VPS Securities (VCK) Targets Record 2026 Revenue of VND 11,500B, Reveals 16,983 Shareholders

Overview

VPS Securities Joint Stock Company (VCK) held its 2026 Annual General Meeting of Shareholders (AGM) in Hà Nội, approving a record business plan with aggressive growth targets. The company also revealed key operational metrics, including its shareholder count and a significant increase in margin lending, underscoring its dominant position in Vietnam’s securities brokerage sector.

Key Facts

• Revenue target for 2026: VND 11,500 billion, a 39% increase compared to 2025 performance.
• Pre-tax profit target for 2026: VND 5,750 billion, a 29% increase compared to 2025.
• Shareholder count as of March 16, 2026: 16,983 shareholders.
• Margin lending balance as of March 31, 2026: VND 29,979 billion, up 36% year-over-year.
• Total lending balance (including margin and advance sales): VND 30,407 billion, exceeding VND 30,000 billion for the first time.
• Brokerage market share on HoSE in Q1 2025: 15.32%, up from 14.28% in Q4 2024.
• Dividend proposal: Retain all 2025 earnings, with no dividend payment for the year.

What Happened

VPS Securities (VCK) convened its 2026 Annual General Meeting of Shareholders in Hà Nội on the morning of April 15, 2026. According to the company’s filing and AGM proceedings, the meeting was attended by 254 shareholders and proxies representing nearly 88% of voting shares, meeting quorum requirements. The AGM approved the 2026 business plan, which sets revenue and pre-tax profit targets at historic highs.

The company disclosed that its margin lending balance surged to VND 29,979 billion as of March 31, 2026, a 36% increase, contributing to a total lending balance of VND 30,407 billion. VPS Securities also reported maintaining its leading brokerage market share on the Ho Chi Minh City Stock Exchange (HoSE), with a share of 15.32% in Q1 2025, slightly up from the previous quarter.

Market Context

VCK trades on the Ho Chi Minh City Stock Exchange (HoSE) and closed at VND 37 on April 10, 2026, down 0.80% with a volume of 4.853 million shares. The announcement of ambitious 2026 targets and strong operational metrics, such as the margin lending growth, comes amid a competitive securities sector where brokerage and lending activities are key revenue drivers. The targets reflect confidence in sustaining market leadership despite broader market volatility.

Strategic Significance

The 2026 targets signal VPS Securities’ focus on scaling its core brokerage and margin lending businesses to capture market share. The decision to retain all 2025 earnings suggests a strategy of reinvesting profits to fund growth, potentially enhancing capital for expansion or technological upgrades. The surge in margin lending to nearly VND 30,000 billion indicates robust client activity and risk appetite, which could drive future fee and interest income if market conditions remain favorable.

What to Watch

• Quarterly earnings reports for 2026 to track progress against the VND 11,500 billion revenue and VND 5,750 billion pre-tax profit targets.
• Monthly or quarterly updates on margin lending balances and brokerage market share on HoSE.
• Any announcements regarding the use of retained earnings for business expansion or capital investments.
• Regulatory filings related to shareholder changes or capital structure adjustments.
• Broader market trends in Vietnam’s securities sector that could impact trading volumes and lending demand.