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The profit picture for the securities industry in Q1 2026 continues to show negative trends, particularly among small- and mid-sized firms. Statistics indicate as many as 20 securities companies reported losses in the first quarter, a sharp rise from 13 in Q4 2025 and 15 in Q1 2025. This increase partly reflects headwinds facing firms, especially those of mid- and small-scale size, amid market liquidity that has not yet truly picked up and intensifying competition in the sector. Among the losers, EVS Securities posted the largest loss of 197 billion dong, while in the same period last year it earned a profit of 18 billion. This is the deepest loss in the securities sector. The main causes were sharply lower net earnings from FVTPL assets, and a halving of interest income from lending and receivables and brokerage. Meanwhile, operating costs rose to 188 billion, more than three times the year-ago level. Similarly, Dragon Capital Securities (VDSC) and ASEAN Securities each posted losses of 31 billion in Q1 2026. In Q1 2025, VDSC and ASEAN had profits of 22 billion and 28 billion respectively. Similarly, TCAP Securities (TVB) reported a loss of 20 billion, contrasting with a profit of 33 billion in the same period. Other firms also show a similar trend, such as BIS (loss 7 billion vs 2 billion profit), Finhay (loss 6 billion vs 5 billion profit), or Vikki Bank's Securities (Vikki) with a small loss of 0.4 billion while a 2 billion profit was recorded in the same period last year. The ongoing losses show no signs of improvement. In addition, many firms continue to run at a loss across periods. Apec Securities continued to lose 38 billion, extending a loss streak from the prior year (loss 31 billion). Artex Securities lost 18 billion, whereas the prior year also showed a loss of 4 billion. Some smaller firms such as Viet Securities, Eurocapital, Ky Nguyen Moi, and Japan Securities posted losses not large but still negative profits. In reality, the rising number of loss-making securities firms highlights increasing segmentation within the industry. While leading players maintain stable profits thanks to capital, market share, and ecosystems, the laggards face pressure from the cost of capital, competitive pricing, and limited client bases. In addition, the market environment has not been very active, making segments such as brokerage, proprietary trading, and margin lending difficult, especially for firms without strong competitive advantages.
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