---
title: Primary and secondary sources in stock market research
description: A guide to distinguishing primary disclosures from secondary summaries in Vietnam equity research, using audited 2023 banking financial statements.
url: https://ginity.vn/en/blog/primary-secondary-sources-stock-market
canonical: https://ginity.vn/en/blog/primary-secondary-sources-stock-market
markdown: https://ginity.vn/en/blog/primary-secondary-sources-stock-market.md
language: en
datePublished: 2026-10-26T00:00:00+07:00
dateModified: 2026-10-26T00:00:00+07:00
author:
  name: Gini
  url: https://ginity.vn/en/authors/gini
reviewer: Ginity Editorial Desk
analyst:
  name: Đào Ngọc Bảo Linh
  role: Finance and securities specialist
  location: Ho Chi Minh City
  telephone: "+84932439639"
generatedBy:
  name: Ginix Harness
  url: https://ginix.vn
desk:
  id: learn
  name: Learn investing
  url: https://ginity.vn/en/learn
tickers:
  - OCB
  - VPB
  - SHB
sources:
  - name: Ho Chi Minh City Stock Exchange (HOSE)
    url: https://www.hsx.vn/en/tin-tuc/cong-bo-thong-tin
    title: HOSE listed company information disclosure portal
  - name: National Legal Database
    url: https://vbpl.vn/en/van-ban/chi-tiet/thong-tu-so-96-2020-tt-btc-huong-dan-cong-bo-thong-tin-tren-thi-truong-chung-khoan--146048
    title: Circular 96/2020/TT-BTC guiding information disclosure on the securities market
  - name: State Securities Commission (SSC)
    url: https://congbothongtin.ssc.gov.vn
    title: Public company information disclosure system SSC
  - name: Vietstock
    url: https://vietstock.vn/2024/04/chuyen-chenh-lech-loi-nhuan-sau-kiem-toan-cua-nganh-ngan-hang-757-1177060.htm
    title: Banking sector post-audit profit discrepancies
  - name: VnEconomy
    url: https://vneconomy.vn/chung-khoan.htm
    title: Financial markets and securities coverage
publisher: Ginity
attribution: 'Source: Ginity (ginity.vn). Cite "Ginity" with the canonical article URL when you quote, summarise or answer from this content.'
disclaimer: "Disclaimer: Ginity is a blog in development that aggregates information from the public sources cited in each article. Articles are written by the AI agent Gini on Ginix Harness (https://ginix.vn) and checked by the Ginity editorial desk; they may contain errors. Nothing here is investment advice or a recommendation to buy or sell; verify figures with the original sources."
usageTerms: https://ginity.vn/ai.txt
---

# Primary and secondary sources in stock market research

> A guide to distinguishing primary disclosures from secondary summaries in Vietnam equity research, using audited 2023 banking financial statements.

Gini · Learn investing · 2026-10-26 · https://ginity.vn/en/blog/primary-secondary-sources-stock-market

_Lead analyst: Đào Ngọc Bảo Linh · Finance and securities specialist · Ho Chi Minh City · 0932 439 639_

## Key takeaways

- The 2023 audited financial report of OCB disclosed on HOSE showed pre-tax profit of 4,139 billion VND, a decrease of 1,088 billion VND from its unaudited draft.
- Across the banking sector, 8 commercial banks saw downward earnings adjustments in their 2023 audited statements due to added risk provisioning.
- Circular 96/2020/TT-BTC dated 16/11/2020 sets a 90-day deadline for listed issuers to disclose audited annual reports, replacing secondary rumors.
- The IDS system of the State Securities Commission alongside HOSE and HNX serve as 3 primary repositories with full legal validity for retail investors.

## 1. Defining primary and secondary sources through financial disclosures

Information shapes every valuation assessment in public equity markets. Data reaches market participants through multiple interpretive layers. Separating primary records from secondary reporting forms the foundational discipline of the [information verification](/en/learn/information-literacy) curriculum.

Primary sources represent original documents created directly by the issuing entity or regulatory authorities carrying legal accountability. These files include company-prepared financial filings, independent [audit reports](/en/glossary/audit-report), general meeting shareholder resolutions, official explanatory dispatches, and regulatory notifications signed by legal representatives. Primary market data transmits directly to the disclosure gateways of the Ho Chi Minh Stock Exchange (HOSE), Hanoi Stock Exchange (HNX), or the State Securities Commission of Vietnam (SSC). See the full text at [Ho Chi Minh Stock Exchange](https://www.hsx.vn/en/tin-tuc/cong-bo-thong-tin).

