•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
On the afternoon of April 20, VPBankS Securities held its annual general meeting (AGM) in Hanoi. During the session, the company’s leadership responded to shareholders’ questions on valuation and its securities business strategy within the VPBank ecosystem.
Answering questions on how higher interest rates could affect margin lending, Mr. Nhâm Hà Hải, CEO of VPBankS, said the company expects its margin loan balance to reach VND 34,000 billion by the end of 2025. However, management noted that the balance has already surpassed VND 38,000 billion, with growth running faster than expected.
According to VPBankS leadership, the record IPO late last year helped lift the company’s equity to nearly VND 34,000 billion, placing it among the top two in the market. As a result, even with the large margin loan balance, management estimated that margin lending headroom remains ample at around VND 32,000–33,000 billion. With additional capital, VPBankS said it can maintain competitive lending rates.
“While many other firms have smaller lending headroom, large-scale clients will have the ability to choose VPBankS as their margin lender. VPBankS sees this as a major opportunity,” Mr. Hai said.
Management also said investor demand for margin lending remains strong. Credit growth this year is projected to be about 15% lower than in 2025, and VPBankS expects margin growth to remain solid. The company’s target is for its margin balance to reach VND 50,000 billion by the end of the year.
Mr. Hai pointed to improved stock liquidity in Q1 as another positive factor. He noted that although foreign investors sold around USD 1 billion, the market still showed strong absorption. With macro conditions expected to improve, management said liquidity and margin demand are likely to rise in the near term.
VPBankS also said it is participating in a sandbox program on digital assets in cooperation with international partners, including OKX Venture.
Regarding the stock price, Chairwoman Hồ Thú Nga said VPBankS’s share price briefly exceeded VND 34,000 per share after the IPO but later faced pressure due to macro volatility, including interest rates, oil prices, and geopolitical tensions in the Middle East affecting the broader market.
Nevertheless, management said the stock remains attractive versus the sector. VPBankS’s valuation metrics were cited at P/B of about 1.62x (vs. sector average 2.01x) and P/E of about 12.69x (vs. 14.74x). Management expects that as the market improves and long-term investment policies take effect, the share price will better reflect the company’s value and growth potential.
At the AGM, shareholders approved changing the number of board members for the 2022–2027 term from four to three. The meeting also approved the dismissal of Vice Chairman of the Board Vũ Hữu Điền and Independent Director Nguyễn Quang Trung.
The AGM elected Ms. Trần Ngọc Lan as an independent board member. Ms. Lan holds a Master’s in International Banking Administration and has 14 years of experience, having held key positions at banks and large corporations.
For the 2022–2027 term, VPBankS’s Board of Directors will comprise three members: Ms. Hồ Thú Nga as chairwoman, Mr. Nguyễn Lương Tân as a board member, and Ms. Trần Ngọc Lan as an independent board member.
The Board of Directors and Management presented the 2026 business plan to the AGM, including a revenue target of VND 11,074 billion (up 39%) and profit after tax of VND 6,453 billion (up 44%).
Premium gym chains are entering a “golden era” that is ending or already in decline, as rising operating costs collide with shifting consumer preferences toward more flexible, community-based ways to exercise. Long-term memberships are shrinking, margins are pressured by higher rents and facility expenses, and competition from smaller, more personalized…
