VPS Securities sets highest-ever revenue target for 2026, no dividend proposed for 2025

The business plan is built on the expectation that Vietnam’s stock market in 2026 will continue to be supported by positive internal factors, including market upgrading, trading infrastructure reform, and market development measures such as introducing intraday trading or extending trading hours in the morning and afternoon. On the morning of April 15, VPS Securities Joint Stock Company (ticker: VCK) is scheduled to hold its 2026 Annual General Meeting in Hanoi.

2026 business plan targets

According to published documents, VPS will present to shareholders a 2026 business plan with a revenue target of VND 11,500 billion and a pretax profit of VND 5,750 billion. These figures represent increases of 39% and 29%, respectively, compared with 2025, and are described as record highs.

The company proposes retaining all profits and not paying dividends for 2025.

Assumptions behind the plan

VPS said its business plan is based on expectations that Vietnam’s stock market in 2026 will be supported by domestic factors such as market upgrading and trading infrastructure reforms, alongside measures to promote market development. These include products and trading mechanisms such as intraday trading and potential extension of trading sessions.

In addition, VPS expects Vietnam’s stock market to be upgraded by FTSE Russell to the emerging market group in September 2026, while continuing to pursue MSCI Emerging Market standards in 2027–2028. Following the upgrade, the market could attract around USD 5–6 billion in foreign investment and support stronger inflows in subsequent years.

Remuneration proposal for 2026

VPS also proposed remuneration for 2026 of VND 5 million per person per month for Board members and VND 3 million per person per month for Supervisory members.

Recent performance and progress vs. plan

VPS recently published its Q1/2026 financial results. The company recorded operating revenue of VND 2,519 billion, up 72% year-on-year. This was reported as the highest quarterly revenue for the brokerage in more than four years since Q4/2021.

Pretax profit reached VND 1,547 billion, up 68% year-on-year, while net profit after tax was VND 1,235 billion, also up 68%.

Compared with the plan to be presented to shareholders, after three months of 2026 the company had completed about 27% of the full-year target.

Balance sheet as of March 31, 2026

As of March 31, 2026, VPS’s total assets were VND 53,217 billion. Lending stood at VND 30,407 billion, including margin lending of VND 29,979 billion (up 36%). Margin lending accounted for the largest share of the asset structure.