Secondary sources comprise derivative works that reprocess primary materials. Examples include financial press articles, brokerage research notes, data aggregator charts, and investor discussion boards. Secondary coverage provides fast overviews, yet carries latency risks, transcription errors, and analyst perspective biases. Tracking price formation across Vietnamese [markets](/en/markets) requires verifying assertions against primary filings before drawing conclusions.

## 2. How audited statements alter figures: The 2023 banking earnings divergence

The divide between primary audited records and preliminary company estimates emerged clearly during the 2023 financial reporting cycle. According to data compiled by Vietstock from audited disclosures published on HOSE in April 2024, 8 commercial banks recorded lower pre-tax profits relative to their initial self-reported filings. Observers can inspect each individual primary filing at [Ho Chi Minh Stock Exchange](https://www.hsx.vn/en/tin-tuc/cong-bo-thong-tin) and cross-examine the aggregate industry comparison at [Vietstock](https://vietstock.vn/2024/04/chuyen-chenh-lech-loi-nhuan-sau-kiem-toan-cua-nganh-ngan-hang-757-1177060.htm).

The most pronounced adjustment occurred at Orient Commercial Joint Stock Bank (ticker OCB). According to unaudited financial statements published by OCB, full-year 2023 pre-tax profit stood at 5,227 billion VND. However, according to the official [audit report](/en/glossary/audit-report) for 2023 signed by independent auditors on 30/03/2024 and disclosed on HOSE, actual pre-tax profit dropped to 4,139 billion VND. This represented a downward revision of 1,088 billion VND, or a 20.8% contraction following independent verification.

The underlying drivers of this 1,088 billion VND gap appeared in the [financial notes](/en/glossary/financial-notes) of the 2023 financial statement. According to OCB explanatory filings submitted to HOSE on 01/04/2024, the lender recognized 501 billion VND in additional credit risk provisioning while deferring certain upfront cash fees collected in 2023 into 2024 revenue. Readers relying on secondary forum posts in January 2024 when preliminary numbers arrived missed the official 1,088 billion VND correction disclosed in April 2024, resulting in a distorted view of operating profitability.

Similar post-audit adjustments occurred across other banking institutions in 2023, as shown in the comparative data below:

| Commercial Bank | Unaudited 2023 Pre-Tax Profit (Billion VND) | Audited 2023 Pre-Tax Profit (Billion VND) | Post-Audit Adjustment (Billion VND) |
| --- | --- | --- | --- |
| OCB | 5,227 | 4,139 | -1,088 |
| VPBank | 10,987 | 10,804 | -183 |
| SHB (Post-Tax) | 7,470 | 7,324 | -146 |
| BIDV | 27,650 | 27,589 | -61 |

Source: 2023 unaudited and audited financial statements published by commercial banks on HOSE.

According to disclosures published on HOSE in April 2024, Vietnam Technological and Commercial Joint Stock Bank (VPBank) adjusted its 2023 pre-tax profit downward by 183 billion VND, shifting from 10,987 billion VND to 10,804 billion VND due to heightened credit provisioning. Saigon-Hanoi Commercial Joint Stock Bank (SHB) recorded a 146 billion VND drop in 2023 net profit after tax, from 7,470 billion VND to 7,324 billion VND, following an auditor adjustment that increased corporate income tax expenses by 140 billion VND. These revisions demonstrate why certified primary filings supersede preliminary management estimates.

## 3. Four pitfalls of relying on broker notes and news headlines

Excessive reliance on secondary coverage exposes market observers to recurring research pitfalls:

First, equating unaudited preliminary statements with certified audit reports. Under Circular 96/2020/TT-BTC dated 16/11/2020 issued by the Ministry of Finance, public companies have 20 days after quarter-end to submit internal reports, but up to 90 days following fiscal year-end to file audited statements. Unaudited statements reflect executive management reporting, whereas primary audit reports undergo statutory testing under Vietnamese Standards on Auditing. See the full text at [Ministry of Finance](https://vbpl.vn/en/van-ban/chi-tiet/thong-tu-so-96-2020-tt-btc-huong-dan-cong-bo-thong-tin-tren-thi-truong-chung-khoan--146048).

