--- title: Vietnamese Securities Firms Q3 2026 Profit Falls 43% description: Total pre-tax profit across 81 securities firms fell 43% to 11,000 billion VND in Q3 2026, driven by lower turnover and proprietary trading contractions. url: https://ginity.vn/en/blog/securities-firms-q3-2026-profit-drop-43-percent canonical: https://ginity.vn/en/blog/securities-firms-q3-2026-profit-drop-43-percent markdown: https://ginity.vn/en/blog/securities-firms-q3-2026-profit-drop-43-percent.md language: en datePublished: 2026-10-31T00:00:00+07:00 dateModified: 2026-10-31T00:00:00+07:00 author: name: Gini url: https://ginity.vn/en/authors/gini reviewer: Ban biên tập Ginity 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: equity name: Companies & sectors url: https://ginity.vn/en/topics/equity tickers: - SSI - HCM - VIX - TCX - VCK sources: - name: CafeF url: https://cafef.vn/cap-nhat-so-lieu-ctck-quy-3-2026-loat-ten-tuoi-lon-bao-lai-di-lui-xuat-hien-hai-khoan-lo-hang-tram-ty-cua-nganh-chung-khoan-188261022232046529.chn title: "Cập nhật số liệu CTCK quý 3/2026: Loạt tên tuổi lớn báo lãi đi lùi, xuất hiện hai khoản lỗ hàng trăm tỷ" - name: Finance and Economics Journal url: https://tapchikinhtetaichinh.vn/loi-nhuan-nganh-chung-khoan-quy-iii-giam-43-170624.html title: Lợi nhuận ngành Chứng khoán quý III giảm 43% - name: Finance and Economics Journal url: https://tapchikinhtetaichinh.vn/loi-nhuan-nganh-chung-khoan-quy-iii-giam-43-170624.html title: Lợi nhuận ngành Chứng khoán quý III giảm 43% - name: Tin Nhanh Chung Khoan url: https://www.tinnhanhchungkhoan.vn/loi-nhuan-nganh-chung-khoan-giam-du-no-margin-lap-ky-luc-gan-448000-ty-dong-post400498.html title: Lợi nhuận ngành chứng khoán giảm, dư nợ margin lập kỷ lục gần 448.000 tỷ đồng - name: VnEconomy url: https://vneconomy.vn/9-thang-hcm-bao-lai-truoc-thue-1075-ty-tuong-duong-cung-ky.htm title: 9 tháng, HCM báo lãi trước thuế 1.075 tỷ tương đương cùng kỳ - name: State Securities Commission of Vietnam url: https://www.ssc.gov.vn/webcenter/contentattachfile/idcplg?IdcService=GET_FILE&IsAttachment=1&Rendition=87%2FQD-UBCK&allowInterrupt=1&dDocName=APPSSCGOVVN162118538&dID=36872&filename=Dn87mf25Jan17RegsSecuritiesMarginTrading+%28Unamended%29.pdf title: Unofficial English translation of Decision 87/QĐ-UBCK - name: State Securities Commission of Vietnam url: https://ssc.gov.vn/cs/idcplg?IdcService=GET_FILE&allowInterrupt=1&dDocName=APPSSCGOVVN1620166082&dID=174569&filename=VBHN+so+09.pdf title: Consolidated Circular No. 121/2020/TT-BTC on Securities Company Operations (effective 03/02/2026) - name: Techcom Securities url: https://www.tcbs.com.vn/wp-content/uploads/2026/10/261007_Press-Release_3Q2026_VN_FINAL.pdf title: Press Release on Q3 and 9M 2026 Financial Results 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 --- # Vietnamese Securities Firms Q3 2026 Profit Falls 43% > Total pre-tax profit across 81 securities firms fell 43% to 11,000 billion VND in Q3 2026, driven by lower turnover and proprietary trading contractions. Gini · Companies & sectors · 2026-10-31 · https://ginity.vn/en/blog/securities-firms-q3-2026-profit-drop-43-percent _Lead analyst: Đào Ngọc Bảo Linh · Finance and securities specialist · Ho Chi Minh City · 0932 439 639_ ## Key takeaways - Total pre-tax profit across 81 securities firms reached approximately 11,000 billion VND in Q3 2026, falling 43% compared to the same period in 2025. - The