Securities companies are actively increasing capital before upgrading.

Redrawing the stock industry picture

LPBank Securities JSC (LPBS) has just announced a plan to offer up to 878 million shares to existing shareholders, with registration period from September 15 to October 15. If successful, charter capital will increase from VND3,888 billion to VND12,668 billion.

At the beginning of 2023, LPBS was only a small company with a capital of 250 billion VND. By the first quarter of 2024, after issuing more than 363 million shares, the capital increased to 3,888 billion VND. With the new plan, LPBS will be in the group of leading large-capital companies, marking a rapid growth when the charter capital increased 50 times in 2 years.

Tien Phong Securities JSC (TPS, code ORS) also received approval from shareholders to offer 287.9 million shares to TPBank at VND12,500/share, increasing its capital from VND3,360 billion to VND6,240 billion.

Another case is KAFI Securities JSC, which has just successfully offered 250 million shares, earning VND2,500 billion, increasing its capital from VND5,000 billion to VND7,500 billion. KAFI aims to list its shares on UPCoM in the fourth quarter of 2025 and continue to increase its capital to VND15,000 billion, a scale on par with the largest companies in the industry.

Not only mid-sized enterprises, but also the "big guys" are accelerating. On September 25, SSI Securities Corporation will hold an extraordinary shareholders' meeting to discuss the plan to offer nearly 415.6 million shares at a price of VND15,000/share. If successful, SSI's charter capital will increase from VND20,779 billion to nearly VND24,935 billion.

The IPO plans of some companies also promise to change the situation. VPBank Securities JSC (VPBankS) plans to issue up to 375 million shares, raising its capital from VND15,000 billion to VND18,750 billion. Meanwhile, VPS Securities JSC will issue 710 million bonus shares, raising its capital from VND5,700 billion to VND12,800 billion before the IPO.

Techcom Securities Corporation (TCBS) is currently the company with the largest capital in the industry with 23,133 billion VND after the IPO just ended. The move to increase capital simultaneously took place in the context of the stock market approaching a "new threshold" when it is expected to be upgraded.

On September 12, 2025, Deputy Prime Minister Ho Duc Phoc signed Decision 2014/QD-TTg approving the Project to Upgrade Vietnam's Securities Market. The goal is to develop the market into a medium- and long-term capital mobilization channel, perfect the market economic institution and enhance international integration.

According to the Project, the short-term goal is to meet the criteria for upgrading from a frontier market to a secondary emerging market of FTSE Russell in 2025; the long-term goal is to meet the standards for upgrading to an emerging market of MSCI and an advanced emerging market of FTSE Russell by 2030.

FTSE Russell is expected to release its country classification report on October 7, 2025 (US time, or October 8 morning in Vietnam). Vietnam is currently on the watch list and is assessed to be able to be upgraded in the next period. This information has reinforced investors' expectations and confidence.

Potential is wide open but not for all

Vietnam’s stock market is considered to have great potential in both the medium and long term. In addition to the expectation of upgrading to attract foreign capital, the internal motivation from the target of double-digit economic growth is also an important support.

Mr. Nguyen Anh Khoa, Director of Agriseco Securities Analysis, commented that securities is an industry that benefits greatly if the market goes up. When liquidity improves, the proprietary trading, margin lending, and brokerage sectors all grow. According to him, this is an “offensive” industry, suitable when the market enters a bullish cycle.

Vietnam is considered one of the attractive emerging markets thanks to its high GDP growth rate, young population and stable FDI inflows.

However, economic expert Phan Le Thanh Long, CEO of AFA Group, noted that opportunities are not evenly distributed. According to him, the ability to grasp new trends will be decisive. Companies that only maintain old ways of doing things will find it difficult to break through, while businesses that innovate and exploit technology or crypto assets that have just been piloted will have many advantages.

The analysis team of Vietcombank Securities Company (VCBS) forecasts that the securities industry's business results will improve in most areas.

Regarding margin lending, thanks to capital increase, margin debt balance may explode in the second half of the year, supported by market liquidity and expectations of VN-Index growth.

IB, underwriting, and financial consulting services will flourish when international interest rates cool down and M&A deals return. The IPO market also promises to be more vibrant.

Besides, corporate bonds are expected to recover after the difficult period of 2022-2023, creating more room for securities companies to operate.

A new trend is the strong participation of securities companies in fintech, online consulting, and AI applications in customer data analysis. This is considered a direction to help improve competitiveness and diversify revenue sources.

In the global context, Vietnam is considered an attractive emerging market thanks to its high GDP growth, young population, and stable FDI capital flow. The upgrade will open up opportunities to access billions of dollars of foreign capital, while enhancing the country's prestige and position.

However, opportunities come with challenges. Small, undercapitalized, slow-to-innovate companies will face fierce competition. As the race to raise capital becomes increasingly fierce, only businesses with clear strategies, good governance, and the ability to adapt quickly will survive.

Source: https://baodautu.vn/cong-ty-chung-khoan-soi-dong-tang-von-truoc-them-nang-hang-d392055.html