thanks to substantial profits from proprietary trading and margin trading, VIX achieved its highest quarterly profit in history, reaching ten times the results of the same period last year. This profit helped VIX surpass SSI Securities Corporation and rise to second place in the industry in terms of profit (SSI's parent company's profit in Q2/2025 reached VND 922 billion).
The top 3 alone (including TCBS, VIX, and SSI) generated a combined profit of over 3,600 billion VND, accounting for 47% of the total profit of the 37 securities companies surveyed.
In the second quarter of 2025, the stock market recorded positive growth. Closing the final trading session of the quarter on June 30, 2025, the VN-Index reached its highest level since 2022. Along with this positive development, the revenue and profits of securities companies also improved significantly.
In the second quarter, while VIX was the securities company that surged to over a trillion VND in profit, LPBank Securities Joint Stock Company (LPBS) had the highest increase, with profits reaching 206.2 billion VND, 15 times higher than the same period last year.
Similar to VIX, LPBS's growth this quarter was largely driven by its proprietary trading activities. While in Q2/2024, proprietary trading did not generate much profit, and most of its operating revenue came from interest on investments held to maturity (HTM) in the form of bank deposits, this quarter, profits from FVTPL (Free and Variable Profit) surged, pushing LPBS's overall profit level higher. The profit of VND 206 billion is the highest quarterly profit LPBS has achieved since its inception.
Notably, LPBS quickly shifted its strategy by significantly increasing its investment in FVTPL assets in the first half of 2025. While at the beginning of 2025, the securities company's FVTPL assets amounted to just over VND 612 billion, representing a low proportion of its total assets of VND 5,066 billion at that time, LPBS increased its investment to VND 3,371 billion in the first quarter and further pushed it up to VND 6,742 billion by the end of the second quarter, equivalent to 11 times the value at the beginning of the year.
In the first half of 2025, LPBS also boosted its capital to invest in business activities. The securities company increased its short-term debt from VND 551 billion to VND 13,288 billion within six months. Regarding asset allocation, funds flowed into two main asset segments: FVTPL assets (VND 6,742 billion) and HTM assets (VND 6,854 billion). Meanwhile, the lending segment (margin and advance payments) only increased slightly from VND 2,664 billion at the beginning of the year to VND 2,732 billion.
Another securities company affiliated with a bank, Vietnam Industrial and Commercial Bank Securities Joint Stock Company (CTS), also recorded exceptional results, with after-tax profit reaching VND 175.7 billion, equivalent to a 741% increase compared to the second quarter of last year. While this is not CTS's largest quarterly profit in history, it is still the best result the securities company has achieved in over three years, since the previous peak of the stock market in the fourth quarter of 2021.
Along with increased activity, several other securities companies also reached peak profits in Q2/2025, such as VPBank Securities Joint Stock Company (VPBankS),ACB Securities Company Limited (ACBS), and HD Securities Joint Stock Company (HDBS).
Victory is not for everyone.
Although the overall market recorded new record profit levels, amidst this positive picture, there are still dark spots, where many securities companies recorded declining profits, or even losses.
The list of companies experiencing profit declines includes many familiar securities companies, even those holding large market shares, such as BIDV Securities Joint Stock Company (BSC), Ho Chi Minh City Securities Joint Stock Company (HSC), FPT Securities Joint Stock Company (FTS), Vietcap Securities Joint Stock Company (VCI), Vietnam Foreign Trade Commercial Bank Securities Company (VCBS), and KIS Vietnam Securities Joint Stock Company (KIS)...
The total profit of 37 securities companies operating on the stock exchange exceeded VND 7,700 billion in the second quarter of 2025, a 26% increase compared to the same period last year, marking the highest profit level ever recorded. 
Among the top 5 securities companies with the highest market share on the HoSE exchange in Q2/2025, HSC and VCI experienced a profit decline of over 30%. Specifically, HSC failed to achieve a breakthrough this quarter, with most activities remaining approximately the same as the same period last year, and operating revenue reaching VND 1,073 billion, a slight decrease of VND 20 billion compared to the same period.
Meanwhile, operating expenses increased by 22%, mainly due to increased provisions for financial assets, handling of losses on doubtful receivables, and borrowing costs for loans. As a result, in the second quarter of this year, HSC's after-tax profit was VND 47.3 billion, a decrease of 38% compared to the same period last year. For the first six months of the year, the company's profit was VND 103.7 billion, a decrease of 28%.
On VCI's side, the company's revenue increased by 26% in Q2/2025. However, while profit from FVTPL reached VND 579 billion, losses in this activity amounted to VND 591.5 billion, resulting in a loss of approximately VND 13 billion from proprietary trading. Consequently, VCI's after-tax profit decreased by 34%, reaching VND 183.9 billion.
With these results, both VCI and HSC have dropped out of the top 10 most profitable securities companies in the industry, replaced by the rise of HDBS and LPBS. Previously, in the first quarter of 2025, VCI and HSC were still on the list, ranking 6th and 10th respectively in the industry.
Surprisingly, in the second quarter of 2025, Rong Viet Securities Joint Stock Company (VDSC) bucked the market trend, recording a net loss of over 6.9 billion VND. However, thanks to profits from the first quarter, VDSC still had a profit of 10.9 billion VND in the first six months of the year.
While many companies are seeing soaring profits from proprietary trading, VDSC is suffering losses in this segment. Profits from FVTPL in the second quarter amounted to nearly VND 16.3 billion, but losses from this activity exceeded VND 38.4 billion, resulting in a net loss of over VND 22 billion for VDSC. In the same period last year, proprietary trading remained the largest contributor to VDSC's operating revenue.
Other activities such as interest from loans and receivables, and brokerage revenue also decreased by 2% and 23% respectively compared to the same period. Only interest from HTM investments increased.
Instability is occurring at VDSC, as the company's most recent quarterly loss was just recently (Q4/2024, VDSC lost 28.8 billion VND). Explaining the loss in Q2, VDSC attributed it to adverse market impacts, including a period of decline due to tariff information from the US.
The market also recorded other loss-making companies during the period, such as Tien Phong Securities Joint Stock Company (ORS), EVS Securities Joint Stock Company, SBS Securities Joint Stock Company, etc. The majority of securities companies experiencing profit declines were due to the impact of limited liquidity in the first half of the year and the sharp drop in early April 2025.
However, given the overall industry outlook, Q2/2025 still marks a new profit cycle for the securities sector. In particular, securities companies are the leading sector driving the growth of financial companies.
Expectations remain high for this sector as new historical milestones for the VN-Index are set in July 2025, with liquidity surging to over 30,000-40,000 billion VND per session. Amidst this stronger stock market activity, securities companies are the first to benefit, with their proprietary trading, brokerage, and margin trading operations all boosted.
In the current context, expecting an even more positive business quarter in Q3/2025 is not at all impossible for securities companies.
Source: https://baodautu.vn/cong-ty-chung-khoan-boi-thu-pha-dinh-loi-nhuan-d345620.html
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