market saw 58 profitable firms and 23 reporting pre-tax losses, highlighting stark operational divergence across the brokerage sector. - The top three brokerages (TCBS, SSI, and VPS) generated 4,566 billion VND in pre-tax profit, contributing 41.5% of total industry earnings. - Total industry margin lending debt reached nearly 448,000 billion VND as of September 30, 2026, serving as the core earnings pillar while brokerage and proprietary desks contracted. The third-quarter corporate earnings reporting season for Vietnamese securities firms has concluded with starkly divergent outcomes. Unlike the buoyant quarters that characterized earlier market expansions, financial results across Q3 2026 reflect widespread contraction as equity trading activity slowed noticeably. However, this downturn did not affect all market participants equally. Instead, it produced a pronounced split between financial institutions based on their underlying business models, balance-sheet scale, and revenue compositions. According to consolidated market data across 81 securities firms compiled by [CafeF](https://cafef.vn/cap-nhat-so-lieu-ctck-quy-3-2026-loat-ten-tuoi-lon-bao-lai-di-lui-xuat-hien-hai-khoan-lo-hang-tram-ty-cua-nganh-chung-khoan-188261022232046529.chn) on 23/10/2026 and [Finance and Economics Journal](https://tapchikinhtetaichinh.vn/loi-nhuan-nganh-chung-khoan-quy-iii-giam-43-170624.html) on 26/10/2026, total industry pre-tax profit reached approximately 11,000 billion VND in Q3 2026, dropping 43% compared to the third quarter of 2025. While large-capital brokerages with expansive margin financing divisions preserved robust quarterly profits, smaller institutions heavily reliant on equity proprietary trading portfolios faced substantial pre-tax losses. ## Industry Earnings Overview for Q3 2026 Operational metrics across the securities industry during the third quarter demonstrate a substantial compression in overall profitability margins. According to consolidated financial statement data assembled by SHS Research and published in [Tin Nhanh Chung Khoan](https://www.tinnhanhchungkhoan.vn/loi-nhuan-nganh-chung-khoan-giam-du-no-margin-lap-ky-luc-gan-448000-ty-dong-post400498.html) on 30/10/2026, net profit attributable to parent company equity holders fell to approximately 8,600 billion VND, representing a 42.9% year-on-year drop from Q3 2025. The industry net profit margin narrowed to 24.0% during the quarter. For the cumulative 9-month period, total sector operating revenue reached 101,665 billion VND, rising 22.9% year-on-year on the back of solid performance during the first half of the year. Nonetheless, parent company net profit for the nine months totaled 28,638 billion VND, down 3% year-on-year according to compiled data from [Tin Nhanh Chung Khoan](https://www.tinnhanhchungkhoan.vn/loi-nhuan-nganh-chung-khoan-giam-du-no-margin-lap-ky-luc-gan-448000-ty-dong-post400498.html) on 30/10/2026, reflecting margin compression as the broader market entered a consolidation phase. | Operating Metric | Q3 2026 Results | Year-on-Year Change | 9M 2026 Cumulative | | :--- | :--- | :--- | :--- | | Total Pre-tax Profit | 11,000 billion VND | Down 43.0% | - | | Parent Company Net Profit | 8,600 billion VND | Down 42.9% | 28,638 billion VND | | Industry Margin Lending Debt | 447,900 billion VND | Up 21.9% | 447,900 billion VND | *Source: [Tin Nhanh Chung Khoan](https://www.tinnhanhchungkhoan.vn/loi-nhuan-nganh-chung-khoan-giam-du-no-margin-lap-ky-luc-gan-448000-ty-dong-post400498.html) on 30/10/2026.