As of the end of Q3 2026, VPS Securities (VCK) had 1,635 employees, down 286 from the end of Q2, a decline of nearly 15% in three months. Compared with the peak of 2,561 at the end of Q2 2022, headcount is down 926, or about 36%. The cuts come as brokerage faces pressure from weakened market liquidity, with brokerage revenue falling 68.2% year on year to about 485 billion VND. Total operating revenue in Q3 was 2,076 billion VND, down 23.3%, and after-tax profit was nearly 894 billion VND, down 20.7%. Margin lending income, however, rose 34.3% to nearly 948 billion VND, and nine-month pre-tax profit still grew 27% to 4,044 billion VND.
Summary written by Upside AI from the original article. Read the source for full details.
Original headline: Gần 300 nhân viên tại một công ty chứng khoán nghỉ việc trong quý 3
Keywords
brokeragesemploymentearningsmargin lending
Open a keyword to see other news on the same topic.
Related tickers and likely impact
VNINDEX
• NeutralRelevance: low
| Market | Vietnam stocks |
|---|---|
| Close on 10/26/2026 | 1,763.55 |
| Change that session | -0.60% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
Related news
- VPS Maintains Top Brokerage Market Share, 9-Month Pre-Tax Profit Up 26.7%
Vietnam's VPS Securities (VCK) reported 9-month 2026 pre-tax profit of VND 4,044 billion, up 26.7% year on year, while operating revenue reached VND 6,949 billion, up 17.8%. In Q3 2026, operating revenue, pre-tax profit and after-tax profit fell 23.3%, 19.8% and 20.7% respectively, as market liquidity remained low, with average daily trading value across the three exchanges at about VND 18,600 billion, down 58%. Margin lending remained the main growth driver, with 9-month income of VND 2,926 billion, up 68.3%, and outstanding balances of VND 25,363 billion as of 30/9/2026, up 14.9% from the start of the year. VPS held a 11.54% brokerage market share on HOSE, ranking first, although 9-month brokerage revenue fell 25.6%. Trailing four-quarter ROE and ROA reached 15.6% and 8.9%, and the financial safety ratio stood at 988%, 3.8 times the 260% minimum.
- DNSE posts over VND 1,300 billion in operating revenue in first nine months, up more than 27%
DNSE reported operating revenue of VND 1,302.9 billion for the first nine months of 2026, up 27.3% year on year, with interest income from loans and receivables up nearly 33%. Margin loan balances reached VND 6,445 billion at the end of Q3. Nine-month pre-tax profit was VND 171.3 billion and after-tax profit was VND 135.8 billion, as total costs rose 62% and the company cited weaker market liquidity and VN-Index movements. According to HNX, DNSE's derivatives brokerage market share hit a record 26.62% in Q3, and its securities accounts reached 2 million in September 2026, roughly one-seventh of all securities accounts in the market.
- SSI Securities' Q3 2026 profit revealed
SSI estimates Q3 2026 revenue at VND 3,219 billion and pre-tax profit at VND 1,388 billion, with pre-tax profit down 24% year on year. For the first nine months of 2026, consolidated revenue is estimated at VND 9,871 billion and pre-tax profit at VND 4,510 billion, up 5% and 11% respectively, completing 77% of the full-year profit plan. As of September 30, 2026, the parent company's total assets reached VND 92,441 billion and equity VND 38,057 billion. In Q3, SSI held an 11.09% share of brokerage on HOSE, margin lending revenue rose 11% to VND 1,115 billion with a margin loan balance of VND 38,294 billion, and investment activities contributed about 46% of quarterly revenue.
- Largest securities firm lends over US$2 billion
TCBS, the largest securities firm in the market, had margin lending balances of about VND 54,739 billion, up 25.6% from the start of the year, with nearly all of it (about VND 54,400 billion) used for margin. Lending was the main growth driver in the third quarter, accounting for 44% of revenue, or VND 1,561 billion, while total revenue reached VND 3,534 billion, up nearly 12%. Third-quarter pre-tax profit was VND 2,152 billion, up 6.3% and the highest ever, and nine-month pre-tax profit reached VND 5,708 billion, or 76% of the full-year plan. As of September 30, total assets were nearly VND 97,000 billion, and the margin lending-to-equity ratio stood at 1.15 times, below the 2 times regulatory limit. TCBS is a subsidiary of Techcombank, which owns nearly 80% of it, and currently leads the sector in charter capital, margin loan balances and market capitalization.
- Why are securities stocks lagging despite high expectations?
Securities stocks have remained weak despite expectations of gains from FTSE Russell's market upgrade and capital market development. According to VietstockFinance, as of 09/10/2026 the sector index was down 23.46% year-to-date, much deeper than the 2.77% decline of VN-Index, and had lost 39.92% over the past year. About 80% of the 43 sector stocks were more than 20% below their recent peaks, a threshold commonly used to define a bear market. Võ Kim Phụng of Chứng khoán Beta said the sector's earnings depend on liquidity, margin lending and interest rates, and that expected gains were priced in earlier; in Q3/2026, average daily trading value on HOSE and HNX fell 58% year-on-year.
