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| The annual General Meeting of Shareholders of DNSE Securities Joint Stock Company approved the plan to establish a securities company in the Vietnam International Financial Center. |
The issue of capital increase is still a hot topic.
The issue of capital raising continues to be a key topic throughout the 2026 Annual General Meetings of securities companies, especially given that revenue still heavily relies on proprietary trading and margin lending – two highly competitive segments in the market.
At the 2026 Annual General Meeting of Shareholders of Saigon - Hanoi Securities Joint Stock Company (SHS) held on April 17th, the company's leadership stated that, in the context of the rapidly developing Vietnamese financial market, increasing SHS's charter capital is not only a strategic move but also a necessary step to seize opportunities and promote growth.
SHS recognizes that increasing capital is an essential need and a crucial opportunity for breakthroughs in the new phase. Additional resources will help increase business capital, expand margin lending, capital business, and investment activities in a promising market environment.
In 2025, SHS plans to increase its capital from VND 8,131 billion to VND 8,994 billion. In 2026, SHS expects to raise a maximum of VND 1,069 billion through three issuance rounds. Specifically, this includes issuing over 44.9 million shares (5% issuance rate), offering 47 million shares (5.23% issuance rate) to investors through a private placement, and issuing 15 million ESOP shares (1.67% issuance rate). If successful, SHS will join the group of securities companies with charter capital exceeding VND 10,000 billion.
At the annual general meeting of shareholders of Rong Viet Securities Joint Stock Company (VDS) on April 16th, the company's shareholders also approved a plan to increase the charter capital from VND 2,720 billion to VND 4,500 billion through the issuance of a maximum of 178 million shares. The capital increase is expected to take place in two phases. In the first phase, VDS will issue 88 million shares, including dividend shares, ESOP shares, and shares offered to existing shareholders at a ratio of 5:1. In the second phase, VDS will offer 90 million shares.
Mr. Nguyen Mien Tuan, Chairman of the Board of Directors of VDS, said that the capital increase plan will help the company enhance its competitiveness and seize opportunities arising from the upgrade in its market status. In addition, the company will continue to invest in and upgrade its technology systems to meet the requirements of regulatory authorities.
In fact, many securities companies have been aggressively pursuing capital increases in recent years. However, not all plans have been implemented.
The 2026 Annual General Meeting of Shareholders of Nhat Viet Securities Joint Stock Company (VFS), held on April 15th, approved a plan to increase capital to attract investment for the upcoming upgrade. In fact, the company had previously planned to increase capital through a public offering of shares, which was approved at the 2024 Annual General Meeting, but was not implemented.
At the 2025 Annual General Meeting, Ms. Nghiem Phuong Nhi, Chairwoman of the Board of Directors of VFS, stated that since the beginning of the second quarter of 2024, the company's Board of Directors had been carrying out procedures to prepare for submitting the capital increase application to the State Securities Commission. The company had to supplement the application twice, taking a considerable amount of time. After the second supplementation, the 2025 Annual General Meeting was fast approaching. Furthermore, the stock market in 2024 faced many difficulties; if the capital increase were implemented at that time, the shareholders' capital would likely not be optimally and effectively utilized.
By 2026, this issue continued to be raised by VFS shareholders during the General Meeting of Shareholders. The company's plan is to pay the 2025 dividend in shares at a rate of 10%, corresponding to the issuance of nearly 14 million additional shares, expected to be implemented in 2026. During the period 2026-2027, the company plans to issue nearly 140 million additional shares to existing shareholders to raise VND 1,400 billion. If completed, VFS could double its capital.
A representative from VFS stated that the company has submitted the necessary documents and completed the required procedures as requested by the State Securities Commission, and is currently facing no major difficulties, only awaiting the results.
Besides the above options, capital increase plans at other securities companies are still being considered by the General Shareholders' Meeting, with the purpose of using the capital still focused on two pillars: expanding margin lending and increasing the scale of proprietary trading.
The pressure to maintain market share is increasing for medium and small-sized securities companies, while the burden is eased for large companies with capital exceeding tens of trillions of dong. The Annual General Meeting of Shareholders of VPS Securities Joint Stock Company, held on April 15th, primarily approved the business plan and did not address the issue of increasing capital.
Instead, Mr. Nguyen Lam Dung, Chairman of the Board of Directors of VPS, said that the company expects to attract capital from foreign investors and will seek shareholder approval when the opportunity arises to issue shares to foreign investors, given that many large foreign funds are expected to enter the Vietnamese market in the near future.
Mr. Dung also revealed another positive development: the Government and the Ministry of Finance may soon hold discussions with MSCI to develop a roadmap for upgrading the Vietnamese stock market. It is possible that by June 2026, Vietnam could be included in MSCI's watchlist, and the upgrade could happen as early as 2027 or as late as 2028.
New battlegrounds revealed
Based on the assumption of a positive market, the business plans presented to shareholders by securities companies are largely optimistic, with growth rates exceeding double digits. Besides plans to boost core operations, new business directions, expansion plans, and new technological and management goals are also presented for shareholder approval.
Like VFS, besides the capital increase plan, another notable item on the agenda is the proposal to the General Meeting of Shareholders to approve the implementation of derivative securities trading in 2026. VFS stated that, immediately after receiving approval from the State Securities Commission, the company will officially launch derivative products, thereby enhancing its competitiveness and completing its financial services ecosystem.
This year, many securities companies are emphasizing investment in technology, upgrading trading systems, developing digital platforms, and applying big data. This is no longer just a "plus point," but has become a mandatory condition for retaining individual investors.
More notably, some businesses have begun expanding into new areas such as digital assets, carbon credits, or building multi-service financial ecosystems. Although currently small in scale, these moves indicate that the securities industry is seeking growth drivers beyond traditional areas.
According to DNSE Securities Joint Stock Company (DSE), the annual General Meeting of Shareholders approved the establishment of a securities company at the Vietnam International Finance Corporation (IFC), in the form of a single-member limited liability company. This entity is expected to provide a full range of securities services such as brokerage, investment advisory, proprietary trading, underwriting, fund management, and related services, including derivatives...
This securities company also stated that it has invested 1% in Vietnam Digital Asset Joint Stock Company (VNDA), initially implementing its strategy to participate in and develop the digital asset sector. According to DNSE's leadership, this participation is primarily positioned as an intermediary connecting entity.
Issues surrounding participation in the cryptocurrency market are expected to heat up this year's annual general meetings of securities companies, as a number of large companies share plans to enter this potentially lucrative market. Investors are also awaiting more information about plans in the new asset market from major companies such as SSI, TCBS, VIX, VPBankS, etc., at their upcoming annual general meetings.
2025 marks a period of strong growth for the Vietnamese stock market amidst stable macroeconomic conditions and accelerated institutional and market infrastructure reforms. The VN-Index is expected to surge, making Vietnam one of the fastest-growing markets in Asia.
Simultaneously, FTSE Russell confirmed the upgrade of the Vietnamese stock market from September 2026. This upgrade will give the Vietnamese stock market a new status, while also helping it attract more international capital, especially from passive investment funds and global index funds, thereby increasing the size and depth of the market.
In the long term, according to the Stock Market Development Strategy to 2030, Vietnam aims to continue expanding the size and improving the quality of the market. Vietnam also aims to be upgraded to an emerging market according to MSCI standards before 2030, thereby attracting large-scale international capital flows and strengthening the role of the stock market as a medium- and long-term capital channel for the economy.
Source: https://baodautu.vn/cong-ty-chung-khoan-truoc-nga-re-chien-luoc-d574222.html
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