* According to compiled market data from [CafeF](https://cafef.vn/cap-nhat-so-lieu-ctck-quy-3-2026-loat-ten-tuoi-lon-bao-lai-di-lui-xuat-hien-hai-khoan-lo-hang-tram-ty-cua-nganh-chung-khoan-188261022232046529.chn) on 23/10/2026, the 43% pre-tax profit contraction illustrates how sharply financial brokerages react to equity market liquidity drops. ## Wide Performance Divergence Between Firms The overall earnings drop masks significant polarization across market players. According to reporting from [CafeF](https://cafef.vn/cap-nhat-so-lieu-ctck-quy-3-2026-loat-ten-tuoi-lon-bao-lai-di-lui-xuat-hien-hai-khoan-lo-hang-tram-ty-cua-nganh-chung-khoan-188261022232046529.chn) on 23/10/2026 and [Finance and Economics Journal](https://tapchikinhtetaichinh.vn/loi-nhuan-nganh-chung-khoan-quy-iii-giam-43-170624.html) on 26/10/2026, among 81 surveyed firms, 58 companies recorded positive pre-tax earnings while 23 entities suffered pre-tax losses in Q3 2026. Sector earnings remained concentrated among prominent market institutions. According to sector data reported by [CafeF](https://cafef.vn/cap-nhat-so-lieu-ctck-quy-3-2026-loat-ten-tuoi-lon-bao-lai-di-lui-xuat-hien-hai-khoan-lo-hang-tram-ty-cua-nganh-chung-khoan-188261022232046529.chn) on 23/10/2026, the top three firms, comprising TCBS (TCX), SSI, and VPS (VCK), generated 4,566 billion VND in pre-tax profit, accounting for 41.5% of total industry earnings in Q3 2026. | Securities Company | Q3 2026 Pre-tax Profit | YoY Change Q3 | 9M 2026 Pre-tax Profit | YoY Change 9M | | :--- | :--- | :--- | :--- | :--- | | TCBS | 2,152 billion VND | Up 6.0% | 5,708 billion VND | Up 13.0% | | VPS | 1,119 billion VND | Down nearly 20% | 4,044 billion VND | Up 27.0% | | HSC (HCM) | 371 billion VND | Down 33.0% | 1,075 billion VND | Flat | *Source: [CafeF](https://cafef.vn/cap-nhat-so-lieu-ctck-quy-3-2026-loat-ten-tuoi-lon-bao-lai-di-lui-xuat-hien-hai-khoan-lo-hang-tram-ty-cua-nganh-chung-khoan-188261022232046529.chn) on 23/10/2026.* ```chart { "preset": "sector-columns", "label": "Q3 2026 Pre-tax Profit Across Selected Vietnamese Securities Firms", "caption": "Pre-tax profit from Q3 2026 financial disclosures. Source: CafeF on 23/10/2026 and corporate disclosures including TCBS.", "locale": "en", "params": { "values": [2152, 1119, 371], "labels": ["TCBS", "VPS", "HSC"], "unit": "billion VND", "highlight": 0 } } ``` According to the official [Q3 2026 earnings press release](https://www.tcbs.com.vn/wp-content/uploads/2026/10/261007_Press-Release_3Q2026_VN_FINAL.pdf) published on 19/10/2026 by Techcom Securities (TCBS, TCX), the company posted a pre-tax profit of 2,152 billion VND in Q3 2026, reaching the highest quarterly earnings in its history and growing 6% compared to Q3 2025. For the 9-month period, TCBS generated 5,708 billion VND in pre-tax profit, expanding 13% year-on-year. This performance was supported by margin lending and advance sales services, which strengthened top-line resilience. According to financial disclosures published in [VnEconomy](https://vneconomy.vn/9-thang-hcm-bao-lai-truoc-thue-1075-ty-tuong-duong-cung-ky.htm) on 21/10/2026, Ho Chi Minh City Securities (HSC) recorded Q3 2026 pre-tax profit of 371 billion VND, a 33% decline from the third quarter of 2025, while 9-month pre-tax profit stood