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Not a bank or a real estate mogul, the name behind Vietnam’s stock market trading infrastructure is Vietnam’s Stock Exchange (VNX). VNX has released its audited consolidated financial statements for 2025, reporting net revenue of VND 4,984 billion, up 35% from 2024.
Most of VNX’s revenue came from stock trading services, reaching VND 4,708 billion (over 94% of total revenue). Other revenue streams included service provision of more than VND 129 billion, securities listing services of over VND 29 billion, bidding and auction services of over VND 25 billion, online connectivity services of over VND 4 billion, terminal device services of over VND 2 billion, and other professional-activity service revenue of over VND 86 billion.
In 2025, Vietnam’s stock market recorded 249 trading sessions. Based on this, VNX’s average revenue per session exceeded VND 20 billion.
VNX is a 100% state-owned company, established at the end of 2020 through the reorganization of HOSE and HNX.
Excluding cost of goods sold, gross profit reached VND 4,584 billion, up 31% year-on-year. Financial income was nearly VND 117 billion, mainly interest income from deposits and lending (VND 111 billion). Financial costs were about VND 254 million.
Administrative expenses exceeded VND 1,065 billion.
As a result, net profit after tax reached VND 2,907 billion, up 30% from 2024.
According to VCBS, in 2025 the average trading volume across all three exchanges reached 1.152 million shares, up 34% year-on-year. The average trading value rose and remained at a high level from July to October. In the last two months of the year, trading value declined by about 40% compared with earlier months, while the broad market index continued to rise.
Total assets at end-2025 stood at VND 4,729 billion, up 20% from the start of the year. Liabilities at year-end were about VND 1,444 billion, up 53%. Equity reached VND 3,285 billion.
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