Dynamic capital-raising in the securities sector: 2026 set to welcome the first brokerage with charter capital above 30 trillion dong

S&I Ratings, the credit rating agency, expects 2026 to be a dynamic year for capital increases in Vietnam’s securities sector, driven by three concurrent pressures: the formal opening of foreign ownership limits, brokerages’ need to expand lending capacity, and higher regulatory risk weights.

Key drivers behind 2026 capital increases

First, Decree 245/2025/NĐ-CP officially allows foreign ownership in securities companies up to 100%, removing a major barrier to foreign strategic capital.

Second, several leading brokerages have approached the 200% cap on margin loans/contributed capital (VCSH), prompting capital increases to support greater lending capacity.

Third, Circular 102/2025/TTBTC increases risk weights by 10%–30%, increasing the urgency for additional available capital.

Brokerage capital-raising plans for 2026

In response to these factors, many brokerages have announced plans to raise capital to support their business strategies. S&I Ratings highlights the following targets:

• SSI: plans to raise about 9,262 billion dong in 2026, lifting charter capital to over 30,000 billion dong by year-end. If completed, SSI could be the first brokerage to exceed this charter-capital threshold. Planned methods include preferential issues, ESOP issuances, and share issuances to existing shareholders.
• VIX: expected to raise about 9,189 billion dong, pushing charter capital above 24,500 billion dong via a rights issue to existing shareholders.
• VCK: plans to raise about 9,131 billion dong, lifting charter capital above 24,300 billion dong, largely through issuances from shareholder equity.
• TCX: projected to increase by around 4,628 billion dong, bringing charter capital to nearly 27,800 billion dong.

Expected funding channels and market activity

S&I Ratings expects three main capital-raising channels to remain active in 2026: (i) rights issues to existing shareholders; (ii) private placements to foreign strategic partners; and (iii) long-term bonds to improve the maturity profile of capital.

After major brokerages (TCX, VCK, VPX) completed listings in 2025, S&I Ratings notes that several mid-tier brokerages are planning IPOs, including Kafi, HDBS, and OCBS.

Scale, impact, and key monitoring points

S&I Ratings estimates that the total scale of capital increases in 2026 could remain high at roughly the 2025 level, around 100,000 billion dong.

The agency views 2026 capital-raising activity positively for the long term, citing stronger capital buffers and more diversified sources of long-term funding. However, it emphasizes the need to monitor dilution risk and the effectiveness of capital use by brokerages.