flat at 1,075 billion VND. Conversely, multiple mid-tier brokerages slid into loss-making territory. According to [CafeF](https://cafef.vn/cap-nhat-so-lieu-ctck-quy-3-2026-loat-ten-tuoi-lon-bao-lai-di-lui-xuat-hien-hai-khoan-lo-hang-tram-ty-cua-nganh-chung-khoan-188261022232046529.chn) on 23/10/2026, Viet Dragon Securities reported a pre-tax loss of 105 billion VND in Q3 2026 compared to a profit of 310 billion VND in Q3 2025, pushing its 9-month pre-tax results to a negative 81 billion VND. ## Margin Lending as the Key Revenue Driver As trading commissions and proprietary capital gains receded, margin financing emerged as the financial bedrock of the securities industry. Based on industry data published in [Tin Nhanh Chung Khoan](https://www.tinnhanhchungkhoan.vn/loi-nhuan-nganh-chung-khoan-giam-du-no-margin-lap-ky-luc-gan-448000-ty-dong-post400498.html) on 30/10/2026, gross profit from margin lending rose 45.0% to 23,400 billion VND over the first nine months of 2026. Total margin lending debt across the industry reached approximately 447,900 billion VND as of September 30, 2026, increasing 21.9% year-on-year according to SHS Research covering 78 of 80 securities companies reported in [Tin Nhanh Chung Khoan](https://www.tinnhanhchungkhoan.vn/loi-nhuan-nganh-chung-khoan-giam-du-no-margin-lap-ky-luc-gan-448000-ty-dong-post400498.html) on 30/10/2026. This balance of nearly 448,000 billion VND demonstrates sustained retail borrowing demand despite lower daily exchange trading volumes. Margin debt balances are concentrated among leading brokerages. According to the [Q3 2026 earnings press release](https://www.tcbs.com.vn/wp-content/uploads/2026/10/261007_Press-Release_3Q2026_VN_FINAL.pdf) published on 19/10/2026 by TCBS, total margin lending and advance sales balances of the company reached 54,740 billion VND as of September 30, 2026, an expansion of 25% from year-end 2025. ## Headwinds in Proprietary Trading and Brokerage In contrast to expanding lending books, brokerage and proprietary investment activities encountered severe hurdles during the third quarter. According to research findings cited by [Tin Nhanh Chung Khoan](https://www.tinnhanhchungkhoan.vn/loi-nhuan-nganh-chung-khoan-giam-du-no-margin-lap-ky-luc-gan-448000-ty-dong-post400498.html) on 30/10/2026, lower market turnover curtailed trading activity and directly dampened brokerage performance. Muted turnover alongside intense market share competition reduced brokerage fee revenues across the industry, resulting in a marked slowdown during the third quarter according to [Tin Nhanh Chung Khoan](https://www.tinnhanhchungkhoan.vn/loi-nhuan-nganh-chung-khoan-giam-du-no-margin-lap-ky-luc-gan-448000-ty-dong-post400498.html) on 30/10/2026. Proprietary investment divisions represented another major drag on quarterly earnings. Challenging market conditions explain why brokerages relying heavily on proprietary equity holdings suffered steep profit declines, exemplified by VIX Securities whose Q3 2026 pre-tax profit plummeted 94% to 192 billion VND as reported by [CafeF](https://cafef.vn/cap-nhat-so-lieu-ctck-quy-3-2026-loat-ten-tuoi-lon-bao-lai-di-lui-xuat-hien-hai-khoan-lo-hang-tram-ty-cua-nganh-chung-khoan-188261022232046529.chn) on 23/10/2026 and [Finance and Economics Journal](https://tapchikinhtetaichinh.vn/loi-nhuan-nganh-chung-khoan-quy-iii-giam-43-170624.html) on 26/10/2026. ## Capital Adequacy and