20.10.2026
Ho Chi Minh City Securities Corporation (HSC) has released its Q3 2026 financial statements, reporting revenue of VND 1,182 billion and profit before tax (PBT) of VND 371 billion, down 15% and 33% year-on-year, respectively, against a high base in Q3 2025. For the first nine months of 2026, HSC recorded revenue of VND 3,634 billion, up 17% year-on-year, and PBT of VND 1,075 billion, in line with the same period last year.
In Q3 2026, average daily market turnover was approximately VND 18,500 billion, down 58% from the record of nearly VND 43,800 billion in Q3 2025, while foreign investors remained net sellers of more than VND 18,000 billion. Against a backdrop of lower market liquidity weighing on brokerage revenue, margin lending remained the primary driver of HSC’s earnings.
Q3 performance by business segment:
Margin lending: Revenue reached VND 758 billion, up 18% year-on-year. The margin loan book stood at VND 29,170 billion as of 30 September 2026, up a modest 4% from VND 28,150 billion at the beginning of the year. The new capital received in October is expected to provide additional headroom for growth in this business.
Securities brokerage: Revenue was VND 152 billion, down 70% year-on-year, reflecting weaker market liquidity and a high base in Q3 2025, when HSC recognized distribution fees from the TCBS IPO. HSC’s brokerage market share in Q3 2026 was 6.1%, ranking fifth among securities firms on HOSE.
Proprietary trading & Treasury: Revenue reached VND 247 billion, up 9%, driven mainly by interest income from bank bonds and term deposits, as well as contributions from covered warrant issuance and market-making activities. The Company continues to maintain a prudent investment portfolio, with the majority of holdings concentrated in safe, highly liquid assets.
Corporate finance advisory: Revenue was VND 9 billion. The Company is currently executing several M&A and DCM advisory mandates, which are expected to contribute to earnings in the coming quarters.
Total operating expenses for Q3 2026 were VND 811 billion, down 3% year-on-year. Interest expense rose 30% to VND 508 billion, in line with the expansion of the margin loan book. Conversely, brokerage expenses declined in line with lower trading volumes, and fixed costs fell 7% year-on-year.
As of 30 September 2026, HSC’s total assets stood at VND 43,044 billion, down 4% year-on-year and 7% year-to-date, mainly as the Company reduced its equity and certificate of deposit holdings. Owners’ equity reached VND 14,505 billion, up 37% year-on-year, supported by new capital raised through the share issuance completed in late 2025.
In Q3 2026, HSC completed its rights offering to existing shareholders at a 4:1 ratio, together with an ESOP issuance. The new capital was officially recognized in October 2026, raising the Company’s charter capital to VND 13,728 billion. HSC is currently completing the procedures for a private placement to professional investors, the final component of the capital-raising plan approved at the 2026 Annual General Meeting of Shareholders. Upon completion, HSC’s charter capital is expected to reach VND 15,728 billion.
Vietnam’s stock market was officially upgraded by FTSE Russell to Secondary Emerging Market status effective 21 September 2026, with index inclusion to be phased in through September 2027. Building on its strengthened capital base, HSC continues to invest in its technology infrastructure to meet the sophisticated trading requirements of international institutional investors, particularly global brokers. Continued investment in core businesses, including brokerage and corporate finance advisory, is expected to support HSC’s performance going forward.
On 2 October 2026, Johan Nyvene, Chairman of HSC, joined “Investing in Vietnam: Rising to a New Era”, held as part of The 31st Asia Securities Forum Annual General Meeting in Hanoi.
HSC has been recognized in the PRIVATE 100 – Top 100 Largest Private Taxpayers in Vietnam, and ranked among the Top 5 securities companies with the largest contributions to the State budget nationwide.
HSC announced its financial results for the second quarter of 2026, reporting total revenue of VND 1,172 billion, up 39% year-on-year. For the first six months of 2026, total revenue reached VND 2,452 billion while profit before tax amounted to VND 704 billion, representing year-on-year increases of 44% and 35%, respectively.