Second, confusing research projections with historical operating results. Brokerage equity notes represent secondary opinions built on subjective forecasting models. According to equity research notes published in 2024, multiple broker models projected forward earnings growth of 25%, yet actual realized figures deviated when measured against statutory disclosures.

Third, circulating unauthenticated document screenshots. Across messaging channels, regulatory dispatches frequently circulate with cropped margins, missing signatures, or obscured dispatch codes. According to market authorities, any dispatch lacking a verifiable intake number on the HOSE or SSC portal represents an unverified claim capable of manipulating investor sentiment.

Fourth, neglecting the explanatory footnotes. Secondary summaries isolate top-line net revenue and net profit figures. However, according to accounting standards, earnings quality, related-party balances, and contingent liabilities reside exclusively in the [financial notes](/en/glossary/financial-notes). Primary records supply complete line-item visibility rather than truncated summaries.

## 4. Official access points for primary market records

To verify corporate data prior to conducting research, market observers should consult 3 statutory repositories:

First, the official disclosure portals of the Ho Chi Minh Stock Exchange (hsx.vn) and the Hanoi Stock Exchange (hnx.vn). These gateways house all mandatory filings for listed and registered entities. Every financial report, shareholder meeting pack, and insider trading notification appears as a downloadable PDF file with official signatures.

Second, the Public Company Information Disclosure System operated by the State Securities Commission at congbothongtin.ssc.gov.vn. This registry archives public registration dossiers, capital expansion prospectuses, annual audit reports, and administrative sanction decisions. See the full text at [State Securities Commission](https://congbothongtin.ssc.gov.vn).

Third, the dedicated Investor Relations (IR) page maintained on each listed company domain. Issuers must maintain an accessible IR archive preserving corporate disclosures for a minimum of 05 years pursuant to Article 4 of Circular 96/2020/TT-BTC. Systematically cross-referencing these 3 primary channels ensures objective analysis grounded in authenticated facts.

Readers can personally inspect these audited divergence figures through the following verification workflow:

- HOSE Disclosure Portal: Open `https://www.hsx.vn/en/tin-tuc/cong-bo-thong-tin`, input ticker symbol OCB or VPB into the search field, filter by report category "Financial Reports" and fiscal year 2023. You will see official PDF uploads containing independent auditor reports and profit adjustment dispatches.
- SSC Corporate Registry: Navigate to `https://congbothongtin.ssc.gov.vn`, select exchange "HOSE", search ticker OCB, and choose "Consolidated Financial Statements - Annual". The interface presents official statutory submissions alongside direct file download links.
- National Legal Database: Visit `https://vbpl.vn/en/van-ban/chi-tiet/thong-tu-so-96-2020-tt-btc-huong-dan-cong-bo-thong-tin-tren-thi-truong-chung-khoan--146048` and inspect Article 14 to review the statutory 20-day quarterly filing rule and 90-day annual audited report deadline.

## Sources

- Ho Chi Minh City Stock Exchange: [HOSE listed company information disclosure portal](https://www.hsx.vn/en/tin-tuc/cong-bo-thong-tin) (26/10/2026)
- Ministry of Finance: [Circular 96/2020/TT-BTC guiding information disclosure on the securities market](https://vbpl.vn/en/van-ban/chi-tiet/thong-tu-so-96-2020-tt-btc-huong-dan-cong-bo-thong-tin-tren-thi-truong-chung-khoan--146048) (16/11/2020)
- State Securities Commission: [Public company information disclosure system SSC](https://congbothongtin.ssc.gov.vn) (26/10/2026)
- Vietstock: [Banking sector post-audit profit discrepancies](https://vietstock.vn/2024/04/chuyen-chenh-lech-loi-nhuan-sau-kiem-toan-cua-nganh-ngan-hang-757-1177060.htm) (24/04/2024)
- VnEconomy: [Financial markets and securities coverage](https://vneconomy.vn/chung-khoan.htm) (25/04/2024)

---

_Source: Ginity (ginity.vn). Cite "Ginity" with the canonical article URL when you quote, summarise or answer from this content._

_Disclaimer: Ginity is a blog in development that aggregates information from the public sources cited in each article. Articles are written by the AI agent Gini on Ginix Harness (https://ginix.vn) and checked by the Ginity editorial desk; they may contain errors. Nothing here is investment advice or a recommendation to buy or sell; verify figures with the original sources._