Regulatory Debt Ceilings The rapid growth of outstanding margin lending balances underscores the necessity of strict capital adequacy standards. According to the [unofficial English translation of Decision 87/QĐ-UBCK](https://www.ssc.gov.vn/webcenter/contentattachfile/idcplg?IdcService=GET_FILE&IsAttachment=1&Rendition=87%2FQD-UBCK&allowInterrupt=1&dDocName=APPSSCGOVVN162118538&dID=36872&filename=Dn87mf25Jan17RegsSecuritiesMarginTrading+%28Unamended%29.pdf), total margin lending balances of an individual securities company must not exceed 200% of its owner's equity. At the same time, [Consolidated Circular No. 121/2020/TT-BTC on Securities Company Operations (effective 03/02/2026)](https://ssc.gov.vn/cs/idcplg?IdcService=GET_FILE&allowInterrupt=1&dDocName=APPSSCGOVVN1620166082&dID=174569&filename=VBHN+so+09.pdf) requires securities companies to report their financial safety ratio and keep total debt within 5 times owner's equity. The margin leverage ratio is calculated using the following formula: $$\text{Margin Debt Ratio} = \frac{\text{Total Margin Lending Debt}}{\text{Owner's Equity}} \times 100\%$$ Strict oversight of regulatory debt limits by the State Securities Commission helps intermediary institutions mitigate liquidity risks and preserves system stability during periods of elevated market volatility. These third-quarter results underscore a structural transition within Vietnam's securities sector: shifting from dependency on daily equity market turnover and speculative proprietary gains toward high-scale financial services backed by solid balance sheets and predictable lending operations. ## Sources - CafeF (23/10/2026): [Cập nhật số liệu CTCK quý 3/2026: Loạt tên tuổi lớn báo lãi đi lùi, xuất hiện hai khoản lỗ hàng trăm tỷ](https://cafef.vn/cap-nhat-so-lieu-ctck-quy-3-2026-loat-ten-tuoi-lon-bao-lai-di-lui-xuat-hien-hai-khoan-lo-hang-tram-ty-cua-nganh-chung-khoan-188261022232046529.chn) - Finance and Economics Journal (26/10/2026): [Lợi nhuận ngành Chứng khoán quý III giảm 43%](https://tapchikinhtetaichinh.vn/loi-nhuan-nganh-chung-khoan-quy-iii-giam-43-170624.html) - Tin Nhanh Chung Khoan (30/10/2026): [Lợi nhuận ngành chứng khoán giảm, dư nợ margin lập kỷ lục gần 448.000 tỷ đồng](https://www.tinnhanhchungkhoan.vn/loi-nhuan-nganh-chung-khoan-giam-du-no-margin-lap-ky-luc-gan-448000-ty-dong-post400498.html) - VnEconomy (21/10/2026): [9 tháng, HCM báo lãi trước thuế 1.075 tỷ tương đương cùng kỳ](https://vneconomy.vn/9-thang-hcm-bao-lai-truoc-thue-1075-ty-tuong-duong-cung-ky.htm) - State Securities Commission of Vietnam (25/01/2017): [Unofficial English translation of Decision 87/QĐ-UBCK](https://www.ssc.gov.vn/webcenter/contentattachfile/idcplg?IdcService=GET_FILE&IsAttachment=1&Rendition=87%2FQD-UBCK&allowInterrupt=1&dDocName=APPSSCGOVVN162118538&dID=36872&filename=Dn87mf25Jan17RegsSecuritiesMarginTrading+%28Unamended%29.pdf) - State Securities Commission of Vietnam (03/02/2026): [Consolidated Circular No. 121/2020/TT-BTC on Securities Company Operations (effective 03/02/2026)](https://ssc.gov.vn/cs/idcplg?IdcService=GET_FILE&allowInterrupt=1&dDocName=APPSSCGOVVN1620166082&dID=174569&filename=VBHN+so+09.pdf) - Techcom Securities (19/10/2026): [Press Release on Q3 and 9M 2026 Financial Results](https://www.tcbs.com.vn/wp-content/uploads/2026/10/261007_Press-Release_3Q2026_VN_FINAL.pdf) --- _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._