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In the latest securities industry report, S&I Ratings (S&I Ratings JSC) assesses 2026 as a dynamic period for capital-raising activity in Vietnam's securities sector. Accordingly, many securities firms (CTCK) have announced robust capital-raising plans to underpin ambitious business strategies.
S&I Ratings expects three main channels to continue in 2026: rights issues to existing shareholders; private placements to foreign strategic partners; and long-term bond issuances to improve the debt maturity structure, which has been heavily skewed toward short-term funding.
After the large-cap brokers (TCX, VCK, VPX) successfully listed in 2025, many mid-sized brokers are planning IPOs, including Kafi, HDBS, and OCBS.
S&I Ratings said the total scale of sector-wide capital raising in 2026 could remain high, around the 2025 level (about 100 trillion dong).
The capital-raising activity in 2026 is viewed positively over the long term because it strengthens capital buffers and diversifies long-term funding sources. However, S&I Ratings noted that monitoring dilution risk and capital-use efficiency of securities firms remains necessary.
On business plans, S&I Ratings assesses that CTCKs generally remain optimistic about market prospects based on 2026 plans already published. Most CTCKs set pretax profit growth targets in double digits, including above 50% for several firms: HCM (+56%), VPX (+44%), VCI (+41%), MBS (+31%), and VCK (+29%) lead the top 10. By contrast, SSI (+15%) and TCX (+18%) (after excluding one-off factors) adopt a more cautious scenario.
S&I Ratings said the strong growth plan reflects a broad consensus among CTCKs on positive market prospects, driven by expectations of improved liquidity following the FTSE upgrade and a surge in margin lending supported by capital-raising plans across many CTCKs.
CTCKs are also optimistic about expanding the ecosystem of new products. Plans include participation in the crypto asset exchange and the gold futures exchange (TCX, VPX, MBS), as well as joining the International Financial Center. Reported examples include HSC setting up an 800 billion dong subsidiary and DSE setting up a subsidiary.
On the other hand, CTCKs warn about interest-rate level risks and profit-taking pressures after the upgrade event is reflected in prices.
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