VPBankS IPO: Ecosystem resonance, accelerating breakthrough

(Chinhphu.vn) - Taking advantage of the strength of the VPBank ecosystem, management experience, technology and a wide customer network, VPBankS announced its IPO, aiming for rapid and sustainable growth. The deeply integrated model, DCM-ECM strategy and margin lending help the company expand its scale and efficiency.

Mr. Vu Huu Dien - Member of the Board of Directors, General Director of VPBankS shares the story of VPBankS - Photo: VGP

Ecosystem resonance, creating a growth platform

In his opening speech at the IPO roadshow, Mr. Nguyen Duc Vinh - Member of the Board of Directors, General Director of VPBank emphasized: The key difference of VPBankS lies in the ecosystem resonance. According to him, that "fulcrum" affirms the feasibility of the IPO strategy, the rapid and strong growth of the securities company in the coming period. In fact, in just 5 years, VPBank has continuously increased capital, developed rapidly...

From a medium-sized bank, VPBank has risen to the top 2-3 in terms of operational scale. Total assets of approximately VND 1.2 million billion, equity of more than VND 60,000 billion help the bank maintain its scale advantage - a factor that VPBank's leaders consider a prerequisite for "going big".

Capital is the first driving force. VPBank continuously increases capital and expands strategic cooperation: SMBC owns 49% of FE Credit (2021) and 15% of shares in VPBank (2023), creating an important "boost" for VPBank to expand its scale, and at the same time, it is the basis for VPBankS to continue increasing capital for growth targets. Besides SMBC, HSBC is the second strategic shareholder, contributing to strengthening management capacity and connecting international capital. "If you want to go far, you have to go together", VPBank determines to accompany partners for a long and sustainable journey.

In the ecosystem, VPBankS is not "alone": the company inherits resources in terms of orientation, technology, internal management, and risk management from the parent bank; exploits VPBank's customer base of more than 30 million, including many segments - from Prime/Affluent to Private - to create a multi-channel distribution network... With the position of a leading retail bank, with outstanding credit balance of VND 912,000 billion in the private sector, VPBank provides the capital platform and mobilization capacity to help VPBankS move quickly and make breakthroughs.

Investors experience StockGuru, a 'virtual assistant' for stock investment - Photo: VGP

"VPBankS Story": 4-pillar strategy, technology launch pad

Mr. Vu Huu Dien - Member of the Board of Directors, General Director of VPBankS said: In the first 9 months of 2025, VPBankS recorded impressive growth: total assets of more than 62,000 billion VND (top 3), outstanding margin of 27,000 billion VND (top 3), equity of more than 20,000 billion VND, 900,000 accounts (expected to be 1 million by the end of the year, accounting for about 10% of the market), ROE 2025 of about 18.5% - in the high group. Pre-tax profit for 9 months reached 3,260 billion VND, equivalent to 76% of the yearly plan (4,450 billion VND).

VPBankS's vision is to become a leading securities company - investment bank, personalizing financial solutions for all segments; the mission is to provide comprehensive products on a leading technology platform, creating sustainable prosperity value for customers, shareholders, and society. To realize this, the company implements 4 main strategies. These are: Deep integration into the VPBank multi-layer ecosystem; Enhancing governance based on the experience of VPBank and strategic partner SMBC; Diversifying products, improving service quality to capture market share; Leading technology, applying AI/Blockchain, comprehensively digitizing the IB-Wealth value chain.

The ecosystem advantage is evident in the customer base: 30 million, of which 634,000 are Diamond customers, approximately 2,000 are ultra-high net worth customers. SMBC supports cross-border M&A (especially with Japanese partners) and international capital mobilization. Thanks to that, this year SMBC led VPBankS to raise 150 million USD in the first 6 months of the year and is preparing to announce the mobilization of an additional 250 million USD - a total of approximately 400 million USD in just one year. Long-term capital costs are among the lowest, creating room for expansion of DCM, margin, and technology.