- VIX Securities Still Holds VND 1,000 Billion of Undisbursed Capital from Share Offering
VIX Securities (HoSE: VIX) raised over 11,026 billion VND from an offering of nearly 919 million shares priced at 12,000 VND each on April 20, 2026. Over 5,013 billion VND each was disbursed to proprietary investment and margin lending from April 22 to May 26, 2026, but the 1,000 billion VND earmarked to contribute capital to VIX's digital asset trading exchange had not been disbursed as of October 20, 2026. In Q3 2026, pre-tax profit fell nearly 94% year on year to 192 billion VND, with revenue down 36% to 2,047 billion VND and proprietary trading booking a net loss of 94 billion VND. For the first nine months, revenue fell 18% to 5,050 billion VND and pre-tax profit dropped nearly 92% to about 424 billion VND, mainly due to proprietary trading losses, leaving VIX at 12.1% of its 3,500 billion VND full-year pre-tax target. Total assets rose 16.6% to nearly 39,860 billion VND by September 30, 2026, while margin loans fell from 15,380 billion VND to 12,422 billion VND.
Related markets
Latest news
- FTC and 20 states sue Dollar General, alleging retailer overcharged shoppers
The Federal Trade Commission and 20 states sued Dollar General, accusing it of charging customers more than the prices displayed on shelves, price tags and in advertisements. The complaint says thousands of stores extracted millions of dollars in unlawful overcharges and that the company received “tens of thousands” of consumer complaints without adopting policies to fix the problem. Dollar General shares fell about 4% after the announcement, and the company did not immediately respond to a request for comment. The suit comes as shoppers look for discounts amid elevated food and gas prices, ahead of next week’s midterm election.
- Is the Buffett Indicator Flashing a Warning Sign to Stock Market Investors?
The Buffett indicator, which divides the total value of U.S. stocks by GDP, stands at 234%, near its record high and well above the roughly 135% reached during the dot-com bubble. The CAPE ratio is 40.6, higher only in the dot-com period, while the S&P 500 has grown at an annualized pace of roughly 15% over the past 10 years, versus a historical average of 10%. The author argues the indicator ignores overseas revenue of large U.S. companies and the rapid expansion of liquidity, with M2 rising from $6.9 trillion to $23.3 trillion, so he does not see it as a clear warning sign. The author also says investors should not use it as a tool to time the market, since the S&P 500 has posted gains over every rolling 20-year period.
- Rockefeller Adds J.P. Morgan Team in Houston
Rockefeller Capital Management has added a seven-member Houston team from J.P. Morgan to its Global Family Office division, led by managing directors Chris Sheets and Forrest Green. According to a Forbes Best-in-State advisor ranking, the team previously managed $1.4 billion in assets and had been with Bernstein Private Wealth Management before joining J.P. Morgan in 2018. The move follows Rockefeller’s earlier-this-month addition of The Kellam Group, a Naples, Fla.-based team from Truist. Rockefeller oversees about $237 billion in client assets.
- Shopify “Has Not Grown Into Its Multiple at All” as Investors Pay 112 Times Profits
Shopify shares rose 33% in a month following Meta’s Muse deal, before ATB Cormark downgraded the stock to Sector Perform. On the We Study Billionaires podcast, Daniel Mahncke argued the rally came mainly from earnings roughly doubling, while the premium investors pay stayed at about 112x operating profits. Normalized EPS rose from $0.73 in 2023 to $1.43 in 2025, and the forward P/E of 80x is close to its 3-year average of 74x. Operating margin climbed from 3.7% to 16.4%, but subscription gross margin fell to 79.7% as cloud and AI costs rose $37 million. The article says the valuation depends on AI shopping agents keeping growth strong, with third-quarter results as the first test.
- Tokenized Stock Trading Has Been a Big Hit Overseas. So Why Are Some Publicly Traded Companies in America Objecting?
Robinhood has launched tokenized stock trading in over 120 countries this year but has not yet received U.S. approval. Tokenized stocks are blockchain tokens representing ownership of conventional shares that can be traded 24/7 across borders, yet holders lack voting rights and direct cash dividends because a custodian bank holds the underlying shares. Microsoft, Verizon and McDonald’s are among a growing list of large companies that have filed to bar tokenization of their shares, arguing platforms cannot issue synthetic versions without consent and that the practice compromises investor safety and corporate governance. In September, the SEC issued an “innovation exemption” letting qualifying platforms trade tokenized stocks in the U.S. for up to five years, but it requires equal rights for holders and gives companies 30 days to object. The article suggests Robinhood is unlikely to bring the feature to U.S. investors soon given nearly two dozen major objectors, though its overseas growth remains worth watching.
- Geopolitical tensions complicate the gold bull case, says AHG president
Max Baecker, president of American Hartford Gold, says Middle East tensions are complicating the gold outlook, even as central bank buying supports demand. He argues higher energy prices could fuel inflation and tighter monetary policy expectations, strengthening the dollar and weighing on gold, which is why gold does not always rise during a geopolitical crisis. He notes central bank buying has roughly doubled from its pre-2022 average, and the People's Bank of China has increased its gold reserves for 23 consecutive months, with Chinese net gold imports reportedly reaching 316 tonnes in the first quarter. In the near term, he says the Fed sets the pace of gold's moves rather than its direction.
Get the briefing on Telegram or Zalo
Join the Upside Telegram channel or Zalo group for the Vietnam stocks and gold briefing at 8:00 and 19:00 (Vietnam time) on trading days, plus a weekly wrap on Saturday morning.