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On the morning of April 15, 2026, VPS Securities Joint Stock Company (ticker: VCK) held its 2026 Annual General Meeting (AGM) in Hanoi. As of March 16, 2026, VPS Securities had 16,983 shareholders. At 9:00 a.m., 254 shareholders attended in person along with proxies, representing nearly 88% of voting shares, so the AGM was duly convened.
At the meeting, VPS Securities presented its 2026 business plan with a revenue target of 11,500 billion VND and a pre-tax profit target of 5,750 billion VND, representing increases of 39% and 29% versus 2025, respectively—both described as record highs. The company proposed retaining all profits and not paying a dividend for 2025.
VPS Securities said it remains the leading brokerage on HOSE by market share. In Q1 2025, its market share was 15.32%, up from 14.28% in the previous quarter. The company noted that the gap to the pursuing group widened again after a period of narrowing.
As of March 31, 2026, VPS’s loan book first surpassed 30,000 billion VND, reaching 30,407 billion VND. Margin lending stood at 29,979 billion VND, up 36%, while 428 billion VND remained for working capital loans before fund settlements.
Shareholders asked about the basis for the 5,750 billion VND pre-tax profit target. Chairman Nguyen Lâm Dũng said the target is a challenging objective that the board has considered carefully and is supported by several factors.
Mr. Dũng pointed to potential market upgrades, including FTSE Russell upgrading the market. He said this could help attract large foreign capital inflows, estimated at 5–6 billion USD. He also described a phased participation pattern: initially active funds, followed by passive funds after September. He noted passive funds are unlisted, with a scale of 1–1.5 billion USD, and an initial phase around 150 million USD to gauge the market.
Another key factor highlighted by Mr. Dũng was the likelihood that Vietnam would negotiate with MSCI to upgrade the market’s status. If achieved, he said foreign capital inflows could be four to five times higher. He added that Vietnam’s stock market could be placed on the MSCI WatchList in June this year, with an upgrade pathway that could occur as early as 2027 if implemented early, and 2028 as a later possibility.
Mr. Dũng also referenced the KRX system’s implementation, saying it has helped increase scale, improve processing capacity, and diversify products, including intraday trading and lending against selling positions.
On the macro front, Mr. Dũng said government policy actions are highly flexible, creating strong momentum for flows into the stock market.
Mr. Dũng expressed confidence in VPS’s internal strengths, including its scale (the largest market share and 1.6 million individual customers), technology capability (in-house software development and optimization, as well as investor trading support and experience), and the success of its IPO, which raised 14,000 billion VND and significantly increased VPS’s capabilities.
“We are determined not only to meet but to exceed our profit targets this year,” Mr. Dũng affirmed.
The chairman also noted there are currently no plans to raise capital in 2026. However, he said that if the company’s scale grows rapidly and foreign participation increases, VPS may consider a capital raise to attract major investment funds and provide additional value to shareholders.
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