In terms of products and channels, VPBankS owns a diverse portfolio: eStock, ePortfolio, eMargin, CW, derivatives..., and at the same time invests heavily in technology and AI...

On that foundation, VPBankS builds 4 business pillars: investment banking (DCM/ECM), margin lending, brokerage, and financial investment.

In margin, VPBankS owns a systematic product system - management, stable capital, low mobilization costs, market judgment ability; since the beginning of the year, it has promoted controlled lending, quickly reaching the top 3 margin debt balance and still has room until the end of the year. In brokerage, the company develops a multi-channel model: 300 traditional brokers, ecosystem partners, cooperation channels (partnership)..., market share increases to close to the top 10...

Regarding investment, the portfolio is diversified: corporate bonds (approximately 46%), certificates of deposit, government bonds (>30%), stocks (>20%); M&A strategy (5-15%)... Risk management operates according to 3 lines of defense, covering 9 types of risks (credit, integration, capital adequacy, model, liquidity & interest rate, legal, operations, information security...), linked to core areas such as margin, debt capital, financial investment.

Industry Context: Capital Flows, Upgrades Open Up Opportunities

From a macro perspective, Mr. Hoang Nam - Director of Research and Analysis, Vietcap Securities JSC said: Interest rates are expected to remain low, public investment is boosted (expected to increase 25% compared to last year), supporting listed enterprises. FTSE's market upgrade is expected to attract capital flows: 1-2 billion USD from passive funds, 5-6 billion USD from active funds, helping to improve liquidity and expand opportunities for securities companies.

The project to upgrade the market towards MSCI Emerging and FTSE Emerging Advanced, with a central clearing mechanism (CCP) expected to operate from 2027, creates an infrastructure framework approaching international standards. Although capitalization scale has improved, it is still modest compared to the potential (in 2024 it will be approximately 56% of GDP, even if the price increases from the beginning of the year, it will be approximately 70%, far from the target of 120% in 2030). Outstanding credit/GDP in 2024 is approximately 136%, while corporate bonds/GDP is approximately 15% - low compared to the region - showing great room for corporate bond development; the target of corporate bonds/GDP is 25% in 2030...

Margin lending – the mainstay of securities companies’ profits – is reshaping: 2018–Q2/2025, the group with bank backing grew ~83%/year, the market share of outstanding margin loans increased from 16% to 28%, while the large independent group decreased from 33% to 30%. The structural advantage lies in abundant capital and low costs; when some units hit the ceiling of 2 times equity, low margin costs become market share leverage. In the long term, the winning unit is the unit that provides comprehensive services – stocks, bonds, funds, asset management – ​​right in the company’s advantage in the banking ecosystem such as TCBS, VPBankS. This group currently accounts for ~65% of the market share of corporate bond issuance, promising to contribute greatly to long-term growth.

In terms of efficiency, large-scale companies with strong IBs often have higher and more stable ROEs. VPBanks plans to grow the fastest in the industry with a 2025 ROE of ~18.5%, a projected P/E of ~14.3x, and a P/B of ~2.5x, which is considered attractive compared to the industry median.

On October 1, after receiving the Certificate of Offering from the State Securities Commission, VPBanks announced its IPO at a price of VND33,900/share, with a quantity of 375 million units. The total expected mobilization value is approximately VND12,713 billion, among the largest IPO groups in the securities industry, creating room for margin lending expansion and business promotion. At this price, the post-IPO valuation is approximately VND63,562 billion (approximately USD2.4 billion).

Registration period: 8:00 a.m. October 10 to 4:00 p.m. October 31, 2025; each investor minimum 100 shares, maximum 93.75 million (5% of charter capital after issuance), volume step 100, deposit 10%. Announcement of results and allocation: November 1-2; receiving purchase money: November 3-7, 2025; expected listing in December 2025. Distribution channel: the company distributes itself and through Vietcap, SSI, SHS and 12 supporting units.

Mr. Minh

Source: https://baochinhphu.vn/vpbanks-ipo-cong-huong-he-sinh-thai-tang-toc-but-pha-102251016194823715.htm